By John Sonnhalter, Rainmaker Journeyman, Sonnhalter
Now that it’s time for budgeting for next year, the question is, where are you going to allocate your dollars? There’s always more opportunities than there is money to fund them.
Social media – have you tried some efforts in it this past year? What were the results? What were management’s expectations?
Mobile marketing – Has this been on your radar screen? Do you have plans to be mobile friendly in 2016?
I recently read a post from Jeffrey Cohen at Social Media B2B that highlights the latest CMO results on B-to-B Statistics on what and where money is being spent. You can get complete details here. What’s amazing is that only 23% of marketing projects run by B-to-B product companies use marketing analytics.
Here are some highlights on budgets:
- Marketing makes up 10% of overall company budget
- Product companies currently spend 8% of their marketing budgets on social media
- In the next 5 years, they will spend 18% of their marketing budget on social media
Here are some highlights on social media impact:
- 54% of B-to-B product companies have proven impact of social media on their business
- 40% of B-to-B product companies have a good sense of the impact of social media on their business
- 6% of B-to-B product companies have not been able to show impact on their business
Here are some highlights on mobile and internet:
- B-to-B product companies currently spend 5% of their marketing budget on mobile
- In the next 3 years, B-to-B product companies will spend 14% on mobile
- B-to-B product companies complete 7.5% of their sales over the internet
Hopefully these numbers will help you in your upcoming budgeting processes.