62% of CMOs will slash their marketing budgets to tackle recession challenges amid COVID-19

New Ideas in MarketingEssential news for marketers, summarised by YouGov
October 14, 2020, 10:48 AM UTC

Dentsu International surveyed 1,361 CMOs across 12 markets to understand challenges faced by brands amid COVID-19.

With the pandemic impacting marketing budgets, 62% of CMOs say their budgets will be cut or remain flat over the next year. Six in ten CMOs say their businesses have been impacted by COVID-19. 7% CMOs (almost all from small businesses) say their companies face an “existential crisis”.

However, 50% respondents plan to implement recovery strategies used in previous recessions, and one in 10 CMOs will adopt new strategies. Also, a quarter of brands experienced little disruptions from the pandemic. 10% found the pandemic to be helpful.

The article states “frontier CMOs” are likely to be held responsible for digital transformations than other CMOs. Dentsu International’s Wendy Clark says CMOs might still be using existing approaches to manage a challenge.

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