Nearly two-thirds of marketers (64%) say they define success differently in the economic downturn while over one-half (55%) say emphasis on short-term responses to the economic slowdown has led them to neglect long-term strategy, according to a survey from Spencer Stuart.
The remaining 45% say the economic downturn has not derailed their long-term strategy.
Below, other findings from Spencer Stuart's 2009 CMO Summit Survey.
Marketers' Forecast for 2010
More than half of marketers (57%) are optimistic that the economy will improve in 2010, while 32% expect little change this year. Only 8% say 2010 will be worse than 2009, while a mere 2% say 2010 will be better than ever.
In addition, 80% of marketers say their companies are in good or excellent shape to drive growth once the downturn subsides.
Measuring Success in the Downturn
During the recession, many marketing organizations have found ways to do more with less and shifted their smaller budgets toward measurable marketing tactics, according to Spencer Stuart.
Asked to identify the measurements for success in a downturn, 60% of marketers cite controlling expense budgets, followed by retaining high-value customers (49%), and demonstrating positive return on marketing investments (48%).
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Marketing Investments Priorities
Based on the recessionary business environment, marketers are shifting their investment priorities to new media, product marketing, and targeting new customer segments: 67% of marketers say they are increasing investments in digital media, 46% say innovation and product development, and 45% say new customer segments.
Meanwhile, marketers say they are cutting back on traditional media (69%), sponsorships (66%), and recruitment (60%).
About the data: The survey of 300 senior marketing executives was conducted by Spencer Stuart in advance of the 2009 Spencer Stuart CMO Summit, which examined how marketing organizations have responded to business challenge, including the economic downturn.
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