Wilton, CT, April 20, 2020: Tech marketers around the globe are responding to the Coronavirus crisis by drastically cutting budgets and shifting remaining resources to digital programs, according to a survey of CMOs conducted by Ravco Marketing, LLC in April. The full report entitled “Marketing During the Coronavirus Crisis” is available for download at https://ravco-marketing.com/corona-crisis-download-1
Budget Cuts / Shift to Digital
When asked about their overall marketing budgets, 32% said they have experienced a “drastic cut” ( >50% ), while around the same amount (34%) said they have had no cuts. Just 2% said they have had a budget increase.
Digital marketing and related actives have survived with few budget cuts and have seen increases in many organizations. Almost half (46%) said that their digital marketing budget has not been cut, and 21% said that their digital advertising budget has actually increased. Related to this is the budget for content development, which 61% said has either stayed the same or increased. This compares to the 41% who said that their non-digital advertising budgets have been drastically cut back and 69% who have drastically cut event marketing. Interestingly, more than half (56%) said that spending on ABM programs have stayed the same or increased.
Program Results – Winners and Losers
Website traffic has increased according to 41% of the respondents, and 27% said that their digital advertising click-throughs have increased. In the losing column, 42% said website conversions are down, and 46% report lower MQLs. Performance rates of many programs have remained about the same as pre-crisis levels.
Many Lasting Changes Predicted
When asked about the long-term effects of the crisis, 88% said they believe that there will be lasting changes coming from the crisis, with only 2% believing that things will stay the same. Among the most frequently mentioned change is an increase in remote working. A large portion mentioned that videoconferencing will no longer be seen as a second-rate alternative to face-to-face meetings.
Many predict that digital marketing, especially webinars and content-based marketing, already very popular, will increase in their usage and share of the marketing budget. Along the same lines, one respondent predicted the “death of print”, which may seem dramatic, but clearly is an indication of the marketer’s state-of-mind.
According to Ravco Marketing president George Ravich, “Digital marketing has steadily increased its portion of the budget and its delivery of results. The current crisis environment has intensified the migration to these programs not only due their efficient performance, but also because they are best suited for the stay-at-home mandates. The survey results support this and confirm that there will be lasting changes.”
About the Survey
There were 52 survey respondents who mostly (68%) described themselves as head of marketing for their organizations, which are predominantly (85%) B2B, and overwhelmingly (76%) located in the US. A majority (56%) are in a tech-related business, mostly (44%) from FinTech or other SaaS business, and 27% are in consulting businesses which includes marketing agencies of all kinds. Thirty-five percent are in large companies ( >$100M revenue ), 24% are in small/young companies, and 41% are in small to mid-size companies ($20M - $100M revenue).
Download the Report
To download the report please go to https://ravco-marketing.com/corona-crisis-download-1
About Ravco Marketing, LLC
Ravco Marketing offers marketing services for high-growth tech companies, with a focus on the FinTech and InsurTech industries. We specialize in product strategy and messaging, digital marketing and lead generation, as well as all the other areas in a fully functioning marketing department. We help companies build their brands and gain market traction with the insights and skills of an experienced CMO. For more information please visit https://ravco-marketing.com
Media Contact: George Ravich: firstname.lastname@example.org +1 (203) 984-8765
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