Marketers expected to deliver more for less - but is that a good strategy?
Businesses across the UK are feeling the economic pressure, and with the Bank of England raising interest rates again there is no doubt that business will continue to feel the pain until the end of the year.
Marketing departments are not immune to these economic challenges - new research from CommsCo PR that featured in Marketing Week, found that almost two-thirds (63%) of marketing and communications professionals say they are being expected to deliver more for less compared to last year.
Unsurprisingly, the current economic environment has resulted in 55% of the marketing and PR professionals surveyed feeling more stressed compared to 12 months ago and around one in five (18%) marketers describe times as difficult.
Despite the increased pressure to deliver, 58% of marketers report having more budget than last year. It is encouraging to see this trend as many organisations may be tempted to implement budget cuts. It remains vitally important that brands think strategically about how to communicate with their audiences and maintain brand presence, especially during turbulent economic times.
It is also equally important for businesses to secure new clients and investment - many marketers recognise this, as almost two-thirds describe their companies as ‘ticking over but could use more investment or new business’.
We have previously written about the pivotal role that AI can play in the marketing industry, and respondents were generally optimistic about the new technology. Almost half (45%) say AI will drive more investment in marketing, while a third (34%) believe it may lead to reductions. Two-thirds (66%) are confident AI will drive productivity, with just 13% nervous about the tool.
Ending on an optimistic tone, the vast majority (98%) of marketers are optimistic about 2024 overall.