OPTIMISE YOUR MARKETING FOR GROWTH
According to McKinsey, businesses today are navigating the most difficult operating environment in memory with high inflation and instability continuing to affect strategic planning and operational costs. Uncertainty dominates. However, within this volatility lies an opportunity to discover new growth avenues and to capitalise on change.
81%* of large UK businesses are prioritising growth in 2024 but high interest rates, persistent inflation and geopolitical fractures have made growth harder. British Chambers of Commerce figures tell us that over 66% of UK businesses implemented cost control measures to maintain profitability amid economic uncertainty in 2023. While cutting costs may provide short-term relief, it risks impairing long-term potential and it's therefore crucial to assess expenses by their strategic value rather than their immediate cost. Growth needs to be balanced with financial discipline and clear targets on return on investment.
Marketing is essential for sustainable growth but in this pressurised, rapidly changing environment, marketing budgets are being scrutinized and squeezed and teams are increasingly being asked to do more for less. Burnout is on the rise and talent retention and engagement is becoming ever more challenging.
Differentiation is tough in competitive markets and businesses must find unique, innovative ways to stand out from the crowd and generate engagement with customers. The right strategy, structure and environment must be in place to enable marketing teams to thrive and be at their most effective.
There is no room for wastage of marketing resource. If it’s properly harnessed and channelled and its impact against business objectives made clear, then it can become the growth engine of your business.
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*Deloitte