Fifty percent of major marketers say they have media budgets, according to an online poll of 129 brand leaders by the Association of National Advertisers (ANA), but 68% of those same folks say they’re primed to increase media budgets once they sense the recession is ending.
In what is likely to be viewed as good news for the sales side during the critical upfront negotiating period, 73% of respondents said they want to implement increased marketing activity three to six months before the recession ends. When the economy emerges from recession, marketers also report they want to put money into social networking activities.
The survey, conducted in April, revealed some interesting detail on what marketers have cut back on and what they have preserved during the recession. Fifty percent said they cut production budgets, while 41% said sponsorship/event budgets. Meanwhile, activities such as research and development, public relations, test and learn budgets and promotional activities were the most likely efforts to be maintained.
When the ANA first conducted its brand building survey in February 2007, television was ranked the most important media channel, that still holds true. Though only 64% of participants said it was the most important compared to 80% in 2007. Online is the next most important media, according to 61% of the survey, while social media scored 40%. It also ranked as the highest media channel that marketers would like to use but have not yet been able to implement.
Lastly, the survey revealed that two thirds of marketers have shifted their emphasis away from long term strategies to short term, a response to the economic conditions which have made it difficult for marketers to plan ahead.