With brands around the world disrupted by the coronavirus pandemic, and marketing budgets being squeezed, a major new study has identified a new group of Chief Marketing Officers who are pioneering the fight for recovery.
The study from Dentsu International, which incorporates data from 1,361 CMOs across 12 markets, concludes that the number one challenge for brands is to understand and respond to the ways the pandemic will have long-term effects on consumers’ behaviour.
This challenge is compounded by the fact that two-thirds, or 62%, of those surveyed say their budgets will be cut or flat over the next year; that figure increases to 82% for smaller brands. And despite the unparalleled challenges brands face, half of CMOs say they plan to employ recovery strategies taken in previous recessions, with only one in ten saying they expect to adopt entirely new strategies.
Six out of ten CMOs surveyed say their