Report: More Leading Marketers are Adopting an Agile Approach to Budgeting
As marketers look to improve upon the return-on-investment (ROI) of their various tactics, new research suggests that many are taking a more agile approach to budgeting. Specifically, they are adjusting their spending according to the ROI they see from specific channels.
Kantar and Google recently partnered to conduct a survey to determine how marketers are budgeting for various channels to achieve their top objectives. Statistics indicated that most leading marketers (73%) now consider it “very easy” to increase budgets for channels that are outperforming their goals or expectations. Furthermore, these changes in investments often take place quickly, with budget changes of 20% or more typically happening within a week for most marketers (58%).
Generally speaking, 21% of leading marketers make budget adjustments daily for digital channels, while 7% of average marketers do the same. About 30% of leading marketers do so weekly, and 21% of average marketers also make these adjustments every week.
Marketers Predict Budget Cuts Heading into 2023
Many marketers are now allocating their budgets toward their most effective tactics, which may become a necessity — previous research indicates that several marketers are expecting a budget reduction in the new year.
Integrate teamed up with Demand Metric to publish “The State of Marketing Budgets” report, and data suggested that about one-fourth of marketers expect their marketing budget to be reduced in 2023. However, most marketers (37%) are more optimistic about their team’s performance than they were one year ago.
In the new year, the majority of marketers (54%) intend to spend more of their budget on content marketing creation and strategy.