• by Wayne Friedman , August 25, 2008

Look out, media and marketing sellers: Most marketers will be slashing their marketing budgets in the next six months, all in the wake of a weakening economy.

The Association of National Advertisers, in a recent survey of its members, said 53% of marketers intend to reduce marketing budgets. Moreover, some 87% of those are being scrutinized to show cost savings. The ANA results came from a range of industries--pharmaceutical, financial services, consumer packaged goods, computers and technology, retail and others.

All this follows the recent news that General Motors is looking to severely cut back on its marketing and media costs over the coming months. Those trims include high-profile TV cutbacks of the Academy Awards and Emmy Awards media buys.

Twenty-seven percent of ANA members believed their budgets would be reduced between 11% and 20%, with 10% of ANA members looking at cuts of 30% or more. Around 69% of ANA members foresaw specific media budgets being reduced, while 63% envisioned advertising campaign production budgets being scaled back.

The ANA also notes that 63% of marketers are being challenged to reduce internal expenses and to identify cost reductions. Another 63% were looking at travel and expenses restrictions, while 61% saw new projects being eliminated or delayed.