Los Angeles, CA (PRWEB) October 19, 2008
With the economy facing a financial crisis not seen in many years, there is concern about the vitality of the business climate and how it will affect marketing goals, plans and budgets. MarketingProfs, a leading strategic and tactical marketing resource for marketing and business professionals, conducted a survey of more than 600 marketing professionals to gain an insight into how they perceive the marketing industry will be affected in the months to follow. The survey was conducted from October 11-13.
"Typically, the marketing budget is the first to be cut by companies looking to reduce costs when a recession is anticipated," said Roy Young, President of MarketingProfs.
MarketingProfs' survey found that the majority (52%) of marketers are already making changes to plans and budgets as a result of the economic crisis with 65% of marketers expecting negative effects on marketing overall.
Whether the market continues to fluctuate or falls into a recession, 75% of marketers surveyed expect the impact of the crisis will extend through 2009 or into 2010. Expectations include departmental staff layoffs (25%) or a decrease in personal compensation (43%).
"The shift to online marketing and away from traditional vehicles has been ongoing for the past few years, but it seems like this economic crisis will increase the rate of change," said Young.
Recent years has shown a shift from the use of traditional marketing vehicles (TV, Radio, Print) to the use of the World Wide Web as a means of reaching different demographics where they are spending more time for business or pleasure. MarketingProfs has observed that online marketing is also turning into a venue where marketers can stretch their dollar while accurately targeting leads and customers. In response to this economic crisis, the shift is happening faster: 60% of all marketers surveyed stressed that they would be increasing their online budgets while 85% would be reducing their use of traditional marketing vehicles.
While the survey suggests that marketing budgets will most likely shrink along with staff size, Young pointed out that history shows this is a mistake. "In the long run, those who are most successful keep their products and services in the minds of customers and prospects."
MarketingProfs, founded in 2000, is an online publisher of marketing know-how for professionals, with more than 300,000 members worldwide. Drawing on the expertise of more than 300 analysts, marketing professionals, and professors, MarketingProfs helps marketers all over the world - working in the very largest to small start-up companies - stay current and effective in the entire range of online and offline marketing areas.
Free membership to MarketingProfs includes opt-in newsletters on current issues and ideas, as well as access to the site's basic library. Premium (paid) membership is available for more in-depth content, including access to over 40 online seminars live each year and over 100 recorded seminars, marketing templates, case studies, benchmark research and marketing guides.
Ira T. Weiss