Nearly one in three major brands want to step up their marketing investment over the coming year, new research has found.
According to a study by American Express and Institution Investor, 31 per cent of chief financial officers (CFOs) at major brands plan to spend more on marketing, advertising and PR during the next year.
More than half said they would continue investing the same as before in these areas, while little more than one in ten expressed an intention to cut marketing investment this year.
Other priorities identified by CFOs at major brands included improving the customer experience, as two-thirds intend to step up spending on this matter.
Jose Carvalho, senior vice president of global commercial payments for Europe at American Express, noted that CFOs now do much more than balance the books, as their role directly relates to many areas of a business.
As a result, they need to plan their investment accordingly, he stated.
“The [CFO] isn’t just the guardian of the purse strings,” Mr Carvalho commented.
“They are absolutely critical to helping businesses survive and thrive, by investing in the right areas, in the right ways.”
CFOs back marketing as 31% say they will raise budgets over the next year, Marketing Week
