In addition to the everyday challenges that have come with the COVID-19 crisis, marketers are anticipating their jobs to be more difficult as the economy turns downward, according to new research.
Conductor recently published “The Impact of COVID-19 on Marketing” report, and statistics showed that 65% of marketers are anticipating a decrease in their budget, and 86% believe their marketing goals will be more difficult to reach.
Overall, most marketers (45%) are predicting a “slight” decrease in their marketing budget as a result of the COVID-19 crisis, while 27% envision it staying the same. Nearly 20% believe their budget will “decrease greatly.”
The majority of marketers (47%) stated that they think it will be “more difficult” to achieve their annual marketing goals because of the Covid-19 pandemic. Only 7% believe that there will be “no impact.”
That being said, marketers are prepared to invest in channels that may yield more ROI amidst the current climate. For example, 34% of respondents stated that they intend to increase their investment in low-cost channels, such as SEO, in the event of a global recession.
Overall, the majority of marketers (63%) believe that SEO will become more important during this time.
The Value of Delivering a Seamless Customer Experience
Despite the challenges that come with these difficult times, marketers may be able to separate themselves from the competition by focusing on the customer experience, according to previous research.
Lean Data published “The State of Revenue Operations” report, and statistics showed that most marketers (59.27%) “strongly agree” that the ability to deliver a consistent, seamless customer experience across the buyer’s journey can be a critical differentiator and revenue driver.
The majority of respondents (46.41%) also “strongly agree” that sales, marketing, and customer success teams all share ownership for revenue growth at their company.
However, there is still room for improvement, as 27.26% “somewhat disagree” that these teams are well integrated and aligned.