In a survey of 250 marketing and comms professionals, fifty-five percent are more stressed than the same time last year, and sixty-three percent are expected to deliver more for less.
The study, commissioned by CommsCo PR, explored opinions from marketing and PR industry professionals on the state of industry, their roles, budgets and artificial intelligence. While stress has and expectations have increased, fifty-eight percent cited budget increases (versus 26% with less).
The news is fairly positive when it comes to marketing and AI. According to forty-five percent of respondents, the adoption of AI will drive more investment in marketing, while thirty-four percent believe it will see budgets cut (21% think it will remain the same). Sixty-six percent believe AI will drive a wave of productivity, with only thirteen percent are nervous about AI.
Describing the overall market, sixty-five percent claim to be ‘ticking over but could use more investment or new business’. Eighteen percent are finding times difficult, while the remaining seventeen percent are ‘in boom mode’.
Although inflation has the greatest negative impact right now (53%), the majority (69%) think business will pick up in 2024. An overwhelming ninety-eight percent of respondents feel overall optimistic about 2024.
“Marcomms professionals are clearly coming under pressure, and feel like a lot of us, the need to do more with less,” said Leah Jones, Deputy MD at CommsCo PR. “After a lot of negative – or at least anxious – news about AI, it’s great to see the marketing profession embracing technology and seeing the benefits, rather than viewing it as a threat. Ultimately, it’s encouraging to see so many optimists looking ahead to 2024.”
It’s good news for the talent market too, with seventy percent of organisations still in hiring mode. Two thirds of respondents are finding fractional and contingent workforce resources useful for their business at this time.
Off the back of the increasing pressure in the marketing industry, CommsCo is launching a scaleup package for companies looking at cost-effective US/UK PR in the forthcoming month. For further details please contact firstname.lastname@example.org.