Our recent survey attracted respondents from a wide range of businesses from SMEs through to corporates, across a range of industries.
One of the questions we asked was: Since the start of 2020 have you changed the level of investment in your marketing? The answers weren’t expected.
Only 8.1% have decreased their investment in marketing SIGNIFICANTLY since the start of the pandemic and a further 3.2% have seen a small decrease.
Conversely 32.2% have INCREASED their marketing spend.
It seems that businesses have learned the lessons of the last recession and investing in marketing in the belief that it will help them bounce back more quickly once we come out the other side.
But for many there remain a lot of unknowns – growth is seen as largely beyond their control – 70% of respondents cite an unpredictable economy as being one of the biggest factors that will determine performance. And 40% fear a lack of market demand.
Consumer and business confidence is a tricky thing to predict – and right now, it’s particularly fickle.
But given that Q2 GDP has shown healthy growth and there’s a vaccine on its way to a GP’s surgery near you, maybe now’s the time to really start looking forward to a much healthier (in more ways than one) 2021?