Some 99% of marketers in Australia are currently facing barriers to growth including corporate silos and under-resourced teams amid changing microeconomic climate, according to a new report.
HubSpot and LinkedIn have announced the findings of a joint research report, conducted by YouGov, on the challenges facing marketers in Australia including macroeconomic hurdles, areas of focus, ways of working, and adapting strategies for local nuances.
Misalignment between global and local marketing teams drains valuable resources
Marketers say local requirements are kept in mind by HQ when making decisions, however, the majority (86%) agree that they spend too much time educating their HQ on Australian nuances and needs. In fact, nearly half (49%) of marketing decision-makers in Australia are of the opinion that senior leaders in regional or global offices are often misaligned with local marketing.
There is a lack of understanding around the channels that are most effective in markets, where the areas of greatest impact are, and in some cases, theres an assumption that a global approach will work the same way in every market. Interestingly, CMOs (41%) and VPs or equivalent (33%) are more likely to cite this than managers (29%).
Growth challenges top of the agenda for marketers
In a state of continued economic uncertainty, nearly all (99%) of marketers in Australia say that their business is currently facing challenges, including corporate silos (44%) and under-resourced teams (33%). For marketing leaders, the top priorities at the moment are contributing to the growth of the business through implementing effective local strategies (39%), and increasing focus on building awareness and affinity (31%).
To keep pace with these growth plans, marketers will need to also expand their teams. Nearly half (49%) of marketers are focusing on hiring and retaining great talent, which will put the pressure on the thousands of marketing leaders soon to be adjusting to the demands of a growing workforce.
As the war on talent wages, 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 SMB businesses as they simultaneously fight it out for talent and compete for custom.
Amidst skill shortages, employers are needing to be more innovative in their approach to hiring and retaining great talent. Marketers identified that they would look for better employee benefits (37%) and improved hiring strategies (24%) when looking for a new employer.
"Through the turbulence of the pandemic and now today's economic uncertainty, marketers in Australia have shown resilience and agility, all while tirelessly pushing brands forward on their journey of customer experience," says Kat Warboys, Director, APAC, HubSpot.
"One key component to creating a strong, contextual and relevant experience with customers is through localisation, yet this is an area in which our research has identified a chasmic disconnect," she says.
"Marketers in the regional or local offices are keen to tap into opportunities to lead strategic marketing instead of just executing on a global plan that was developed by HQ," says Warboys.
"If they are afforded this opportunity by their global counterparts, not only will their brands connect on a much deeper level with their customers, but they will also build unwavering customer loyalty which will lead to sustained business growth in the long run."
Sarah Tucker, Head of APAC Marketing, LinkedIn Marketing Solutions, says, "Against a backdrop of a national skills shortages and continued economic uncertainty, marketers today are juggling multiple responsibilities.
"What's pleasing to see is that despite the challenges, Australian marketers intend to expand their teams and put meaningful focus on hiring and retaining great talent.
"This signals to the industry that there is an opportunity to increase local marketing efforts with additional on-ground presence and that Australia can also lead the way for the sector globally.
"Marketing teams who continue to demonstrate resilience and efficiency while also focusing on how to continue to be creative will be able to make a little go a long way in these times. Which will ultimately help brands on their growth trajectory."