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Marketing Investment Through an Economic Downturn
February 08, 2023 | Report
A Deep Dive into the C-suite's Intentions
Despite the challenges of a slowing global economy, our C-Suite Outlook 2023, a global survey of over 1,100 CEOs and C-suite executives from across the world, shows that CEOs are focused on driving revenue and profit growth in 2023 to counter headwinds. Almost half of CEOs and C-suite executives (47 percent) pick an economic downturn/recession as one of their top-three concerns for 2023, followed by inflation (34 percent). A proven driver of growth in previous recessions has been marketing, and the CMO and their teams will be expected to deliver once again in the year ahead. The tactics and tools used will draw on the lessons of the past but utilize the possibilities of the present, as the pressure of the economy fuels innovation and experimentation.
Insights for What’s Ahead
Tackling the economic downturn and winning new customers
Previous recessions have taught us that investing in brand building and customer acquisition can yield returns well after the recession is over. Over the last century, each recession is followed by a period of growth that lasts longer than the recession itself. Assessing the activities of competing businesses in the same sector in the previous three downturns tends to show a pattern that those that cut back on marketing spend to manage costs perform less well than those that maintain or increase spend to drive growth. That performance is not necessarily during the period of downturn itself but is evidenced in the recovery period thereafter. Common guidance in 2022 was to study past case histories, expand while the competition cuts back, and accelerate d
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Report
C-Suite Outlook 2024: Leading for Tomorrow
How can business leaders win through all the chaos and disruption and become tomorrow’s leaders with future-ready organizations?
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