67% say the pressure of the last year has negatively impacted their well-being; 50% are eating less healthily and nearly a third are having less sex
NEW YORK CITY — June 18, 2024 — Macroeconomic indicators show a robust U.S. economy. However, a newly launched report exposes a very different reality: a hidden recession profoundly affecting U.S. marketing departments.
The report, produced by CMO Huddles, the only community of marketing leaders dedicated to inspiring B2B greatness, in partnership with Bospar, the “politely pushy” PR and marketing firm that puts tech and healthcare companies on the map, and Redpoint, a B2B research and content marketing firm, is based on a survey of 121 B2B CMOs and heads of marketing across industries.
“Underground Recession: The Hidden Strain on B2B CMO” uncovers a dramatic disconnect between marketing leaders’ experiences in the trenches and media and government reports touting the U.S. economy’s continued growth. It reveals marketing leaders’ perception of the economy:
- 69% of marketing leaders believe their industry is in a recession
- 62% feel the stock market gains are out of sync with their industry performance
- 61% feel the overall unemployment rate doesn’t reflect their industry
The four trends making life difficult for CMOs
The report unpacks the four trends that are making it increasingly difficult for CMOs: budget cuts and revenue declines; longer deal cycles; staffing cuts and layoffs; and increased pressure to do more with less. In fact, 69% of marketing leaders were asked to do more with less budget in the past 12 months, while 76% of marketing leaders are experiencing more pressure to deliver pipeline results.
Drew Neisser, founder of CMO Huddles, sees evidence of the hidden recession within his community’s transition team, which grew from 30 CMOs in 2022 to more than 180 in 2024.
“There’s a lot of pain in CMO-land right now, as displaced CMOs fight for a limited number of new opportunities while employed CMOs are being asked to do more with less,” Neisser said.
“AI is the bright light for CMOs,” said Curtis Sparrer, principal of Bospar PR. “The moment interest rates go down, we expect the entire B2B sector to take off like a rocket ship.”
Financial distress hits the marketing department
The current economic environment, including higher interest rates and inflationary pressures, is leading to significant budget and staffing cuts and revenue declines. Digital investments have not produced the anticipated results, adding more financial strain.
The upshot? Over one-third (38%) of marketing leaders said they work at companies experiencing flat or declining revenue and are experiencing the consequences:
- 77% of marketing leaders report flat or reduced budgets
- 38% of marketing leaders report budget cuts of at least 3%
- 50% said their company experienced layoffs
- 41% saw cuts to their marketing departments
Additional evidence of ongoing economic stress is the demand for extended sales cycles; 54% of marketing leaders are experiencing longer deal cycles.
Feeling the impact: CMOs are having less sex and eating more
The layoffs impact marketing leaders and their departments, with many reporting increased pressure to achieve results despite reduced budgets and staff. This is taking a personal toll on CMOs – 67% of marketing leaders acknowledge the pressure of the past year has impacted their overall well-being:
- 80% got less exercise
- 70% took less time off
- 50% ate less healthily
- 40% reported weight gain
- 30% experienced a reduction in sexual activity
- 15% suffered from mental health issues caused by stress
“Underground Recession: The Hidden Strain on B2B CMOs” provides insights into marketing leaders’ challenges and their impact and shares actions CMOs can take to adapt to these difficult times.
CMO Huddle’s Neisser highlights the areas CMOs should focus on:
- Role expansion: CMOs need to expand beyond their traditional role.
- Metrics expansion: CMOs must build a dashboard that reflects all the value they deliver.
- Idea concentration: Marketers should refrain from spreading their budget across too large an audience or too many programs.
- AI implementation: Dream big when it comes to GenAI.
Read the full report here.
About Redpoint
Redpoint is a B2B original research and content marketing firm that specializes in delivering customized B2B original research and compelling thought leadership content. With over a decade of experience collaborating with leading tech brands, such as Zapier, Adobe, and more, our approach combines rigorous data collection and analysis, qualitative interviews, and skilled storytelling to deliver content filled with original insights and thinking.
About Bospar
Bospar is the award-winning “politely pushy” tech and health public relations and marketing agency. The firm, which launched in 2015, provides clients with national support thanks to its distributed agency model. Bospar’s staff includes marketing and PR experts and veteran journalists from top-tier tech and business media. The agency’s strategic and creative thinkers excel in earned and social media, analyst and investor relations, content creation and placement, and public affairs. Leaders from brands – including Alkermes, Standigm, Marqeta, Snowflake and Unisys – trust Bospar to drive category leadership for disruptive technologies and solutions.For more, pleaser visit us on
About CMO Huddles
CMO Huddles is the only community of marketing leaders dedicated to inspiring B2B greatness (and that donates 1% of revenue to the Global Penguin Society). Whether you’re a full-time B2B marketing leader or in transition, CMO Huddles is here to help you gain the confidence, colleagues, and coverage you need to succeed. From timely programming to personalized service and Drew’s penguin hat, CMO Huddles is THE community of choice for edge-seeking B2B CMOs.
