Economic uncertainties and technological advancements are changing the face of business operations across Britain and the rest of the world, with marketing professionals at the epicentre of these shifts.
Recent research from SurveyMonkey has highlighted a prevailing mood of apprehension, but also potential avenues for adaptation and growth.
A Year Like No Other
The uncertainties of 2023 are proving to be more formidable for businesses than even the trials of the COVID-19 pandemic.
With 58% of British marketers dreading this year's implications for their company's long-term health and 33% sceptical of their business's chances of weathering beyond the next year, it's evident that there's more than just personal job security at stake.
The Effects of Strained Budgets
A spotlight on budgetary concerns paints a pretty concerning picture. Businesses, in their attempt to navigate tough economic terrains, are being forced to tighten their belts. The marketing domain hasn’t been spared: 44% of professionals in this sector have experienced cuts in their department's budget and team within the past year.
Even more troubling is the revelation that nearly 29% perceive a downsizing of up to a quarter of their colleagues in the same period. Such severe measures compound the pressures on remaining staff, with 43% stating they're expected to maintain work levels despite the shrinking resources.
AI: Threat or Ally?
Andrew Ryu
In the midst of these challenges, the role of Artificial Intelligence (AI) stands out as both a potential threat and a beacon of hope. On one hand, 29% of marketers see AI as a direct competitor, capable of rendering their roles redundant. However, the larger segment, 71%, views it in a non-threatening light.
Further optimism is echoed by the 49% who believe AI could undertake portions of their daily responsibilities. There's also a budding belief, held by 37%, that while AI might replace certain positions, it's also poised to spawn new, unprecedented job roles. Above all, a solid 57% recognize AI's critical importance in ensuring their business's longevity.
Cormac Kelly, Senior Director of Customer Success EMEA at SurveyMonkey, reflects on the landscape: "In these times of tightened budgets and evolving job roles, it's pivotal for businesses to prioritize the well-being and morale of their teams. Embracing change, seeking feedback, and ensuring every team member feels valued can pave the way to not just enduring these challenges, but thriving amid them."
While the present might be riddled with uncertainties, the future isn't necessarily bleak. By embracing technological advancements like AI and fostering a culture of feedback and appreciation, businesses can carve out a promising path ahead. It's a journey of adaptation, innovation, and relentless pursuit of excellence, with marketers at the heart of this evolution.
