As the coronavirus outbreak continues, UK marketers are delaying campaigns, reviewing budgets and pausing product launches.
The Marketing Week and its sister title Econsultancy revealed that 60% of marketers have delayed or are currently reviewing budget commitments due to the pandemic. More than half of marketers are delaying campaigns as well.
Marketers are also worried about consumer and customer spending, according to the survey results. When the survey was completed, a third of marketers said their company had already experienced low demand for its services. Some 74% of marketers expect business customers to delay spending decisions. The Marketing Week surveyed 887 UK brand marketers.
In such uncertain times, B2B Marketing’s Joel Harrison commented in a blog post: “We believe that, as a profession, B2B marketers can and will emerge from this crisis better, stronger, and more aligned with their business needs that was undoubtedly true in the financial crisis of 2008, and it will be the same in 2020. The best marketers will adapt their working practices to suit their new realities, and will take the time to develop their knowledge and skills,enabling them to see the opportunities in these challenging times. Consequently, they will be ready to help drive their businesses forward when this temporary crisis ends.”
