With fewer prospects buying HR technology right now, should you slash your marketing budget?

For more than a year, there have been less prospects in the market to buy HR tech solutions. It’s estimated that only 1% of prospects are actively buying these days compared to the more typical 5%. And this trend isn’t showing signs of a rebound just yet. 

Maybe you’re asking yourself whether to slash your marketing budget. It’s a question we’ve been asked recently, and we think it’s something on a lot of leaders’ and marketers’ minds. Check out this this episode to hear our discussion on the trends, navigating this tougher selling environment and how to best support the long-term growth goals of your organization. 

00:21 With less prospects buying, should your marketing investment change? 
01:44 How the decrease of prospects is impacting the sales process 02:57 Highlights from the 2024 B2B Sales Benchmark Report on sales challenges and impact on quotas 
04:46 Why the sales process is longer and win rates and deal values are down 
09:18 Cutting back on marketing spend affects important long-term marketing programs 
13:55 The role of marketing in building brand awareness, credibility and trust for future prospects 
17:31 How to inform and influence internal decision makers about the importance of a long-term marketing mindset 
18:47 Key takeaways and conclusion

The Demand Gen Fix is hosted by Deanna Shimota, CEO of GrowthMode Marketing. Listen to our team of marketing experts and featured guests drop knowledge on how HR tech companies can maximize the success of their marketing for today’s B2B prospects. Learn more at www.growthmodemarketing.com.