Monday, July 14, 2008

Decision time for marketers

According to the IPA Bellwether report marketing budgets have been revised down for the third consecutive quarter, and to the greatest extent since the 9/11 terrorist attacks in 2001.

Doom and thrice doom.

All sectors of marketing reported budget cuts with the exception of the online, but even here it's the smallest upward revision since 2002.
Traditional media -- TV, press, outdoor, radio and cinema -- was worst hit, with budgets dropping at the fastest rate since the first quarter of 2006.

This was followed by "all other" marketing, which includes PR, events and research. Downward budget revisions indicated that growth will be the weakest in these areas for at least five years.

OK guys hit the panic button. All of the woolly thinking and half-baked ideas that are OK during times of boom are now up for the chop.

So when you are asked: “we need to follow the money” what’s you answer? Let me give you a hint. It aint the credit strapped 20-34 year olds. Dick Stroud

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