I’ve seen, read, and heard all kinds of reasons about why you shouldn’t cut marketing budgets in a recession. We all know this to be true from observations and outcomes of those who did and did not in past recessions. But of course, most of the chatter comes from people like me, marketing professionals. And I know, on the surface, it all seems quite self-serving.
Except, this time, (if it actually is a recession we’re in) that school of thought receives what some might perceive as a mildly surprising endorsement from-most CFOs. In a CFO Outlook Survey-1st Quarter 2008 conducted for Financial Executives International by Baruch College, The City University of New York, more than 62% of CFOs responded that the current economic downturn would not affect marketing/advertising budgets-budget is the same as 2007. Almost a quarter, 22.9% were actually increasing marketing budgets. Just under 14% were decreasing budgets. You can download the survey’s detailed summary topline report at www.cfosurveys.com. There’s a lot of good information in it. (more…)