This article on AdAge.com isn't exactly the kind of news any marketing professional, let alone someone working in professional services, would want to read.
Coca-Cola wants to save as much as a half billion ($500 million) dollars by the end of 2011. Where is it looking? Why marketing, of course.
In a second-quarter earnings call with analysts on Thursday, Coca-Cola CEO Muhtar Kent said that as the company reviews its spending, marketing will be a primary area of focus. The article quotes Kent using a bunch of buzzwords like "reinvest marketing efficiencies" and "brand-building activities to drive the long-term health of our business" but it is bad news, syntax aside.
Given the troubling nature of the U.S. economy, and the uneven footing within the A/E industry, it is highly likely that A/E firms will similarly look at cutting back marketing spending. Of course, this is foolish, given that now more than ever, you need to let potential clients know you exist. After all, even if they don't have work today, keeping your relationships alive will bear valuable fruit in the future.
Ed
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