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Archive for the ‘state of economy’ Category

FastFacts survey respondents cautious on prospects for 2010

Sunday, January 3rd, 2010

Graham Communications conducted a FastFacts survey in late December 2009. A summary of the results follows:

While the economy stumbles through a fitful recovery, businesses struggle to find the right course for 2010. In our recent FactFacts survey, a responding 87.6% felt that the recession is not over and over two-thirds note that their marketing budget will remain the same.

Of the marketing tactic used in 2009, almost 50% found Email Marketing to be the most effective, followed closely by Direct Mail and Website. Looking ahead to 2010, our respondents see some shifts in their marketing budget. Most plan to increase spending on Email Marketing and their Website, but not on Direct Mail, which most will fund at the same level as 2009.

Reflecting the hype and cache of the social media phenomenon, over 42% plan to increase spending on social media. Not unexpectedly, the largest decrease in spending is planned in print advertising, followed by TV and radio. Tradeshows and telemarketing will be the same as 2009.

Given an unlimited marketing budget, almost 30% would put an ad on a Dunkin Donuts coffee cup and 15% an ad in the Wall Street Journal. No one opted for signage at Disney World and only one chose the Goodyear blimp. Some other great suggestions were to start a foundation and put a book together with industry big names as contributors.

Editorial Comment: The economic crisis coupled with cosmic growth in digital possibilities spells marketing challenges. Simply using new technology won’t bring success. While the economic crisis may mean paradigm change in some companies, the basic rules of marketing have not changed. Setting goals, understanding customers and prospects and determining how best to communicate with them are the core components of any marketing program. Marketing needs to be relevant, creative, engaging and brand building. A thoughtful, balanced mix of traditional and interactive media may be the best approach.