Unleashing Business Success in 2023: Key Stats to Propel Your Brand and Streamline Your Priorities

Marketers think this year is worse for business health than the pandemic

58% of British marketers are of the opinion that 2023 may have a more detrimental impact on the long-term viability of their businesses compared to the Covid-19 pandemic. The survey, which included over 2,000 marketers from the UK, Ireland, and the Netherlands, also noted that approximately 33% of respondents are concerned about the survival of their current business beyond this year. Additionally, 71% expressed worries about the security of their own job.

In a challenging economic climate, marketers are experiencing shrinking budgets. A significant proportion (44%) have witnessed reductions in both their department's team size and budget within the past year. Furthermore, nearly a third (29%) have observed the departure of up to 25% of their staff during this period.

Despite these constraints, the majority of marketers find themselves facing increased workloads. Approximately 43% state that their department is expected to maintain the same level of output with fewer resources, while a quarter report being burdened with additional responsibilities.

According to a SurveyMonkey study, a significant percentage of marketers perceive the rise of AI as a potential hazard to their job stability. Specifically, 29% of respondents express concerns about AI jeopardizing their employment and rendering their current roles obsolete.

Most consumers can’t name one brand they feel connected with

A survey of 2,000 British adults has revealed that a majority of consumers (56%) are unable to recall any brand they feel connected with or believe truly comprehends their needs.

Three quarters of consumers perceive all brands in a given industry as identical. A majority of over three in five individuals (63%) choose to opt for a familiar brand or their "go-to" brand for the sake of convenience rather than conducting thorough research for other alternatives.

Referred to as "brand inertia" by the researchers at Grayling, nearly all consumers (97%) exhibit some form of this indifference. Approximately two-thirds of those with elevated levels of inertia express that the branded content they come across is generally irrelevant.

Indeed, over half (52%) of consumers regularly delete brand emails and messages they have signed up for.

Source: Grayling

Budget management is one of marketers’ least favourite tasks

There is a gap between the marketing tasks preferred generally by marketers and those considered to be the most important by CMOs.

Phrasee's research surveyed more than 1,500 marketers to determine their preferences among 49 common marketing activities. The activities were ranked on a scale of 0 to 100, with the highest score indicating the most popularity.

The research revealed that chief marketing officers consider 'managing budgets' as their most important activity, receiving a perfect score of 100. However, marketers in general do not share the same sentiment, as they rated it as one of their least preferred tasks, scoring only 36. On the other hand, marketers highly prioritize 'creating visual assets', giving it a score of 73, whereas CMOs prioritize this activity much lower, with a score below 30.

Top marketers place a high priority on tasks such as effectively monitoring and managing their online reputation and maintaining consistent branding across various channels. However, these activities are typically not favored by marketers in general.

In general, marketers tend to have the least preference for activities related to ensuring compliance with data privacy regulations (24), regularly reviewing and updating social media policies (20), and monitoring legal and ethical guidelines in advertising (16).

The researchers recommend that marketers focus on mastering everyday tasks in order to distinguish themselves and bridge the gap between their top priorities and personal preferences.

B2C marketing decision makers lack confidence in teams’ technology skills

Less than half (41%) of business to consumer (B2C) marketing decision makers say their teams currently have a technology skillset.

Similarly, a mere 37% acknowledge that their marketing teams operate in an agile manner, indicating a lack of trust in the teams among decision-makers within organizations.

Furthermore, B2C marketers are facing increasing challenges in attaining their objectives. Among marketing decision-makers who prioritize the return on investment (ROI) of their investments, 44% express difficulties in accomplishing this goal in the upcoming year. Similarly, 42% of those who prioritize demonstrating the value of marketing to their business' management anticipate struggles in achieving this objective within the next 12 months.

Many marketing decision makers have identified artificial intelligence and data management as top priorities for the coming year. A significant number of them are focusing on updating their data strategy to adapt to data deprecation. Furthermore, among those who aim to introduce or improve AI capabilities in the next 12 months, nearly half expect this endeavor to pose challenges.

Women’s World Cup drives 254% increase in addressable advertising audience for the game

The past month has witnessed a remarkable surge of interest in women's football during the Women's World Cup, leading to a staggering 254% rise in the addressable advertising audience, as reported by Quantcast, a renowned ad tech company.

The final match of the tournament between England and Spain took place yesterday (20 August). However, even before the final, a total of 17.4 million addressable devices had interacted with the Women's World Cup in the past two weeks. Prior to the final, Quantcast discovered that the audience had reached a peak of 7.3 million during the semi-final match between England and Australia. The final match, on the other hand, attracted an audience of 12 million viewers.

Interest in eventual champions Spain spiked by 50%, according to the data, while interest in content focused on England’s joint top goal-scorer Lauren Hemp increased by 200%.

Source: Quantcast