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Three out of five businesses plan to increase their overall marketing budgets this year, which is more than at any other time since the height of the economic crisis.
This increase is largely driven by digital channels, with 71% of companies planning to increase the amount they invest in digital marketing. In comparison only a fifth of companies (20%) are planning to increase traditional budgets over the next year.
The findings come from the new Econsultancy/Responsys Marketing Budgets Report 2014, which is based on a survey of more than 600 client-side marketers and agency respondents within Econsultancy’s community.
Some 60% of client-side respondents say their companies are increasing their overall marketing budgets for 2014, compared to 54% last year and 47% in 2010.
Looking specifically at digital budgets, the proportion of companies increasing their spending has been remarkably consistent since 2009. This year the figure was 71% which is the same percentage as last year.
What best describes your plans for your overall marketing budget in 2014?
The Marketing Budgets report is a bellwether for the health of the marketing industry. It looks at the extent to which companies are increasing their budgets across a range of channels and technologies, comparing online and offline budgets while also looking at the balance between acquisition and retention marketing.
Level of increase
The survey also asked respondents by how much they would be increasing their marketing budgets this year.
According to the data, companies will be increasing their overall marketing budgets by an average 26%. However around three in every four companies (73%) stated they will be increasing their budget by up to 30%.
Looking specifically at digital marketing budgets, only 12% of companies who are increasing their budgets are planning to do so by more than 50%.
The average budgetary increase this year is 27%; this is similar to last year’s figure of 28%.
By how much are you going to increase your digital marketing budget in 2014?
Click here to download the new Marketing Budgets Report 2014.