Marketers go for 'quick fix' as sales pressure mounts

Marketing chiefs are continuing to focus on lower cost strategies to woo UK consumers and are embracing those disciplines which deliver faster results, as pressure grows to shore up sales figures.

That is the resounding conclusion of the latest Marketers Most Wanted report, which monitors the actual briefs posted by chief marketing officers and brand owners on the Studiospace platform.

It reveals continued investment in lower cost areas, such as social media (16.4%) and creative and production (10.5%), while investment in user experience (16.4%) remains strong as brands recognise customers are being choosy on how they spend their limited budgets, the report insists.

In line with the IPA’s recent Bellwether, the report also showed a growth in events, up from 4% to 6% this month, while pay-per-click (4%) and digital marketing (6%), which tend to produce speedier results, were also up.

Unfortunately, this means projects with longer term outlooks such as data insight, research and strategic design have fallen; sales promotion briefs – which dominated the IPA report – were not featured, however.

Studiospace CEO Pete Sayburn said: “The impact of high inflation and the cost of living crisis is clear to be seen in the strategies of major brands. Even so, brands want to stay close to customers, engage with them and ensure their experiences are as smooth and positive as possible.

“Marketers are under pressure to make sales and so are going short-term on strategies designed to gain customers sooner rather than later. This is entirely understandable in light of the economic circumstances. Everyone is looking at the sales figures and being asked to fight harder to get customers to buy.

“There’s been a boom in business to business events, with the majority being held in-person. The era of online events forced by lockdown now seems like a distant memory and people want to meet face-to-face and have stimulating conversations.

“So, despite a challenging economic outlook, there is a sense that it’s summertime and people want to get out and meet one another again.”