How Marketing & Communications Can Help Companies Weather the Economic Downturn

Despite the challenges of a slowing global economy, our C-Suite Outlook 2023, The Conference Board’s global survey of CEOs and C-suite executives from across the world, shows that CEOs are clearly focused on driving revenue and profit growth in 2023 to counter the headwinds. Almost half of the global CEOs and C-suite executives (47 percent) in our survey say an economic downturn/recession is their top concern for 2023, followed by inflation (34 percent). This puts the spotlight on CMOs and their teams—like COVID-19 did for CCOs—as they assume a critical role in generating revenue to help companies weather the downturn. Even if it might not be a CMO’s formal title, a “growth officer” mindset may help to meet the enhanced revenue expectations. CEO and C-suite focus is also on communications teams who can add value in this downturn by improving employee engagement, external reputation management, and crisis management. The tight job market on the one hand and downturn-driven layoffs on the other require a continued and distinct focus on internal communications.