LIVE! Wed., Feb. 28, 2024 at 12:00 PM ET

Using AI to Modernize Your SEO Strategy in 2024

Attend

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.

Enter your email address to continue reading

Survey of Enterprise CMOs: COVID-19's Impact on Budgets and Tactics

Don't worry...it's free!

Already a member? Sign in now.

Sign in with your preferred account, below.

Did you like this article?
Know someone who would enjoy it too? Share with your friends, free of charge, no sign up required! Simply share this link, and they will get instant access…
  • Copy Link

  • Email

  • Twitter

  • Facebook

  • Pinterest

  • Linkedin

  • AI


ABOUT THE AUTHOR

image of Ayaz Nanji

Ayaz Nanji is a writer, editor, and a content strategist. He is a co-founder of ICW Media and a research writer for MarketingProfs. He has worked for Google/YouTube, the Travel Channel, and the New York Times.

LinkedIn: Ayaz Nanji

Twitter: @ayaznanji