Digital Marketing Budgets Set To Rise In 2015
Have you ever wondered where other businesses plan to spend their marketing budgets? Well, a new and awesome report by the folks at Econsultancy just came out today, and it highlights how marketing managers plan to spend on digital in 2015. We wrote a piece not so long ago about the state of marketing in 2015 (a must-read), and the findings parallel the report by Econsultancy, therefore confirming that many marketing teams/managers are all on the same page regarding their marketing spend this year. That said, let’s talk numbers!
With digital channels improving each year, it should come as no surprise that marketing teams plan to increase digital marketing budgets this year. But what should be a surprise is by how much: 8% (since last year). Of the 297 survey respondents, 77% of them agreed that they will spend more on digital this year, compared to 71% in both 2014 and 2013. Moreover, over the past four years that Econsultancy has run their survey, the average increase in digital marketing spend remains at 27%.
In previous years, Econsultancy’s survey respondents claimed that the first company barrier they experienced when trying to harness money for digital was simply a restricted budget. This reportedly has been an issue since 2012, but now it has gone down from 51% to 48% for the first time since Econsultancy began tracking it. The second biggest barrier to a marketing manager/team’s digital budget is company culture, but that has dramatically decreased by 38%. This infers that companies are slowly beginning to understand the effectiveness and role that digital will come to play their futures.
A couple more key findings: 1) Since last year, double the amount of companies surveyed plan to invest in data management platforms, and 2) Just as we mentioned in the 2015 state of marketing report, companies will spend more money on a cohesive customer experience… We also dedicated an entire article on how cohesion and optimization across platforms is a must in 2015.