NEWS: Marketing budgets set to soar
Nine out of 10 B2B and B2C marketers expect their budgets to grow over the next 12 months, while three-quarters have already been given a bigger budget in the last year, according to a poll conducted by St Ives Group.
Seventy-three per cent of respondents have had more money to spend in the last 12 months compared to the previous year. While 87 per cent of marketers expect their next annual budget to increase compared to the current financial year.
Of this group, 50 per cent believe their budget will increase by 10 per cent, some 37 per cent of respondents think their budget will rise by 20 per cent, while the remaining 13 per cent estimate they will receive 30 per cent more to spend.
In contrast, 27 per cent saw a drop in budget last year and 13 per cent are poised for a cut in the year ahead.
Meanwhile, respondents cited budgets as the top barrier to success, closely followed by investment in new marketing technology and the ability to differentiate their brand.
The research also revealed that marketers will focus on five main channels over the next 12 months, these include:
• Email marketing & CRM
• Social media
• Data analysis
Helen Robinson, marketing director of St Ives Group, said: “The findings of our survey show that marketers are beginning to feel bullish about the economy recovering and this translating to a loosening of the purse strings, which many believe will continue during the next 12 months.
“We can also see a huge range of priorities in terms of marketers investing their budget wisely. With more money in their coffers, they will need to review and roll out strategies carefully, and keep a close eye on the results.”