When the US sneezes, everybody else catches a cold – or at least, that’s what we’re all led to believe. If this is indeed the case, what does 2008 have in store for b2b marketers around the world?
According to a recent online study conducted by B2B Magazine, a majority of the 684 b2b marketers questioned (58.3%) have not revised their original marketing budgets for 2008 in the face of concerns over a possible US economic recession. 29.4% have revised their marketing budgets down, yet a further 12.3% have actually revised their budgets up.
Marketing budgets often become the first casualties during economic downturns, yet ironically, this is really the time when it’s more important than ever to communicate closely with your existing customers and make potential customers aware of what you can offer to them. The key is to use your budgets wisely in order to ensure maximum efficiency and return on investment.
In the US-based survey, of those who have reduced their marketing budgets in anticipation of a possible downturn, 45.3% are making cuts in print; 17.3% in events; 10.0% in broadcast, 8.7% in direct marketing, 6.0% in online and 2.0% in outdoor. The biggest winners, amongst those who are increasing their spend, include: online (48.5%); direct marketing (16.5%); events (13.5%); print (9.0%) and broadcast (3.0%).
Whether we are all in for a rough ride over the coming months is still open to debate somewhat, but don’t fall into the trap of putting the brakes on your marketing spend, or you’re certain to pay the price in the not-too-distant future.
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