Nearly two-thirds of marketers (63%) believe that budget cuts are limiting their creativity in 2023. A new study by Optimizely, a leading DXP provider, reveals.
In the research, which included data from over 100 in-house marketing professionals across the UK, budgetary constraints were identified as the number one challenge to creative marketing.
Marketers in 2023 feel their creativity is being stifled not only by financial limitations. In 2023, 36% blame poor technology and 36% lack of access to data for not prioritizing creativity.
Marketing and other departments are at odds about how to navigate economic downturns, according to the research. Three quarters of marketers say that creativity is still “essential” despite budget cuts, while 70% describe their colleagues as “risk averse” in the current climate, resulting in conflicting opinions on business strategy.
Optimizely is on a mission to dispel the myth that greater experimentation leads to greater risks. During times of cutbacks, creativity is still an essential part of marketing, according to Optimizely’s CMO, Shafqat Islam. But great creativity requires data and insight, it requires an understanding of customer needs and an opportunity to experiment. Experimentation is not just about testing and learning; it’s about using data to justify creative campaigns and decision making. Brands that lean in, and put creativity-first, are often those that maintain their customers during times of economic uncertainty.
“Experimentation reduces risks by allowing companies to fail fast thereby saving time and reducing waste. At a time when resources are more limited and ROI is under greater scrutiny, experimentation allows organisations to have confidence in the decisions they make whilst still exercising their creativity.”