If you’re a chief marketing officer (CMO), the current economic uncertainty undoubtedly creates anxiety for you, your team, and your agencies. The Mobile Marketing Association (MMA) has demonstrated the tight correlation between advertising spend and economic indicators like GDP growth by looking at historical data. But more importantly, marketers know from experience that when the economy turns, their budget is an easy target.
Holding Onto Your Marketing Budget in a Downturn
Six actions for marketing leaders.
November 11, 2022
Summary.
Most marketers know that when the economy turns, their budget at risk. So with today’s economic uncertainty, volatile markets, inflation, and more, what should marketers be doing now? Based on her experience in media and marketing through different economic cycles, the author offers six actions for CMOs to consider as we face a potential downturn: 1) Build a tight relationship with your CFO; 2) Zero out inefficient spend and ways of working; 3) Embrace speed and agility; 4) Stand out by staying in the market; 5) Make decisions in the context of your sector’s dynamics; and 6) Continue to drive forward digital transformation powered by data.
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New!
HBR Learning
Marketing Essentials Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Marketing Essentials. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Learn how to communicate with your customers—strategically.