According to new research, marketers are optimistic about the future of their marketing budgets and customer spending.
Recently, the American Marketing Association surveyed marketers from businesses of various sizes to gauge their confidence in the industry. They also compared the 2018 responses to results they gathered from a similar survey conducted in 2016. According to the statistics, 34 percent of marketers are optimistic that their budgets will increase over the next six months. This is compared to just 27 percent who said the same in January 2016.
Up to this point, 37 percent of respondents claim their budgets have already increased over the past six months. This is compared to 32 percent of marketers who said their budgets had risen over a six-month period in 2016.
In terms of customer spending, 40 percent of marketers expect it to increase within the next six months. This is similar to January 2016 when 39 percent of marketers predicted that customer spending would rise within the first six months of the year.
B2B Marketers and Digital Marketing Budgets
B2B marketers, in particular, have been optimistic about the future of their budgets, according to previous research.
“The CMO Survey” from Deloitte, The Fuqua School of Business at Duke, and the American Marketing Association found that B2B product marketers expected to see a 9.3 percent increase in their marketing budget over the next 12 months when asked in February 2018. B2B services marketers predicted an 8.5 percent increase.
Both groups of B2B marketers also expected to spend less in traditional advertising. B2B product marketers envisioned their traditional ad spend to fall 1 percent, while B2B service marketers predicted it would drop 2 percent.