Having spent the last three months in my new role as a digital marketing recruitment consultant, I've had the pleasure and opportunity to engage with a diverse set of leaders in the industry. Here's my take on some of the key themes that have cropped up, the current state of the digital marketing landscape and a look ahead at the job market.
Positive Rumblings with a Sprinkling of Cautious Optimism
On the whole, the job market remains generally cool due to the challenging and uncertain economic climate. However, digital marketing budget allocation remains steady (in some cases increasing), and driving the “growth agenda” continues to be a priority for many digital teams across Australia.
Emergence of AI and focus on Data Governance
The strong emergence of AI, the increased importance of data governance, and the utilisation of first-party data, present exciting opportunities and optimism for those who embrace the shift and stay ahead of the curve.
The data landscape, in particular, intrigues me. With customer demand for transparency and global legislation enforcing corporate responsibility, businesses are having to review their strategies, processes, and tech resources in order to hold market share and stimulate growth. As such, your brand proposition and communication of customer value have become even more important in building customer trust and loyalty. The trust exchange for first-party customer data, when managed effectively, is driving more sophisticated personalised brand experiences, intelligent segmentation, and ultimately fuelling a smarter and more responsible digital landscape.
Balancing Brand Building and Performance
How businesses marry their brand-building activity with performance activity/campaigns is becoming an increasingly interesting space to play in. It’s an age-old discussion but is becoming more relevant in a world where third party data is less abundant and reliable. Those finding the right balance and putting their faith in the long-term play will prevail!
For a great conversation on this I’d encourage you to check out Smarter Marketing Podcast episode - https://rocketagency.com.au/podcast/balancing-brand-and-performance
To deliver on growth targets and capitalise on these opportunities, skilled resources are required, which I believe is reason to be optimistic!
Optimism in the Job Market
My optimism is further fuelled by conversations with digital leaders over the past month who report that the digital skill gap remains high. Digital marketing teams across the board are communicating resource shortages (with the exception of government roles perhaps) and the underutilisation of marketing technology.
Considering the continued increase in budget allocation shifting towards digital projects, the exciting and challenging developments in the data landscape, the integration of AI into workflows, and the need to activate an underutilised marketing tech stack, there is indeed further optimism in the digital job market. This is especially true if businesses intend to meet ambitious growth targets moving into the second half of 2024 and beyond, albeit a journey that will likely be slow and potentially a little bumpy!
While the economic climate presents challenges, the digital marketing landscape is ripe with opportunities for those who are adaptable and forward-thinking. As we move into the latter half of 2024, staying ahead of trends in AI, data governance, and digital strategy will be key to navigating the evolving market.