A majority of CMOs expect coronavirus’s impact to be short-lived: Study

New Ideas in MarketingEssential news for marketers, summarised by YouGov
July 28, 2020, 11:16 AM UTC

But, the optimism is not shared by other C-suite executives, according to Gartner’s CMO Spend Survey 2020.

Almost half of CMOs reported budget cuts due to the pandemic, with nearly 11% of them expecting budget cuts of more than 15%. Additionally, about 60% of CFOs are preparing the budgets for the second wave of coronavirus outbreak.

Despite the situation, 57% of chief marketing officers believe performance will return to “near-normal in the next 18-24 months”. The confidence, however, varies widely from sector to sector, with only 22% of respondents in the travel and hospitality sector feeling optimistic about the future. 

This piece suggests marketers should plan for future budgetary pressures now, while leaders should take a collaborative and agile approach to budget and planning. CMOs should also focus on flexible and adaptive plans to better prepare for any eventuality.

Read the original article

[2 minute read]