Nearly a third of EMEA chief marketing officers plan to increase their marketing budgets by 10% or more in 2021, providing evidence that hopes for a recovery next year might not be unfounded.
The study – commissioned by Campaign and conducted by R3 – also revealed that clients are increasingly looking to reduce their spend on traditional media, with four out of 10 planning to do so over the next 12 months and shift it towards other channels.
Looking at marketers’ agency rosters, 60% of the 65 people surveyed said they have considered cutting the number of shops that they work with – this appears to have been borne out by Coca-Cola’s decision to review its entire $4bn global creative and media business this month.
Respondents were also asked about which agency partners they considered the most important and which they were considering reviewing.
Another headline finding from Campaign’s biannual inaugural EMEA CMO Outlook is that 70% of clients said “converting data into strategies” is the key area of improvement for marketing teams.