Tech to provide lifeline to Aussie businesses as 82% slash budgets

HubSpot, the customer relationship management (CRM) platform for scaling companies, announced its research, conducted by YouGov, on the challenges facing marketers including macroeconomic hurdles, areas of focus, ways of working, and strategies for local nuances.

How are businesses managing economic headwinds?

As the macroeconomic environment puts pressure on several Australian businesses, HubSpot’s research reveals eight in ten marketing decision makers identify economic uncertainties have reduced their organisation’s budgets (82%), their team’s budgets (82%) as well as their client and buyer’s budgets (79%) compared to previous years.

When looking at significantly reduced budgets (25% or more), over half of marketers say their firm’s budgets have been reduced (52%), while around four in ten say the same for their team’s (45%) and client’s budgets (41%). Emerging from two challenging years, small and medium sized businesses are feeling the pinch as resources are pushed to their limits.

Marketers in larger businesses of 500 employees or more, are more likely to be prioritising developing a new go to market strategy (41%), delivering return on investment (34%) and developing in-language content (37%) than small businesses of 20-49 employees (28%, 22% and 24% respectively). The gap in resourcing is likely to forge an even wider chasm between enterprise and SMBs as they simultaneously compete for talent and customers. 

How can businesses streamline future operations?

In response to the growth challenges, a third (33%) of respondents identified new tools and tech as contributing to improving their future operations as 29% of respondents identify they are currently facing the challenge of new and more complex business intelligence requirements, as well as new regulation and compliance responsibilities to adhere to (27%).

A third identify diversifying their products to meet the ever changing demands as a marketing opportunity (33%), as well as expansion into new industries or product lines (28%).