- February 7, 2014
- Market Intelligence
Trend Watch: B2B marketing budgets on the rise
If you are like most B2B technology marketers, you have been waiting patiently for the market to turnaround so that you can go back to receiving your fair share of the company revenue pool to fund your marketing budgets and support your programs and initiatives. Well, it is time for that patience to be rewarded (sort of).
Marketing budgets: Spending more or spending smarter?
According to this recent Forrester report, although 73% of marketers feel marketing budget pressure, there is cause for some tempered optimism in this area, reflected with slight increases marketing budgets. While there is no hope of returning to pre-2008 spending levels, marketers are getting smarter about what they are spending their money on by shifting more dollars online and investing heavily in data analytics and marketing intelligence. Here are 4 findings from this report that give these trends more clarity for marketers:
- Marketing is important to the business: 78% of B2B marketers say they are maintaining or increasing budgets in 2014.
- Spend wisely: Marketing budgets overall increased over the past 2 years, but still not close to pre-2008 levels, so the focus must be on spending impactfully. Marketing only represented an average of 4% of total revenue spend in 2013 – prior to 2008, marketing budgets were consistently in 5-10% range.
- 2014 digital advertising spending expected to outpace traditional by more than 2-to-1: Engage buyers in context where they doing purchasing research. Technology buyers are online – get on board.
- The need for marketing and sales intelligence driving significant budget: While 25% of marketers plan to increase budget for analytics, 0% plan to decrease budget. Furthermore, 30% will increase market research budgets. Marketing and sales intelligence can deliver significant competitive advantage, expose more opportunities, and ultimately, drive more revenue for organizations.
As you plan and execute your marketing budgets for this upcoming year, make sure you are prioritizing your efforts in the right areas to maximize your impact. I am interested in hearing more about where you are focusing your budgets this year. If you are interested in continuing this conversation, feel free to leave a comment or reach out to me by here. Also, you can find me on Twitter or LinkedIn.
This is an installment of the Friday “Trend Watch” column that will appear in this blog on a regular basis, featuring marketing trends highlighted by several outside resources from industry experts, bloggers, and outlets from around the web to help marketers stay better informed.