{"id":10752,"date":"2023-08-23T17:35:51","date_gmt":"2023-08-23T17:35:51","guid":{"rendered":"https:\/\/mysourcefunding.com\/marketing\/marketers-have-pulled-back-on-growth-strategies-report-says\/"},"modified":"2023-08-23T17:35:52","modified_gmt":"2023-08-23T17:35:52","slug":"marketers-have-pulled-back-on-growth-strategies-report-says","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=10752","title":{"rendered":"Marketers have pulled back on growth strategies, report says"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"style__InlineSubscribeWrapper-sc-8ccc5960-1 jArFiG\">\n<div class=\"style__Container-sc-6fdcc87e-0 style__RoundedContainer-sc-6c630ac0-0 iTWzCH wGFGp\">\n<h5 class=\"dist__StyledText-sc-5a46198a-12 cVdxJM inline-subscribe\">Get marketing news you&#8217;ll actually want to read<\/h5>\n<p class=\"dist__StyledText-sc-5a46198a-12 iEaGlZ inline-subscribe\">The email newsletter guaranteed to bring you the latest stories shaping the marketing and advertising world, like only the Brew can.<\/p>\n<\/div>\n<\/div>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">Growth marketing is shrinking.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">That\u2019s one of the takeaways from digital agency Dept\u2019s third annual report on the topic, which found a 40% decline in marketers who are using growth marketing strategies this year compared to last among the 450 senior managers or above who were surveyed. Dept defines growth marketing as \u201cthe blend\u201d of performance and brand strategies.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">The drop could be attributed to a few factors, including economic conditions that have marketers investing more in bottom-funnels channels and strategies, according to CSO for Growth Sam Hutson.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">\u201cThey\u2019ve made very purposeful choices about not investing in [growth] now,\u201d he told Marketing Brew. They\u2019re \u201conly going to invest in what we know works for the time being until we see what the future holds.\u201d<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">The report broke down how marketers are currently approaching three \u201cgrowth areas.\u201d<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\"><strong>Strategy and planning: <\/strong>Almost half (45%) of the marketers surveyed are investing in strategy and planning, down from 68% last year. Some see it as a \u201cluxury\u201d that they\u2019re not currently willing to spend on, Hutson said.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">The report notes that brands are more likely to cut things like audience research and media planning in order to keep running ads during tough economic times. While experts encourage brands to keep spending on ads during a recession, those that sacrifice too much in other areas become \u201cvulnerable in the short term by relying on assumptions or outdated data about your potential buyer\u2019s journey,\u201d according to Dept.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\"><strong>Data and analytics: <\/strong>Speaking of data, that\u2019s another area where marketers are pulling back. About half (48%) of respondents are spending on analytics, down from 70% in 2022.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">\u201cI think everybody realizes how important it is,\u201d Hutson said. \u201cThere&#8217;s just a lack of trust in the models that they use. For so long we were talking about multi-touch attribution. That\u2019s kind of been disproven in the marketplace. Marketing mix modeling has stepped up as the model, but to do MMM right, it can be expensive.\u201d<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">The rise of AI and depreciation of cookies also has some marketers waiting to see what new models emerge before they invest, he said.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\"><strong>Creative: <\/strong>Spend on the creative process dipped this year, but not as drastically, with 46% of respondents investing, compared to 50% last year. Huston said there are fewer costs associated with creative than some of the other areas in the report, which could explain the limited drop.<\/p>\n<p class=\"dist__StyledText-sc-5a46198a-12 ggMJgB\">\u201cWhat marketers have done is found less expensive ways to create more assets,\u201d he said. \u201cIt&#8217;s less of a cut here, it\u2019s more of finding efficiencies in the system, because they realize that this is one place that&#8217;s incredibly powerful from a performance perspective.\u201d<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketingbrew.com\/stories\/2023\/08\/23\/marketers-have-pulled-back-on-growth-strategies-report-says?utm_source=&#038;utm_medium=syndication&#038;utm_campaign=feed\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Get marketing news you&#8217;ll actually want to read The email newsletter guaranteed to bring you the latest stories shaping the marketing and advertising world, like only the Brew can. Growth marketing is shrinking. That\u2019s one of the takeaways from digital agency Dept\u2019s third annual report on the topic, which found a 40% decline in marketers [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10753,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[78],"tags":[],"class_list":{"0":"post-10752","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-marketing"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Marketers have pulled back on growth strategies, report says | Brandiary<\/title>\n<meta name=\"description\" content=\"Get marketing news you&#039;ll actually want to readThe email newsletter guaranteed to bring you the latest stories shaping the marketing and advertising\" \/>\n<meta name=\"robots\" content=\"index, follow, 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