Should I Spend More or Less on Marketing During Covid?

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It’s no secret that the Covid-19 pandemic has made a massive impact on the business world, but how has it affected the realm of marketing specifically?

In order to understand the impact, we need to look at the statistics. A recent survey asked businesses what kind of difference they saw in their marketing budget at the onset of the pandemic. The average change in the budget was an increase of approximately 5.2% between March and April. Throughout that period, 29% of survey participants saw a budget decrease, 41% saw an increase, and 30.3 percent saw no change at all.

Overall, marketers discovered the importance of focusing their efforts on customer experience as well as social media campaigns. In May, the average response from survey-takers was that they devoted 16.7% of their budget to customer experience initiatives, which is a slight increase from the 15.2% from January. Also in May, there was an average budget spend of 23.2%, a significant increase from the 13.3% from January.

While the Covid response is currently changing and the economy is opening back up, it’s important for marketers to understand and adapt to the “new normal.”

If you’re interested in changing your marketing plan to accommodate the changes, contact Syndicate Strategies at 800-565-9624.

To learn more, check out: https://www.merkleinc.com/thought-leadership/white-papers/customer-engagement-report-covid-19-edition