![]() ![]() ![]() Rapidly changing consumer sentiment and escalating costs have made the past three years challenging for marketers. Marketing should be at the table, but not be the meal In this article, we explain why it can be a mistake to target marketing for cost cuts, how resilient leaders can take an investor approach to marketing, and the most effective way for marketers to get started. By eliminating inefficient spend and reinvesting it in high-growth areas, resilient marketers will weather pending storms while also creating opportunities to rebound stronger. 1 “Marketing’s moment is now: The C-suite partnership to deliver on growth,” McKinsey, June 20, 2019. Instead of trimming, companies can empower their CMOs to adopt an investor mindset. During times of economic uncertainty, marketing is more important than ever. We believe these marketing cutbacks are shortsighted. One large public company even slashed its marketing budget by more than 20 percent. In some cases, marketing budgets were cut by as much as 10 to 20 percent. On average, they told us that their company boards demanded an 8 percent reduction in marketing expenditures over the previous 12 months. In December 2022, we surveyed nearly three dozen chief marketing officers (CMOs) of major North American consumer companies. Unfortunately, the marketing budget is often the first to go. With the economy still sending mixed signals, it’s no great surprise that companies are feeling skittish and cutting costs. ![]()
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