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Many CMOs at large companies are facing budget cuts because of the COVID-19 pandemic, but most expect the economic climate to return to business as usual in the next 18-24 months, according to recent research from Gartner.

The report was based on data from a survey conducted between March and May 2020 among 432 marketing executives in North America, France, Germany, and the United Kingdom who work for companies with $500 million to $20 billion (or more) annual revenue.

Some 45% of enterprise CMOs say COVID-19 has driven their firm to reduce its 2020 marketing budget, 22% say there has been no change, and 34% say their firm's marketing budget has increased.

Here's a further breakdown:

Actions Taken in Response to COVID-19

Some 61% of enterprise CMOs say they launched special communications to customers in response to COVID-19, 47% say they deployed listening tools to monitor customer sentiment, and 44% canceled customer-facing marketing events.

Marketers' Risk Tolerance

The COVID-19 pandemic has made many CMOs risk-averse: 37% say their marketing team is seeking to conserve the status quo, and 32% say their marketing team is taking only limited risks.

Return to Business as Usual

Some 57% of enterprise CMOs say they expect their company's ability to meet performance goals to return to business as usual in the next 18-24 months.

About the research: The report was based on data from a survey conducted between March and May 2020 among 432 marketing executives in North America, France, Germany, and the United Kingdom who work for companies with $500 million to $20 billion (or more) annual revenue.

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ABOUT THE AUTHOR

image of Ayaz Nanji

Ayaz Nanji is a digital strategist and a co-founder of ICW Media, a marketing agency specializing in content and social media services for tech firms. He is also a research writer for MarketingProfs. He has worked for Google/YouTube, the Travel Channel, AOL, and the New York Times.

LinkedIn: Ayaz Nanji

Twitter: @ayaznanji