NEWS: Marketing budgets, headcounts & salaries to rise
Budgets, headcounts and salaries in the professional marketing community are steadily increasing for the first time since the recession, according to a new report published by the Professional Marketing Forum (PM Forum), Managing Partners’ Forum and Meridian West.
These companies anticipate a 3.1 per cent rise in overall marketing budgets over the next 12 months. This is a 0.7 per cent improvement on the increase expected last year. One in five of the 38 heads of marketing working in the professional services surveyed even said they anticipate their marketing budget will increase by six per cent or more.
Some 60 per cent of the marketers said they are highly involved in developing new products and services, up 15 per cent from last year.
Plus, the numbers of marketing professionals involved in researching client needs has increased from 47 per cent in 2013 to 62 per cent this year.
Meanwhile, the survey revealed that there is a modest increase in headcount, which is predicted to rise by 2.2 per cent, up from 0.2 per cent last year. It is expected the rising headcount will be accounted for by a similar 2.4 per cent increase in expenditure on marketing salaries.
Paul Lemon, executive director of the PM Forum, comments on the findings:“These figures paint a picture of returning health across the professional services sector and the economy more generally, and are very welcome. If firms want to capture this growth and join the party, it is essential that they have effective marketing strategies, and the right staff, in place.
“Although there is now good cause for optimism, marketers need to continue to demonstrate value and push for al place at the top table. Many firms still lack genuine board level input from marketing, or do not properly resource, measure and integrate marketing with business strategy. Never has it been more important to catch the wave of recovery, and marketing has huge strategic importance to ensure firms do not miss out.”