How Much Should You Invest Much Should You Budget For Marketing In 2019? We regularly update the following post with the latest information pertaining to Digital Marketing Budgets. This article provides information that can guide you about how to budget for marketing and where to invest your marketing dollars. How much are companies spending on marketing? Where are marketing dollars invested offline and online?
What marketing strategies and tactics are getting results? Tactics Are Getting The Best Results? What Percentage of Marketing Budget Spent On Digital? How Much Should Your Firm Budget For Marketing? Looking for specific information for one of the industries we specialize in? Overall Changes In Total Marketing Budgets First, a look at how marketing budgets are changing. For nine consecutive years, top marketers were asked how their marketing spend was expected to change in the upcoming year. Since 2009, marketing budgets remained relatively consistent or increased compared to the previous year for the majority of participants.
While 2017 saw an ambitious expectation for increased spending of 10. 12 months, the actual increase came in at 7. With no evidence to suggest differently, 2019 marketing budgets are expected to remain consistent with 2018 levels or increase. Marketing budgets as a percent of the overall firm budget has remained even more consistent, as shown in the chart below. On average, marketing budgets made up 11. 2018, with some variation depending on the industry and who they’re marketing to. Marketing spending as a percentage of revenue tends to fluctuate, but generally hovers between 6.
B2C service companies followed by B2C products. Again, B2C services increased marketing budgets as a percent of revenue quite a bit in 2018 over the previous year, rising from 7. The chart below shows the wide variation by industry in marketing budget as a percent of total revenue. One of the difficulties in providing a general budget recommendation is that not all companies are consistent with what they include in their marketing budget. While some companies include any marketing, and even sales related expenses, others would categorize some of those expenses separately as a part of their total budget.
The chart below illustrates these inconsistencies, and shows the marketing expenses most commonly included. 2016 and 2021 with the biggest growth occurring in online video. The chart below showed strong increases in digital channel investment in 2017. At least half of all respondents planned to increase spending on social media marketing, content marketing, personalization, video advertising, and online lead generation. 2017 Marketing Budget Trends by Channel. Traditional channels did not fare nearly as well.
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Print, radio, and television were expected to see a net decrease in total marketing investments. How marketing funds are ultimately allocated is driven by the nature of the business, the competitive marketplace, and how target customers behave through the buying funnel. In a recent survey of 2,500 digital marketers, respondents reported on what marketing activities generated the best ROI. Email marketing still leads the way with the highest percentage of Excellent and Good ROI results reported, with social media marketing following closely behind. Which Social Media Channels Should I Invest In? While there are no direct investment assessments associated with this particular study, it does show noteworthy trends among the major social channels.
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This data suggests an emphasis should be made on Facebook and Instagram channels for social advertising. While growth there has leveled off, it remains an important channel for many marketers. PPC budget in the next 12 months. This report bodes well for “digital traditionalists,” who continue advocating the importance of search over social channels. For a half decade, investments in traditional advertising have consistently dropped by single digit percentages each year.
Digital marketing spend, by comparison, has consistently grown by double digit increments year after year. This means businesses are shifting their marketing spend. What used to be spent on radio, television, and newspaper is now being spent on search, email, and social. This trend is expected to continue for the next several years. This marked the first time in history digital spend surpassed TV ad spend in the US.
Percentage Of Marketing Budget Spent On Digital Digital spend is only a portion of total marketing spend for most businesses. For more traditional businesses, which rely on offline AND online activity to fill the sales funnel, a healthy mix of marketing investment is to be expected. Across all sectors, digital marketing budgets have increased consistently, while traditional channels have lost ground. The CMO survey offers some answers. In the charts below you’ll see how marketing professionals from all types of firms responded to this question in 2018.
Marketing Spending From 2012-2013: As a point of comparison, here is data from 2012-2013. Based on these results, we see that B2B marketing spending has increased over the past couple years, whereas B2C marketing spending has dropped slightly. It is important to note that these percentages represent the total marketing investment, not just advertising or media spend. They include things like marketing staffs, customer relationship management, investments paid to agencies and other outside suppliers, advertising costs, media spend, etc.
Firms seeking to grow market share will likely be on the high side of these averages vs. Additionally, the competitive nature of a certain marketplace will influence where a particular firm falls among these average figures. Digital Budget Summary – What Does It All Mean? We purposely compile surveys from a variety of sources over a number of years to give you an objective perspective, and appropriate context.
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The conclusions of each survey are not always consistent. This inconsistency represents the diversity of business needs and the marketing strategy that accompanies it. More mature marketers tend to slow their marketing spend as better results measurement enables them to spend smarter. Bringing together the data from these credible sources in the marketing community should help you determine how much to spend on marketing, and where to apply those investments. Google Analytics, display advertising, and web design and development can help you achieve your sales goals. Where do you get the most bang for your buck when it comes to your marketing budget? Let us know in the comments section below.