With many marketing budgets running from April to April, most marketing teams will have been thinking about their next marketing budget for months by now……waiting with anticipation for April to come so that they can start putting all their marketing strategies and campaigns into action! But for those people that are still at the ‘draft’ stage, it may not be too late to put your plans and monetary requests on your Finance Director’s desk!
Traditionally, a marketing budget (an estimated projection of costs required to promote a business’s products or services) would typically detail all promotional costs for marketing communications such as literature, sales aids, advertising and even extra head count. These days, with digital all the rage, many companies are thinking about how they can use the latest online tools to drive business growth, and looking at ways to increase their digital budgets. Digital marketing is now integral to virtually all marketing team’s activity and budget is often easier to justify because of the ability to measure actual ROI from this type of activity.
As digital marketing becomes increasingly important to marketing strategies, a study released this week by Mondo revealed that 80% of companies plan to increase their digital marketing budgets over the next 12 to 18 months. The study, ‘The Future of Digital Marketing,’ was based on an online survey of 262 digital marketing executives at B2B and B2C companies. Of the companies surveyed, 40% said they would increase their budgets between 5% and 10%, 32% said they would increase them between 10% and 15% and 9% plan to increase them between 0% and 5%.
In 2015, the line between digital and traditional marketing will continue to blur. For marketers it is less about digital marketing than marketing in a digital world, and this year marketers will manage a much more balanced and integrated marketing mix than ever before.
Businesses now either have or need to look towards having some sort of digital marketing plan in place – big or small. Many are buying in customer experience technology to fuel increased spending and also to use for added value or a customer loyalty programme. In fact, in 2014, research company Gartner discovered that the highest marketing technology investment was for customer experience, and is considered by many companies to be the top innovation project, just edging out new product design.