{"id":21936,"date":"2020-04-01T00:15:22","date_gmt":"2020-03-31T18:45:22","guid":{"rendered":"https:\/\/www.technologyforyou.org\/?p=21936"},"modified":"2020-04-01T00:15:22","modified_gmt":"2020-03-31T18:45:22","slug":"gartner-survey-shows-65-of-marketers-face-moderate-to-significant-budget-cuts-due-to-coronavirus-disruption","status":"publish","type":"post","link":"https:\/\/www.technologyforyou.org\/gartner-survey-shows-65-of-marketers-face-moderate-to-significant-budget-cuts-due-to-coronavirus-disruption\/","title":{"rendered":"Gartner Survey Shows 65% of Marketers Face Moderate to Significant Budget Cuts Due to Coronavirus Disruption"},"content":{"rendered":"
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Marketing Leaders Must Take Immediate Action to Manage Risks Related to COVID-19 With a Strategic Cost Optimization Plan<\/span><\/strong><\/span><\/p>\n<\/div>\n

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Sixty-five percent of chief marketing officers (CMOs) and marketing leaders report they are already bracing for moderate to significant budget cuts due to coronavirus-related disruption, according to Gartner, Inc. On March 20, Gartner polled\u00a0176 marketers\u00a0to understand how these leaders are being impacted by the coronavirus pandemic.<\/p>\n

CMOs and marketing leaders must take action to manage coronavirus-related risks by creating and implementing a cost optimization plan as soon as possible, and take into account the variable impacts the crisis will have on\u00a0marketing budgets<\/a>.<\/p>\n

A recent Gartner poll among 833 business leaders revealed that 34% of businesses expect reduced levels of business operations due to COVID-19, 10% expect operations to be severely restricted, and 2% will cease business operations.<\/p>\n

\u201cMarketing organizations are ill-prepared for COVID-19\u2019s impact on the global economy and consumer sentiment, and this crisis will only exacerbate the budget strain we saw developing in 2019 when marketing budgets began to decline,\u201d said\u00a0Ewan McIntyre, vice president analyst at Gartner for Marketers.<\/strong> \u201cWe expect COVID-19 will mark the inflection point in which marketing budgets begin to significantly decline. It is critical that marketing leaders take action now to help mitigate the inevitable risks to those budgets.\u201d<\/p>\n

\u201cCMOs must make a concerted effort to alleviate the near-term and future impacts of the COVID-19 outbreak by formulating and implementing a marketing cost optimization plan,\u201d Mr. McIntyre added.<\/p>\n

Gartner recommends CMOs and marketing leaders take the following actions to better prepare their organizations for COVID-19 related risks to marketing budgets:<\/p>\n

Assemble a Tiger Team and Establish a Plan<\/strong><\/span><\/p>\n

CMOs and marketing leaders should create a tiger team (a specialized, focused team) responsible for formulating, socializing and adapting a cost optimization strategy that flexes to the shifting demands and impacts that COVID-19 will place on global organizations as it continues to evolve. They must empower the tiger team to near-term, strategic decisions that position the organization for long-term success, and equip it with the data and analytics to review potential impacts on new costs associated with COVID-19 response.<\/p>\n

Build Adaptable Scenarios and Conduct a Rapid Review<\/strong><\/span><\/p>\n

Respond to the impact COVID-19 is having on marketing budgets through swift and decisive action. CMOs must build adaptable budget scenarios and conduct rapid reviews of how the pandemic will likely impact their marketing functions in the near-term while keeping long-term marketing and enterprise goals top of mind. They should also appraise cost optimization objectives by conducting a rapid review of the tiger team based on those adaptable budget scenarios.<\/p>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Marketing Leaders Must Take Immediate Action to Manage Risks Related to COVID-19 With a Strategic Cost Optimization Plan Sixty-five percent of chief marketing officers (CMOs) and marketing leaders report they are already bracing for moderate to significant budget cuts due to coronavirus-related disruption, according to Gartner, Inc. On March 20, Gartner polled\u00a0176 marketers\u00a0to understand how […]<\/p>\n","protected":false},"author":1,"featured_media":20609,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12377,9231],"tags":[],"class_list":{"0":"post-21936","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-covid-19","8":"category-top-stories"},"_links":{"self":[{"href":"https:\/\/www.technologyforyou.org\/wp-json\/wp\/v2\/posts\/21936","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.technologyforyou.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.technologyforyou.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.technologyforyou.org\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.technologyforyou.org\/wp-json\/wp\/v2\/comments?post=21936"}],"version-history":[{"count":0,"href":"https:\/\/www.technologyforyou.org\/wp-json\/wp\/v2\/posts\/21936\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.technologyforyou.org\/wp-json\/wp\/v2\/media\/20609"}],"wp:attachment":[{"href":"https:\/\/www.technologyforyou.org\/wp-json\/wp\/v2\/media?parent=21936"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.technologyforyou.org\/wp-json\/wp\/v2\/categories?post=21936"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.technologyforyou.org\/wp-json\/wp\/v2\/tags?post=21936"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}