January 11, 2024
More than half of the European marketing decision-makers navigate an unpredictable future: struggling with decreasing budgets, demands for campaign efficiency, and the impact of AI.
We asked these marketing leaders how they are navigating the future of continued economic uncertainty and how to approach the challenges that this environment of change brings. Their responses can be found in our Marketing Playbook.
This playbook is designed to support marketers in addressing the challenges in an ever-changing market and how to keep on driving business growth. It helps marketers to address the issues and survive the challenges that they are facing to remain relevant and continue to grow their business in a developing marketplace.
When asked about the biggest changes in strategic directions, 84% of decision-makers indicated that they feel the current economic situation has affected their marketing strategy. Accordingly, we see that many organisations have had to make significant structural changes as a result: changing or updating the product offering (34%); cutting costs (32%); restructuring internal teams (29%); and changing marketing channels (29%).
For many companies across Europe, this challenging economic climate means that most marketing decision-makers are focusing their efforts on acquiring new customers in existing markets (63%). This is the priority for more than double the number of marketing decision-makers than the next most important priorities – expanding into new markets (31%) and developing brand personality (30%).
Key to success
With any strategy planning, decision-makers feel that ensuring relevance and strong leadership are the key to success. According to almost 3 in 4 decision-makers (74%) agree that real time insights are crucial to remaining relevant, and the same amount feel that a top down approach is necessary for brand building prioritisation.
Curious about the rest of the results covering:
- How marketing strategies are changing
- What this means for budget size & allocations
- What are the rising and falling marketing activities
- How different sectors plan the next year ahead
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