As B2B marketers realize the importance of their organization’s brand, they are investing more of their budget in branding initiatives.
“The B2B Brand Strategy” white paper from Spencer Brenneman recently showcased survey results of 150 B2B marketing executives to learn more about their brand strategies.
Statistics showed that over the past five years, 86.7 percent have seen an increase in spending on brand investments at their organization. About 12 percent stated that their company’s financial investment in brand initiatives has been steady.
Looking ahead, the researchers determined that brand spend will likely rise in the coming years as well. Within the next five years, 81.3 percent of respondents stated that they expect to boost their investment. The majority of respondents expect an increase of about 20 percent.
“We live in a data-driven world, even when you’re talking about the emotions and sentiments associated with a particular brand. That’s why so many organizations are investing in brand-related research activities.
Overcoming Inadequate Marketing Budgets
Although B2B marketers know how they want to spend their budget, they have not always had the financial means to achieve their objectives.
The “2016 State of B2B Digital Marketing” survey from Ascend2 and Marketo found that for the majority of marketers (43 percent of respondents), an inadequate marketing budget is the most significant barrier to digital marketing success.
This was followed by a lack of internal skills and training (39 percent), lack of an effective strategy (36 percent), and inadequate analytics (29 percent).
About 42 percent of respondents said that improving brand awareness was one of the most important goals of a B2B digital marketing strategy.