Fifty percent of U.S. marketing executives expect to increase spending on seminars and events in 2004. Forty-eight percent plan on increasing electronic advertising. Forty percent will increase online marketing, and 29% plan on spending more on keyword search engine buys. That’s according to a survey of 125 marketing executives conducted in November 2003 by Patrick Marketing Group. The biggest planned decrease in spending was for print advertising (20%) and trade shows (18%).
While over three-quarters of those responding to the survey said that the economy remains weak, a majority said a recovery was imminent. More than a third labeled the economy “very weak” with spending down markedly in their sector and said that it was hurting them significantly.
Twenty-seven percent said the economy was making it harder to sell high-value products and services, pricing was under pressure, and their market was commoditizing. As a result they see a need to reposition their products and services in an effort to offer more value to customers and in an effort to maintain price levels.