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Survey highlights: How are B2C marketers faring with current economic conditions?

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CordialWe build technology to help brands send a better message.

In tandem with our recent discussions about what marketers can learn from previous recessions, we surveyed marketers in the business-to-consumer (B2C) space about how their teams are faring under the current economic conditions. Here are top highlights from three key areas.

1. Shifting budgets

Well, the good news is that seven in 10 B2C marketers report having stable budgets and headcounts. But for those who’ve had to shift budgeting priorities, marketers have targeted advertising more than any other area to rein in their expenditures.

Has your marketing budget decreased from 2022 to 2023? B2C marketers with company size 100-249 responded: 29% yes, 71% no. B2C marketers with company size 250+ responded: 26% yes, 74% no. Source: Cordial (2023). B2C marketer data sample sourced by Dynata (n=500). If you are decreasing your budget, which area is taking the biggest hit? B2C marketers with company size 100-249 responded: 25% events, 19% branding, 35% advertising, 19% technology, 0% other. B2C marketers with company size 250+ responded: 28% events, 16% branding, 40% advertising, 12% technology, 4% other. Source: Cordial (2023). B2C marketer data sample sourced by Dynata (n=500). Has your marketing team headcount decreased from 2022 to 2023? B2C marketers with company size 100-249 responded: 35% yes, 65% no. B2C marketers with company size 250+ responded: 28% yes, 72% no. Source: Cordial (2023). B2C marketer data sample sourced by Dynata (n=500).

2. Assessing martech

Although the majority of B2C marketers say they’re happy with the current systems they have in place to do their jobs, roughly the same number also say they’re seeking new martech solutions in 2023 to keep up or get ahead of current conditions.

Are you content with the systems you have in place? B2C marketers with company size 100-249 responded: 76% yes, 24% no. B2C marketers with company size 250+ responded: 66% yes, 34% no. Source: Cordial (2023). B2C marketer data sample sourced by Dynata (n=500). Are you seeking new martech solutions in 2023? B2C marketers with company size 100-249 responded: 72% yes, 28% no. B2C marketers with company size 250+ responded: 64% yes, 36% no. Source: Cordial (2023). B2C marketer data sample sourced by Dynata (n=500).

And improving customer loyalty is a key motivator. On a deeper dive into our results, we found that B2C marketers at brands with loyalty programs were twice as likely to be seeking new martech solutions as B2C marketers at brands without loyalty programs.

Are you seeking new martech solutions in 2023? B2C marketers with loyalty programs responded: 84% yes, 16% no. B2C marketers without loyalty programs responded: 42% yes, 58% no. Source: Cordial (2023). B2C marketer data sample sourced by Dynata (n=500).

3. Adjusting pricing

Without a doubt, inflation and post-pandemic economic uncertainty are impacting consumers, but more than half of B2C marketers have managed to avoid the discount trap.

Have you had to discount or change prices to meet customer price-sensitivity? B2C marketers with company size 100-249 responded: 46% yes, 54% no. B2C marketers with company size 250 responded: 43% yes, 57% no. Source: Cordial (2023). B2C marketer data sample sourced by Dynata (n=500).

 

Get ahead of economic shifts with personalized marketing

Brands today are on the edge of an unprecedented opportunity to transform how they engage with customers. Those that move swiftly and embrace personalization can dramatically improve their customer experience, increase retention, and remain powerful players in the market. By harnessing the power of an advanced customer engagement platform, your company can achieve best-in-class personalization tactics.

A good customer engagement platform needs to:

  • Unite robust data management with email, SMS, and mobile app marketing — all in one platform
  • Consolidate all data from anywhere in your tech stack and activate it to power your outreach
  • Provide easy-to-use workflows to simplify and accelerate campaign development
  • Leverage predictive analytics to let you delight customers by anticipating their needs
  • Empower you to deliver the consistent, cross-channel experiences customers expect

At Cordial, we’re customer data experts who can guide you to personalization success. Get in touch to schedule a demo and find out how we can put our insights to work for you.