"The marketing industry is facing major challenges in 2023. Budgets are down, teams are facing layoffs and martech consultancies are struggling due to client budget cuts. Martech vendors trying to sell into marketing departments with smaller budgets have been even more miserable."
"For as long as I've been in marketing, the first organization impacted by any financial crisis has been marketing. Marketing was viewed as the 'fluffy stuff,' particularly in engineering-driven corporations, mostly because it was difficult to quantify the impact marketing had on the business. (Remember the old 'build it and they will come - we don't need marketing' mantra?)"
"You could argue that what we're experiencing is cyclical and, at some point, will self-correct. To a large extent, that's true. Companies will eventually wake up and realize that cutting marketing has harmed sales and will reinstate budgets and give the go-ahead for hiring again. We're already seeing some evidence of this as we get closer to the end of the year, and the pressure to meet revenue numbers intensifies. I call this the 'uh-oh' effect."
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