COVID-19 Impacting Marketers’ Planning, Budgets
Marketers, like everyone else, are on edge due to coronavirus concerns. Marketing video production company Wyzowl has surveyed 160 marketing professionals on how they’re responding and how they plan to move forward, and 69 percent say that it has affected their work in some way.
The survey found that for nine out of 10 of those surveyed are still working, and for one out of three, it’s business as usual. Signaling the rise of remote work as a business trend, more than half of those surveyed are working outside the office.
As for how this will impact marketers’ budgets, the survey found them almost evenly split—48 percent expect their budgets to be cut and 46 percent think it will be unaffected. However, approximately one in 20 of those surveyed report that these disruptions have resulted in increases in their budget, allowing them to invest in other marketing channels. Also, while 41 percent say they have seen their plans disrupted or delayed, most marketers report that their plans, for now, are intact.
Nearly three-quarters of marketers say they expect to pull back their spending on physical events, which is to be expected considering the situation, with particularly big pullbacks on print (45 percent) and content (44 percent). That money will likely be redirected towards digital channels, particularly video (31 percent), paid ads (31 percent) and broadcast (28 percent).
For more on Wyzowl’s findings, click here.