Almost two months ahead of Kent 2020 Vision MARKETING LIVE, UK businesses are almost five times more confident than they were a year ago according to a major survey of marketing professionals. The Marketing Confidence Monitor, run by The Chartered Institute of Marketing (CIM) and Bloomberg, found encouraging levels of confidence in business and economic performance, and a renewed focus on pursuing sustainable and socially responsible growth over the next 12 months.
The study, which is repeated quarterly and is produced from a weighted survey of more than 1,000 UK marketing professionals, has seen overall confidence increase by almost 12 points since April, and increase by a factor of five in the last year. The index, which now stands at +20.36 on a scale of +/-100, takes into account views on the wider economic outlook, career prospects, business performance and budget forecasts.
Confidence in the UK’s wider economic situation has seen the greatest surge, with an increase of over 29 points and over three quarters (84 per cent) of respondents stating that they are as or more confident that they will see economic growth and performance in the UK over the next 12 months compared to the last.
This upbeat assessment is perhaps supported by almost 90 per cent reporting marketing spend is to remain unchanged over the next three months – a finding that is consistent with companies of all different sizes.
Encouragingly the study also revealed that a vast majority of companies are focused on sustainable growth, with just under 80 per cent of marketers reporting that they are adapting their business policies and practices to become more sustainable and responsible.
This new emphasis on socially responsible business practice is underpinned by the seemingly growing awareness among business of the importance of such values to consumers, with 69 per cent of respondents stating that they felt responsible business practice influenced customer choice.
But for those organisations that may be planning to adopt wider growth strategies, there is still more work to be done when it comes to realising growth potential abroad, with only just over 20% of SMEs stating that they currently receive sufficient support from government to help with export trade.
Overall, the survey certainly provides many encouraging signs of economic recovery, although CIM is quick to stress that these will only be translated into tangible and sustained growth if UK companies start to innovate again and receive adequate support and guidance when considering expansion into new markets.
Anne Godfrey, Chief Executive of CIM, commented “In order for businesses to make the all-important shift from survival to growth and to ensure sustainable recovery in a global marketplace, they must now commit to investing in new business practices, products and services.”
You can hear more about this quarterly business barometer when you visit Kent 2020 Vision MARKETING LIVE on Wednesday 23rd October, where CIM’s Head of Insights Thomas Brown will be presenting a fascinating keynote on the key role of Marketing in the economic recovery.
This exciting new event is organised by BSK-Direct in association with CIM and is co-located with Kent 2020 Vision START-UP LIVE, the region’s leading event for new businesses. Entry is free-of-charge for Marketing, PR and Comms specialists, plus other senior decision-makers such as Managing Directors, Partners and Owner-Managers.
Visitors and potential exhibitors can find out more and register online at the event website: www.kent2020marketing.co.uk.
