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Today’s CMOs find themselves at a crucial juncture for the journey of their brands. The short-term, direct impacts of COVID-19 are now well understood and documented. Budgets have been slashed—nearly two-thirds (62%) of CMOs forecast their budgets to decline or stay static over the next 12 months (up from 41% in 2019). Less than a quarter of CMOs report only minimal disruption to their business, while nearly 1 in 10 report COVID-19 as an existential threat. Digital transformation has accelerated within brands and a rapid shift to ecommerce, virtual working and home-learning have all been witnessed in the first half of 2020.