A majority of respondents also said that marketing spending had represented less than 4% of their companies' revenues for 2007. More than a third said their spending fell between 4% and 10% of their companies' 2007 revenue. The remainder of those surveyed either spent more than 10% of their company's revenue on marketing or did not make an estimate.
What do these marketer perceptions have to do with actual spending?
For ad spending, at least, the perceptions agree with predictions made in GroupM's "This Year, Next Year" report. As of December the research company projected that ad spending would grow 6.8% worldwide in 2008. That's an increase, but not a dramatic one.
ZenithOptimedia released similar worldwide ad spending projections in December. The company pegged growth for 2008 at 5.9%
Obviously ad spending doesn't account for other types of marketing, but the numbers definitely indicate subdued ad spending growth in 2008.
The larger concern is the global economy. Since the beginning of December, when these projections were made, there has been only bleak news about the US economy. A US downturn inevitably drags the global economy with it.
The marketing spending environment in 2008 could go from subdued to extremely conservative.
David Hallerman, senior analyst at eMarketer, said that an economic slowdown would affect some advertising and marketing directly.
"Paid search is 40% of ad spending," Mr. Hallerman noted. "If consumers are buying less, they will be searching less for shopping. So paid search spending will drop."
