As the economy softens and market conditions become tougher for businesses, identifying reliable sources of information becomes all the more critical.
Australian business leaders are acutely aware of this.
According to research Pureprofile recently conducted via a poll of 500 senior decision makers, more than half of them (52%) expect a more turbulent year ahead against 28% who don’t, and 20% who are uncertain.
This is mirrored in tumbling consumer confidence following Reserve Bank cuts, declining business conditions, and fears of a recession.
Amidst the bleak outlook, where are business leaders turning to for the information they need to make smart decisions?
Globally, trust in news has fallen 2% according to Reuters, and 6% in Australia.
Accusations of political interference and general political instability are cited as causes: trust in politics has also fallen.
It may not be surprising, then, that word-of-mouth from professional networks remains the primary source of business information for business leaders. Over half (55%) of the senior business leaders interviewed said they engage with industry associates for insight.
Despite deteriorating public perceptions of news media, it continues to play a significant role in providing business leaders with the information they need to make the right decisions.
This includes TV and news programming as well as online news sites. The immediacy and convenience of these formats possibly appeal to those with less time to spare: by comparison, engagement was much lower with newspapers and magazines.
Conversely, there’s high distrust of social media amongst business decision makers surveyed. One in four (24%) reported "strong distrust" for social channels and 32% "somewhat distrusting". By comparison, only 2% strongly distrusted professional networks, with 68%c trusting them and 63% trusting industry events.
LinkedIn, the most professionally aligned social network, fared best in engagement (23%) followed by Facebook (17%). Instagram (8%) and Twitter (7%) fared worst.
For marketers, and particularly business-to-business marketers, it is extremely valuable to have an understanding of where decision-makers get their news and information - but also which sources they trust. It is interesting to see that news media sources have held on to continued engagement and trust amongst business leaders, and particularly those who make senior decisions.
However, marketers should also be aware of the need to make a strong case for investment in a challenging business environment.
When questioned about the key drivers for growth, the participants revealed a conservative outlook. Increasing efficiency (54%) and "cutting costs" (38%) ranked highest, while only 23% said that increased marketing spending would factor in their growth plans.
Faced with increasing pressure and static budgets - marketers will do well to optimise their channels to include both traditional and digital elements. And this is particularly relevant for B2B marketers. As this data shows, when it comes to business decision makers, news media is still in the driving seat.
Melinda Sheppard is Chief Operating Officer at data and insights company Pureprofile.
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