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Times are tough, budgets are tight, and marketers need to do more with less. Sound familiar?
According to Marketing Week’s 2024 Career and Salary Survey, nearly half (47.7%) of marketers have experienced a strain on their team’s budget in the past 12 months.
Contrary to the perception that small businesses are more vulnerable to difficult financial conditions, it is marketing teams at large companies that are feeling the pinch most acutely.
In fact, more than half (54.5%) are experiencing budget tightness, compared to 39.7% of small business marketers.
2024 Agenda: Tight budgets mean marketers need to do more with lessA closer look at the data reveals that B2B and B2C brands face similar limitations. Approximately 45.3% of B2B marketers reported that their budgets were under pressure, compared to 49.2% of B2C marketers. For those working in companies with a mix of B2B and B2C, this number is 49%.
A small number of marketers have seen their budgets increase despite inflationary pressures. Of the more than 3,000 marketers surveyed, only 6.9% saw an increase last year. This figure rises slightly for small and medium-sized enterprises to 7.9%, but for large companies it drops to 6.4%. Similarly, 6.8% for B2B, 7.3% for B2C, and 6.9% for B2B and B2C.
Just like the macroeconomic environment, marketing team budgets are currently unstable. Only 6.6% of marketers say their resources have been stable over the past 12 months. This figure rises to his 7.9% for marketers of small and medium-sized enterprises, but for marketers of large enterprises it drops to 5.6%. B2B companies (7.6%) have slightly more stable resources than B2C (6.6%) and B2B and B2C (5.8%).
But even amidst the dire hiring climate, some green shoots are emerging. Recruiters told Marketing Week that optimism is returning to the market, with some executive search firms reporting an uptick in performance over the past few weeks.
Is optimism returning to the marketing recruitment industry?
Only 18.1% of marketers say their budgets have remained the same as last year. This number increases slightly for marketers working in small businesses (19.3%), but decreases for marketers working in large companies (17.1%). This is also true for B2B marketers (18.2%), B2C marketers (19.5%), and both marketers (16.9%).
Although the official autumn budget season is behind us, marketers should be thinking about autumn all year round, suggests Jan Gooding, former global brand director at Aviva.
She told Marketing Week that budgeting should be a top priority throughout the year, saying, “The season is just the formal recognition part,” making sure teams are improving on all their goals. It added that this would require “continuous work throughout the year”. time.
‘It’s supposed to be exciting’: Marketers embrace the challenges of budgeting seasonIt’s no surprise that the brand couldn’t increase its resources.
Only 1.6% of marketers say their resources have increased in the past year. This is a surprisingly small number, but similar across the board in terms of industry and business size: small businesses (2.1%), large enterprises (1%), B2B (1.9%), B2C (1.4%); 1.3% for B2B and B2C;
Nevertheless, there may be reason to be optimistic. The latest report on IPA Bellweather is This article, exclusive to Marketing Week, suggests more brands will be looking to adopt in the next three months.
Three in 10 brands expect adoption levels to increase in the first three months of 2024. The data revealed a slight rise in hiring intentions, with 29.7% of businesses expecting to increase hiring over the next three months, up from 28.5% in the previous quarter.
Over the coming weeks, Marketing Week will be publishing a series of exclusive news and features based on the findings of the 2024 Careers and Salaries Survey, including the impact of burnout and ageism in marketing. Click here to see all the content we’ve published so far.
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