61% of Marketers Anticipate Their Spending to Increase ‘Somewhat Significantly’
Some marketers are bracing for the impact of an economic downturn, but new research suggests that many of them still expect to increase their spending throughout 2023.
RSW/US recently published its “New Year Outlook Report,” and statistics suggested that 61% of marketers expect their marketing spend to increase “somewhat significantly” in 2023. While this is a drop from the 68% of marketers who said the same in regard to 2022, it is a significant increase from the 41% who thought their spending would rise in 2021.
As the year rolls on, marketers cited key challenges they expect to face in the coming months. Some that topped the list included difficulty understanding emerging trends, leveraging data, and focusing on customer retention and acquisition while demonstrating a return-on-investment.
Marketers’ Increasing Investment in Content Marketing
As marketers look toward investing their budget in various assets and solutions, previous research indicates that many are specifically looking toward content marketing.
WordPress VIP released its “Content Matters 2023 Report,” and data suggested that most marketers (58.4%) expect their content marketing budgets to rise in 2023. As a result, the majority of respondents (35.1%) expect to spend between 11% and 30% of their marketing budget on content. About 16.4% claimed that they already allocate between 31% and 50% of their budget toward this initiative.
“Despite global economic uncertainty, marketing budgets are expected to increase again next year, proving the essential value of content marketing for organizational success, even in shaky times,” wrote the authors of the report.