Budgets, Data and Tech — What’s holding creativity back in 2023?
Despite 63% of marketers wanting to be more creative this year, half are being held back by shrinking budgets and ‘risk averse’ marketing strategies
27 February 2023, London UK – Despite nearly two-thirds of marketers (63%) wanting to be more creative in 2023, almost half (46%) feel their creativity is being hampered by shrinking budgets. That’s according to research released today by Optimizely, the leading digital experience platform (DXP) provider.
The research, which includes data from over 100 in-house marketing professionals across the UK, identified budgetary constraints as the #1 issue holding creative marketing back.
But financial limitations aren’t the only reason why marketers feel their creativity is being stifled in 2023. Over a third (36%) blame poor technology and 36% say a lack of access to data are also key reasons for not prioritising creativity in 2023.
The research shines a light on the tension between marketing and other departments on how best to navigate periods of economic downturn. While three quarters (74%) of marketers say that creativity is still “essential” in the face of budget cuts, 70% also describe their colleagues as being “risk averse” in the current climate leading to conflicting stances on how best to shape business strategy for the coming year.
But, Optimizely is on a mission to dispel the myth that greater experimentation leads to more risks in digital marketing. As Optimizely’s CMO, Shafqat Islam, explains: “Creativity is an essential part of marketing, even during cutbacks. 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.”
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