Report: Many Marketers Expect a Budget Cut Heading Into 2023

Looking ahead to 2023, new research indicates that marketers may see a reduction in their budget. However, many remain optimistic and expect to achieve their 2022 marketing goals before the end of the year.

Integrate recently partnered with Demand Metric to publish “The State of Marketing Budgets” report, and statistics suggested that almost one-fourth of marketers expect their marketing budget to be reduced in 2023. However, most respondents (40%) still expect to meet or exceed their goals for 2022. Furthermore, the majority of marketers (37%) are more optimistic about the performance of their team than they were one year ago.

Looking ahead to 2023, most marketers (54%) intend to spend more of their budget on content creation/strategy, as well as customer marketing. The same percentage intends to focus on digital initiatives, while 47% plan on investing more in marketing operations and technology.

Marketers’ Growing Investment in Marketing Technology

Although marketers may have less money to spend in the New Year, previous research suggests that they remain dedicated to investing in more valuable marketing technology (martech).

Clevertouch conducted “The State of Martech 2022” report, and data indicated that 69% of marketers intend to purchase more martech platforms over the next 12 months. In general, most marketers (49%) are looking to balance a focus between acquiring new martech and integrating their existing technology.

“Marketers are always on the look out for new and exciting tech to both improve the quality of their marketing, and make their work lives easier,” wrote the authors behind the report.