How to Set a Marketing Budget in Uncertain Times

Marketers have a unique mix of elements to keep in mind as they set their budgets for 2020. Next year brings the double whammy of a presidential election and the Summer Olympic Games, which means media rates could be higher than usual in certain months. President Donald Trump can make the stock market rise or fall with a single tweet, especially one that mentions China and tariffs. 

Not enough? How about an impeachment inquiry, which could subject a divided nation to an election-year clash between Congress and the president.

And then there’s that looming r-word: the potential for a recession. The Federal Reserve cut interest rates on Sept. 18 for the second time in less than two months to help keep the economy chugging along. Six days later, the Conference Board said consumer confidence fell 9.1 points in September, the steepest drop so far this year. “While confidence could continue hovering around current levels for months to come, at some point this continued uncertainty will begin to diminish consumers’ confidence in the expansion,” Lynn Franco, senior director of economic indicators at the Conference Board, said in the group’s Sept. 24 statement. 

It’s a lot to juggle. Marketers at companies where the economy plays a significant role in consumer spending have tips to share as you finalize—or begin, for the procrastinators—budgeting for 2020….[Read More]