We don’t mean to spread panic… But we have some interesting data and it’s better to be aware of it than live in the dark.
SALESmanago platform surveyed 250 Chief Marketing Officers in the UK, and the main idea that came out is: Marketing needs to take a leaner approach.
Here are the stats:
- 74% of CMOs have either seen, or are facing, cuts to their marketing budgets.
- 40% of respondents said they still struggle to prove the ROI of marketing to the CEO.
- 42% of marketers think customer loyalty will drop in the next 12 months.
- Majority of marketers only feeling partly aligned with CEO (46%).
- 75% of CMOs feel that less than half of marketing output is directly aligned to stated business goal.
- 49% of CMOs either don’t – or don’t know – if they get significant and tangible ROI from their martech investment.
- 68% of marketers say advertising/campaigns will be most impacted. Followed by customer engagement (30%) and headcount (26%).
Marketing faces a perfect storm as business heads into recession. But instead of accepting its demise and being side-lined, teams need to prove they can get even closer to customers and encourage loyalty that will help their brand get well positioned for better times. A marketing revolution needs to happen, and quickly. Therefore, adopting ‘Lean Marketing’ to be more efficient, more effective and more sustainable will be a smart move as we tackle these turbulent times head on. With this approach, marketers can prove ROI, gather insight into what the consumer really cares about and cut costs in the meantime. – Greg Blazewicz, CEO and founder at SALESmanago
Lean times ahead, but here are a few points:
- With crisis come opportunities: If you stacked up cash during these times, you might be able to find discounted prices. And CPMs might go down as well.
- Be proactive:
- Audit your expenses and cut unnecessary ones.
- Money doesn’t disappear. It’s still in the market. You’ll just need to work more to take it.
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Marketers face huge budget cuts and drops in customer loyalty