According to data from the Emplifi survey, conducted by Forrester Consulting, the sector represents the lowest percentage of budget cuts
OOH advertising, like billboards, will see its biggest impact in 2023, with 37% of marketers planning to cut back in this area over the next 12 months. This is what the study “Social Marketing Leaders Are In Critical Need Of Emplifi’s Integrated Data And Agile Technology, conducted by Forrester Consulting, points out.
The study, which uncovered insights from 154 US CMOs, VPs of Marketing and directors responsible for marketing, also uncovered changing customer demands and the impact of macroeconomic pressures on the industry. The data also showed that advertising and social media marketing accounted for the lowest percentage of budget cuts at 14%.
“It’s safe to say that a change in strategy has already started. The pandemic has notoriously triggered a digital transformation in companies on a global scale. As a result, many brands have already started to change their approaches to meet the demands of the modern consumer”, explained Ivan Ferri, Director of Emplifi’s Customer Success.
Furthermore, the data also showed how the need to have an integrated platform to host customer data challenges marketers to evolve processes, engaging consumers with new social media channels and formats.
“Four out of five respondents, according to our study, are using or expanding investments in social commerce technology. Likewise, 76% are prioritizing social and/or digital advertising tools, while 66% are investing in social commerce platforms. social media marketing,” added Ferri.
Another point raised by the survey is that more than 80% of the marketing leaders surveyed prioritize operational efficiency, as the benefit of recruiting skilled marketers and the use of agile technology, as their main short-term strategic objective.
The data also showed that short-term hiring goals are the highlights in the company’s social media strategy, making marketing professionals specializing in growth and customers the most requested positions and recruited by leaders. According to Ferri, 31% of marketing leaders have already filled roles with this focus and are still hiring for the same role.
Another point made in the survey is that a higher percentage of professional roles in paid media, social commerce and social video still need to be filled, indicating that these may be roles in newer but growing departments.
“Companies and marketing leaders are looking for roles that help them achieve their mission and vision of winning new customers, but when it comes to paid social media and social commerce roles, the data tells a different story. They are overwhelmingly in demand. With economic uncertainty and a looming recession, companies will need to be creative in how they drive results with limited resources – hiring the right talent is the secret ingredient,” said the director.
Finally, the presented data also revealed that investment in social media marketing technology is expanding and approximately three-quarters of respondents are prioritizing digital or social advertising tools, while 66% are investing in social media marketing platforms. Likewise, investment in video marketing and tools will increase to strengthen customer experiences.
With customers becoming more budget conscious, marketers will need to get even more creative with their campaigns to become the brand of choice for the modern consumer. Acquiring the right technology to facilitate collaboration and agility, as well as determining the most appropriate roles in teams will be key measures as we enter the new year, concluded Zarnaz Arlia, CMO at Emplifi.
