By: Kylie Stanley, PR Technician
As we enter 2023, marketers are wrapping up their budgets for 2023. In 2022, many marketing budgets had been cut or remained flat. In a recent study from Integrate and Demand Metric, they took a look at the broader marketing community positions on budgets and resources for 2023 as companies aim for growth.
In 2023, marketers are being more optimistic about their budgets with 33% saying their budget will be slightly higher than 2022. Still, only 1 in 4 expect their 2023 budgets to be lower than 2022 budgets, which is an improvement from the situation in 2022, when one-third said it was lower than in 2021.
This year, only 1 in 3 respondents say they have more resources overall to work with than they did last year. Despite that, half of respondents say that they are expected to achieve more this year than they did in 2021.
When looking at budgets for the future, companies are looking at what areas of investments they want to commit to and what will be the best bang for their buck.
It’s no surprise that 54% anticipate an increase in budget for content creation, strategy and digital with social media platforms and influencers continuing to rise.
On the other hand, 47% expect an increase in spending on marketing operations/technology, compared to 35% who envision a decrease in spending in this area. The 47% of respondents expect to increase their budget for demand generation.
The area of investment that the largest number of study participants (53%) plan to decrease spending is on account-based marketing (ABM).
Overall, a slim majority (52%) of B2B marketers are optimistic about their marketing team and its performance compared to a year ago, and most (56%) believe it likely that their marketing team will meet or exceed the goals set for it this year.
Over the past few years, several factors such as the pandemic, supply chain and inflation have affected businesses worldwide leading to companies to evaluate their budgets. Although the economy has been impacted, marketers still remain hopeful about 2023. With these impacts, it’s likely that marketers are used to the constant changes and are trying to push past them.
Original post by marketing charts: https://www.marketingcharts.com/business-of-marketing/marketing-budgets-227620
Link to download the full report: https://resources.integrate.com/all-resources/the-state-of-marketing-budgets
