A new Association of National Advertisers (ANA) study this summer shows that 53% of ANA member respondents believe their overall marketing budgets will be reduced up to 10%, with almost a third saying it will be in the 11-20% range. What else is new? Isn't marketing seen as a luxury in some organizations? Are you battling the Big Cheese to maintain your marketing budget?
Our own MarketingProfs guru and founder, Roy Young, says we need to make marketing matter to the CEO. I guess these ANA members are having a hard time doing that.
The study indicates what respondents plan to cut:
69% said ad campaign media budgets
63% said production budgets
63% are making their agencies cut internal expenses and/or identify cost reductions
63% said travel and expenses
61% said eliminating or delaying new projects
What about your company or organization? Is your budget getting cut back, too? Where will you tighten your belt? What are the essentials to maintain no matter what?
Thanks to Aimee Stern of Stern Communications for sending these stats via an ASAE listserv.
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