As B2B marketers expand their list of goals, new research indicates that they are seeing their budgets increase to help them achieve these key objectives.
Mention and Livestorm teamed up to conduct the “Marketing Manager Mindset Report,” and statistics suggested that most B2B marketers (25%) now have an annual marketing budget of between $10,000 and $100,000. Additionally, the majority (68%) claim that they have seen their budget increase between 2021 and 2022, while 16% say that it has at least stayed the same.
As their budgets have expanded, most B2B marketers (65%) now state that they are primarily focused on increasing brand awareness. Approximately 40% would like to increase customer retention, and the same percentage are interested in improving audience engagement.
Budget Constraints and Digital Marketing Initiatives
Although B2B marketers appear to be benefiting from an increase in budget, previous research suggests that marketing budgets still only account for a small percentage of organizations’ overall budgets. As a result, many marketers are feeling more pressure to achieve their primary goals.
Data from the 28th edition of The CMO Survey indicated that marketing budgets typically only account for 11.8% of overall budgets at organizations. However, most marketers still expect to see their digital marketing budget rise by 16.2% over the next year. This is a notable increase from the 14.3% recorded in the same period one year ago.
Overall marketing spend is expected to rise 13.6% over the next 12 months as organizations show more willingness to invest in digital marketing initiatives.