The volatile global economy has presented challenges for marketing all around the world, affecting some countries more than others.

In a survey of ICOM agencies the week of Sept. 19, more than half of the 40 responding agencies believe the economic climate will remain volatile; four out of 10 believe there will not be a double dip recession while three out of 10 do think there will be. The others “don’t know.”

· Just over half of respondents believe that the current environment of volatility will be the template for a new way of doing business

· One-third of respondents believe market conditions will stabilize and return to a more steady economic environment

· 8 out of 10 respondents believe that current conditions are making more demands on employees and the amount of time required for work

· Just over half of respondents believe employees are more concerned about the work-life balance than in the past

ICOM began focusing on the economy in periodic surveys of its members in 2008. At that time, agencies began noting concern in their markets and began making changes to meet new challenges, such as reducing staff, establishing a hiring freeze or postponing or canceling plans for large-ticket purchases, becoming increasingly aggressive with their new business activities (adding experienced, dedicated new business development people and investing in proprietary research to provide more insight for new business opportunities). Some began expanding their scope into more areas of marketing while others chose to become more targeted and selective about the type of business they wanted.