| |
Research Spend Down, but Marketers Optimistic
Nearly a third (31%) of marketers say they have decreased their use of market research as a result of the recession, compared with 14% who have upped their investment in this area, according to an online survey conducted by B2B International. A number of positive trends also emerge.
Results are based on responses from 400 companies - many in the FTSE 350 and the American S&P 500. Three quarters of respondents work in organisations that employ more than 250 people.
When it comes to changes in marketing focus, 74% said they have adopted a market/customer strategy in the past two years. Around two thirds (66%) have implemented a customer satisfaction and loyalty focus in the last two years, and 39% have followed suit with competitor benchmarking.
Nearly a third (29%) of respondents said marketing is playing an important role as a weapon to fight the recession and that there is currently more emphasis on value marketing, keeping existing customers satisfied and loyal, and finding new opportunities in different industry sectors and channels to market.
Other changes include a huge increase in electronic marketing, with respondents stating that the use of traditional media is very much in decline.
One in four (40%) marketers acknowledge that the recession has had a 'very significant' effect, and say they are noticing that national and overseas sales have been affected, investment has been cut back and that there are cash-flow constraints.
The most common response to the recession has been cutting costs, followed by re-aligning the focus from a wider offering to core products and services, and delaying capital expenditure and putting investment plans on hold.
However, half the organisations state that they feel optimistic about the economic outlook for the next 12 months. Respondents hint that continued investment in marketing is working, given that 58% of organisations with a higher-than-average spend in this area were optimistic, compared with 44% with a lower-than-average marketing spend.
The firm's Research and Business Development Manager Julia Cupman commented: 'The research has been very insightful and should be considered a positive indicator for the economy. Those who have committed to marketing will emerge from the recession stronger than before.'
B2B International has offices in Manchester, UK, New York, US and Beijing, China.
Web site: www.b2binternational.com .
|
