Clipmark

Marketers are cutting costs, putting pressure on agencies to do more with less, and reducing budgets much more than they were six months ago

37% of respondents today plan to reduce budgets by more than 20%, up substantially from the 21% in the first survey.

Departmental travel and expense restrictions (87% vs. 63% in the previous survey)
Reducing advertising campaign media budgets (77% vs. 69%)
Reducing advertising campaign production budgets (72% vs. 63%)
Challenging agencies to reduce internal expenses and/or identify cost reductions (68% vs. 63%)
Eliminating or delaying new projects (58% vs. 61%)

“In the current economic environment, there’s a need for brand building that’s right for the times - that acknowledges consumers’ financial circumstances

For some marketers, that will mean skewing their media mix toward promotional spending and direct marketing. For others it will mean framing a new, relevant and timely brand message.