On your behalf, advertising agency bigwigs are pleading with CMOs to keep budgets steady in order to take advantage of the market and keep the industry rolling along. In Stuart Elliott‘s, New York Times advertising column, Andrew Robertson the president and chief executive at BBDO Worldwide, is quoted as saying that marketers are “standing on the burning bridge.” How apt. Nancy Hill, Prez of the 4A’s, added her two cents commenting “Nobody has said it’s going to be horrendous,” when referring to ad budgets for 2009.
Oh really? According to Collins Stewart, the credit crisis may cost the online-advertising business $6.7 billion through 2010. Stock analysts are predicting “significant broad-based declines in advertising revenue in 2009.”
Nancy’s right – no one actually said the word horrendous, but lets not get into a game of semantics, okay? We’re glad to know that the top brass is out there working their magic. Meanwhile, agencies across the country are having company wide meetings led by reassuring, upbeat CEOs and stalwart CFOs looking at the floor. Do you feel soothed?