Digital marketers continue to face challenges, such as customer turnover and budget cuts. However, new research suggests that they are still confident in their ability to reach their goals and understand the needs of their target audience.
Momentive recently published its “2023 Digital Marketing Report,” and statistics indicated that 12% of digital marketers expect their team’s budget to decrease from what it was last year. Additionally, 48% of respondents said they expect their company to experience changes in strategy or direction, and 40% are anticipating slow or reduced growth.
However, 69% of digital marketers stated that they expect to see their budgets increase as the year goes on. Furthermore, 87% are confident that their organization understands its target market needs, and 93% believe they will reach all of their goals within the next six months.
“Having the right data and systems in place will be a key factor in retaining budgets and communicating achievements,” wrote the authors of the report.
Marketers Anticipate to Spend More as Budgets Rise
With many marketers expecting to see an increase in budget, previous research suggests that they are also predicting a rise in spending as the year rolls on.
RSW/US released its “New Year Outlook Report,” and data suggested that 61% of marketers anticipate their marketing spend to increase “somewhat significantly.” Although this is a decrease from the 68% of marketers who stated the same sentiment in 2022, it is a notable rise from the 41% who thought spending would increase in 2021.
Some of the challenges marketers expect to face in the near future include leveraging data and focusing on customer acquisition and retention while demonstrating a return-on-investment.
Our Senior Director of Digital Marketing, Casie Gillette, recently explored how to make the most of your B2B demand gen budget.