As the coronavirus outbreak continues to spread and create further uncertainty, it’s imperative that chief marketing officers (CMOs) and marketing leaders take immediate action to manage coronavirus-related risks and implement a cost optimization plan. This plan must take into account the variable impacts the COVID-19 crisis will have on marketing budgets. In fact, 65% of CMOs and marketing leaders report they are already bracing for moderate to significant budget cuts due to coronavirus-related disruption.
“Marketing organizations are ill-prepared for COVID-19’s impact on the global economy and consumer sentiment, and this crisis will only exacerbate the budget strain we saw developing in 2019,” says Ewan McIntyre, Vice President Analyst, Gartner for Marketers. “We 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.”