7th April 2009
Most companies are now doing what one would expect in a recession – 95 per cent are cutting or planning to cut discretionary spending, 81 per cent are cutting employee numbers and 86 per cent curtailing recruitment. Perhaps more surprising is that corporations appear to be more willing to cut jobs than marketing budgets. “Companies are now more in control and looking beyond day-to-day survival”.
“They need to think about what their company will look like as they emerge from this recession. They want to ensure that they position themselves in the marketplace taking advantage of the opportunities. Continuing to advertise and focus on marketing is one of the ways you do that.
“CFOs and the rest of the executive feel that they have done everything they can to batten down the hatches. (They) hopefully have financing now in place and there is more liquidity coming into the marketplace that will enable them to move forward in a more positive way”.
It might not be time to crack open the champagne just yet, but it might not hurt to put a bottle on ice, just in case.
SWP comment: We couldn’t have put it better ourselves!
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