How Lessons From The Past Can Help Marketing Leaders Reimagine The Future

2020 has been a historic year for many reasons—a global pandemic, an economic recession and a civil rights movement, for starters—but also a once-in-a-lifetime opportunity to shift the status quo. 

History offers centuries worth of case studies to guide us toward building a better future. 

In August Forbes and the Wharton School of Business surveyed CMOs about their experiences during the Covid-19 pandemic. Over 350 senior marketing leaders in the U.S. responded, revealing insights for executives across industries.  The report,  “Markets in Motion,” draws from past events, as well as current trends, to help CMOs make the strategic decisions that will have lasting impact on their businesses and careers. 

A few key findings:

• 66% of businesses have cut spending on marketing and innovation amid the pandemic. 
• But history shows no evidence that cutting spending in a recession improved profits, growth or share in the short or long term. 
• Rather, the companies that bucked the trend of slashing advertising budgets and growth investments amid economic downturn ultimately outperformed peers in profits and market share once the recession passed.

Although the current recession has parallels with recessions of the past, one key difference is the rapid acceleration of digital transformation. Digital channels have the power to separate companies that rise to the top from those hardest hit by the downturn. 

This year Forbes pivoted our live events business to virtual experiences; expanded investment in our core communities; grew our first-party data capabilities; and launched Forbes EQ, a new thought leadership platform that will advocate for representation, inclusion and systemic change. 

As a brand that has documented and survived many global crises—from the 1918 Flu Pandemic to the 2008 recession—we hope Forbes’ perspective and insights will help guide your business through these volatile times.  

Read the “Markets in Motion” research study, by Forbes and Wharton, to hear analysis directly from its authors. Then join us at the Forbes Power Women’s Summit to meet more dynamic personalities pivoting, innovating and leading through the pandemic.