Marketers Face Reduced Budgets and Out-of-Sync Customers in Second Half of 2023

Two-thirds of marketers are facing reduced budgets in the second half of the year, according to new research from email management software company Exclaimer. Additionally, many marketers are out of sync with how customers want to hear from them, focusing on social media instead of email. Seventy-eight percent of marketers surveyed say email is given priority in their budget, followed by social media (66%) and SEO/content marketing (56%). Unfortunately, 68% of marketers said their organizations have experienced a reduction in their budgets by 5% to 10%, or more, in the second half of 2023.

Two-thirds of marketers are most interested in exploring organic social media, followed by influencer marketing (74%) and email signatures (59%), according to the study. In contrast, most consumers (52%) prefer to hear from brands via email, with texts in second place at 15%. With shrinking budgets, marketers are looking to improve ROI by exploring channels they might not have fully mastered yet. As email remains the budget priority for most, email expert and MarTech contributor Kath Pay weighed in on the staying power of email as a marketing channel. She believes that email has proven to be a preferred channel for consumers of a certain age, and that younger consumers adopt email once they reach that age – usually, once they begin their professional careers.

Overall, it's clear that marketers are having to make tough decisions about which channels to focus their efforts and budgets on, as budgets are reduced in the second half of the year. Email remains the priority for most, but marketers should also consider exploring other channels such as social media, influencer marketing, and email signatures to get the best return on their investments.

Originally reported by Martech: https://martech.org/two-thirds-of-marketers-report-mid-year-budget-cuts/
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