When markets destabilize, the natural reflex is to focus on survival. Budgets are trimmed, functions consolidated, and initiatives reprioritized. Companies often reallocate resources toward short-term sales activation, seeking immediate ROI.
This does not necessarily mean cutting customer experience or brand investment altogether. In fact, many organizations maintain, or even increase, their Marketing spend. The problem is that spend gets diverted into efficiency-only tactics, while long-term brand equity and cultural differentiation are deprioritized.
Yet, during crises, consumers need more from brands than discounts. According to Euromonitor (Nov 2023), 73% of consumers worldwide say anxiety has an impact on their life. They are also more price sensitive, but they also want value for money, reassurance, belonging, and meaning.
The challenge for CEOs and CFOs is therefore not whether to outsource marketing or reduce it, but how to make marketing more effective, efficient, and culturally relevant. That is where the CMO, and increasingly the fractional CMO, becomes critical.