Company directors have no urge to slow down their marketing spend despite the slowing of the Australian economy, a survey has found.

“Staying competitive in an increasingly difficult market place with limited resources was clearly the number one challenge for board directors,” - Graeme Chipp

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Directors Boost Marketing

Company directors have no urge to slow down their marketing spend despite the slowing of the Australian economy, a survey has found.

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Directors Boost Marketing

News: 23 June 2008
Company directors have no urge to slow down their marketing spend despite the slowing of the Australian economy, a survey has found. Just 1 per cent of company directors were planning to scrap their marketing investment altogether, while 94 per cent said they would not cut their marketing spend, and 49 per cent were planning to increase it.

The survey - conducted by the Australian Institute of Company Directors’ Growth Solutions Group - emphasises that when times are tough, confidence in strategy and a willingness to sustain a focused marketing investment are paramount.

“Staying competitive in an increasingly difficult market place with limited resources was clearly the number one challenge for board directors,” said Graeme Chipp, GSG’s co-founder and managing director.

“The survey conducted shows company leaders clearly understand that to do this they must maintain their presence in the market,” Chipp said.

More than one third (37 per cent) identified their biggest marketing challenge as staying competitive in a difficult marketplace with limited resources, including time and budget.

“Those board directors who valued the role of marketing, considered its role pivotal in securing their company’s competitive advantage, invested more time in the marketing process and will be better equipped to witness the results on the bottom line,” Chipp added.

The survey also found that the main reason behind plans to increase were offensive marketing reasons. 28 per cent of respondents felt an increased marketing spend was important to increase awareness and share of mind, 14 per cent to stay ahead of competition, and 8 per cent to grow share/ enter new markets.

One hundred and thirty-four Australian company directors responded to the survey.

By Stevie Newbegin
23th June 2008

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