A report released by CMO, ‘Covid-19 and the State of Marketing’, concluded that marketing grew in importance since the pandemic hit the world. The US-based report found that 62% of marketers have placed increased focus on marketing efforts during the pandemic.
Marketers have been targeting their marketing strategies towards building brand and customer retention through digital, mobile and social strategies as the world is under a crisis. However, while the pandemic has influenced the importance of the marketing function itself, it has not influenced the willingness of brands to take a political stance. 81% of marketers reported that they found it to be inappropriate for their brand to take a stance on politically-charged issues.
The report also stated that marketers and business leaders are more optimistic about the growth of their own companies than the overall industry or economy. However, this figure also dropped to a number nearing the Great Recession of 2009 with marketers scoring 68.8 (out of 100) as compare to 64.2 in February 2009.
Marketers also reported a shift in strategic marketing priorities, according to the survey. Organic growth, although declining since 2015, is still the highest priority followed by partnerships of services, both B2B and B2C.
Interestingly, most companies reported that their domestic marketing budget either remained unchanged or had increased during the lockdown indicating that companies are willing to continue or accelerate their marketing efforts. Keeping in line with the parallel virtual economy booming in the world, many have also stated a sharp increase in online sales.