Our survey was conducted among an audience of B2C and B2B marketers during Marketing Week Live last week.
In line with the most recent IPA Bellwether Report, the research shows 73% of respondents have had more money to spend in the last 12 months compared to the previous year. Meanwhile, the figure leapt to 87% when marketers were asked if they expected their next annual budget to increase compared to the current financial year. In contrast, only 27% saw a drop in budget last year and an unlucky 13% are poised for a cut in the year ahead.
Of those respondents who expect to be able to spend more during their next budget period, exactly half think the increase will be 10%; some 37% of respondents are betting on a 20% rise, while the remaining 13% reckon they will receive 30% more to spend.
In terms of factors that lie between their marketing plans and successful outcomes, respondents cited budgets as the key aspect, but this was very closely followed by investment in new marketing technology and the ability to differentiate the brand they worked for. Finding talented resource was also seen as a barrier to success, along with board-level support, expansion into new markets, ability to demonstrate return on marketing investment and content strategy.
With regard to channels seen as important during the next 12 months, there was a fairly even spread of priorities, but the top five were chosen (in order of highest response levels first) as:
The findings of our survey show that marketers are beginning to feel bullish about the economy recovering and this translating to a loosening of the purse strings, which many believe will continue during the next 12 months. We can also see a huge range of priorities in terms of marketers investing their budget wisely. With more money in their coffers, they will need to review and roll out strategies carefully, and keep a close eye on the results.
Helen Robinson, Marketing Director, St Ives