Raise your game, despite your budget
How to keep your marketing strategy strong with less financial backing
More channels, more competition, more customers, more content – but less budget to do it well. Marketing teams are being asked to do more, with less budget. And it’s starting to squeeze.
EXPECTATION VS EXPENDITURE
The marketing industry is bigger business than ever before. Newly appointed marketing managers face a jungle of platforms, formats, channels, and more ways to connect and interact with consumers than ever before. But marketing budgets are plummeting.
In 2024, 73% of marketers say that they are being asked to do more with less.
(Gartner’s 2024 CMO Survey)
It seems counterintuitive that, for a busy, dynamic and growing sector, budgets for marketing teams and departments should be dropping consistently, year on year.
THE REALITY OF MODERN MARKETING
Gartner’s 2024 CMO survey indicated that marketing budgets have slipped from a high of 11% of revenue in 2020 to just 7.7% four years later. The root of the problem lies in the Digital Efficiency Paradox. There have been many advances in technology and systems over the last four years which have make it easier to produce content and run campaigns than ever before. AI-supported content creation methods, global social communication platforms, and automated systems for creation and distribution have arguably made marketing an easier job - on paper. But the proliferation of channels and the volume of competition means the need for creativity has become more important than ever before. And creativity, however much the finance department may wish it, cannot be automated.
WHAT’S THE SOLUTION?
To market effectively, teams can’t just produce lifeless and uninspiring content at volume; it doesn’t connect with audiences and won’t create any impact. It’s a waste of effort and money for everyone involved. So how can you truly create all the content you need, which cuts through the noise and delivers a solid ROI, but for less?
To discover this, and more solutions for overcoming the many challenges of modern marketing, download your copy of our Modern Marketing Playbook, available for free (we don’t even want your data!). This engaging and practical guide is a must-have for marketing teams trying to navigate the multifaceted world of digital marketing and will provide you with a number of solutions that will revolutionise your strategy and help you find ways to do more, better, and for less.
Lawrence Palmer and Jonathan Cox discuss the Modern Marketing Playbook.
To hear more about the Digital Efficiency Paradox, and further discussion on The Modern Marketing Playbook, watch back our LinkedIn Live fireside chat Webinar from Wednesday 29th January at 12.30pm, with our MD Lawrence Palmer, and Marketing Director Jonathan Cox.