Fifty-nine percent of all chief marketing officers were more optimistic about the economy in July than they were in April, according to a survey by Duke University's Fuqua School of Business and the American Marketing Association.
"These results indicate that marketers believe the tide has begun to turn," said Christine Moorman, a Fuqua School professor.
Another study conducted by the Association of National Advertisers found that 73 percent of marketers intend to start new marketing activities up to six months before their prediction of when the recession will end. Seven in 10 ANA members surveyed will increase their advertising spending when they are confident of a turnaround.
While economists continue to debate what will constitute a recovery, businesses need to be prepared for a new consumer mind-set. A more frugal America is emerging from the recession.
A recent Gallup Poll found that one-third of consumers said their "new normal" behavior is to spend less. A Nielsen survey found the post-recession consumer behavior would affect selected industries more than others.
Consider that 10 percent of consumers will delay replacing major household items, 7 percent will continue to go without an annual vacation and 40 percent will keep trying to save money on energy products.
The Duke survey also revealed that consumer sentiment has changed just since the middle of the current decade. Low prices are a huge factor in consumers' purchase decisions.
Only excellent service topped low prices in a consumer poll about what motivates a purchase.
Moorman said marketers "are clearly aware that the recession has caused customers to become more price sensitive, and companies are wisely keeping that in mind as they make product and marketing decisions."
Advertisers' behavior shiftsThe recovery also will see advertisers behave differently.
According to Adam Yansick, vice president and director of strategic communications for Mayo Seitz, a media buying company in Blue Bell, Pa., "The marketing and media mix will look different on the heels of the recession as pressure for campaigns to produce immediate results intensifies."
When it comes to which media advertisers favor for brand building, Mayo Seitz said advertisers rank television first. The list continues with online, word of mouth, magazines, social media, radio, out-of-home and newspapers.
However, not all media plans will follow this ranking. Online marketing spending is projected to show the strongest growth in 2010. Forty-one percent of ANA members polled expect to allocate more funds to social networking efforts and word-of-mouth buzz marketing programs.
For companies that are looking to stimulate retail sales, a recent Newspaper Association of America study found that 59 percent of adults identified newspapers as the medium they use for planning, shopping and purchase decisions.
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