Forrester surveyed 63 CMOs across multiple industries, both consumer and B2B, and found that budgets for traditional media -- TV, print, radio, magazines and direct mail -- were hardest hit.

"This data shows once again that too many look at marketing as an expense rather than an investment," wrote marketer Ira Kalb in response to the statistics. "After all, if marketing works (and good marketing always does), more is needed during economic downturns -- not less."

I couldn't agree more. Even in cleantech, some companies are paring back their marketing efforts despite the favorable political climate. Times are hard. Some balancing of the media mix is to be expected, including cutting some experiments. And some early-stage companies simply can't spend when investors are in hiding. But the companies that are overall holding the line today are the most likely market-share leaders of tomorrow.

The Forrester report is available for paid download.