CHICAGO–(BUSINESS WIRE)–daVinci Payments, a leader in corporate-funded payments, today released a new study that reveals how marketers plan to spend in an economic downturn.
The study, which surveyed C-Level marketing and sales executives, investigated how marketers plan to adjust budget allocations during a recession and the impact this would have on their total marketing spend and services. The results identified an increase in marketing dollars to rebates, loyalty programs and product innovation to reduce price promotion costs while adding more value in the market. Intended investments in branding, channel and price promotion overall were flat versus the year prior.
The research looked at 14 industries, including large and small appliances, automotive, consumer goods, credit and finance, entertainment, eye care, food, furniture, health care, pet care, research, telco/broadband and technology.
“Our findings show that marketers understand they have to deliver greater value to consumers with better branded experiences at every touchpoint to regain traction in an economic downturn,” stated Rodney Mason, daVinci CRO. “Our recent shopper research found price was the number one consideration factor in making a purchase decision with name brands slipping in importance. An economic downturn amplifies those trends, making it crucial for marketers to win customer loyalty by increasing their value to meet recession demands,” Mason added.
Other key findings from the Recession Marketing Spend study include:
- Almost 60 percent of marketers reported they would spend more or the same overall during a recession
- Less than 40 percent had a recession contingency plan in their 2020 budget
- 80 percent of marketers believe the price consumers pay for their products will decrease (37 percent) or stay the same (43 percent) vs. 2019 during a recession.
The study can be downloaded here, along with sign up for the upcoming webinar on April 7, 2020 which will review the findings, including a break down by each industry and also provide insights from recent shopper studies.
About daVinci Payments
daVinci delivers payments with branded experiences for consumer, employee and channel incentives. daVinci is leading the payments movement to greater value for all stakeholders, blending art and science to create innovative corporate-funded payments for brands, their customers, employees, contractors, participants and channel partners around the world at the speed of light. Learn more about daVinci’s payment solutions at www.davincipayments.com. daVinci is owned by Syncapay, a holding company, “Investing in The New Frontier of Payments.”