Most Marketers Maintaining Or Increasing Budgets, Report Finds
Marketers are feeling sanguine about the near-term future, according to a new survey from Forbes Insights and ad shop gyro. Nearly 90% of those surveyed said this optimism translated to maintaining or increasing existing marketing budgets.
Forbes and gyro polled close to 900 marketers for a new quarterly survey called the Forbes Insights/gyro CMO Index. The release of the first survey is timed to Forbes’ annual CMO Summit in Florida this week.
Looking ahead at the next six months, 45% of those polled said they were more optimistic about industry-wide marketing conditions. And 46% said they were as optimistic about the future as they are today, while only 9% said they were less optimistic.
Compared to six months ago, 39% of marketers said they are increasing budgets. Nearly half (49%) are maintaining marketing budgets. Only 12% indicated that they are reducing budgets.
More than half -- 54% -- said they plan to maintain their existing marketing staff. Thirty-six percent expect to add personnel, while 10% are looking to cut. Twenty-eight percent said they were preparing new product launches -- while the majority, at 58%, indicated they were focused on growing existing product lines and services. Only 14% said their priority is launching new product lines or services.
New market entry is also being eyed with caution. A little over half -- 55% -- said they are spending the greatest amount of their time growing existing markets. Twenty-nine percent said they are preparing to enter new markets, while only 16% are focused on growing in new markets.
“CMOs command significant influence over the economy -- over $500 billion in marketing spend that drives 15% percent of the U.S. GDP,” stated Bruce H. Rogers, chief insights officer, Forbes Media.
Added Christoph Becker, gyro’s CEO and chief creative officer: “There has never been a better time for a brand to find the most humanly relevant way to engage with the world.”
A copy of the report can be found here.