Your competitors are increasing their marketing budget this year and so should you. As the economy continues to shift and evolve, marketers are shifting their focus to digital channels while simultaneously finding ways to get the most out of their marketing budget. Here is a recent study on marketing trends and budgeting changes.
When it Comes to Marketing, Don’t Fall Behind Your Competitors
According to a recent survey conducted by R.R. Donnelley & Sons (RRD), 54% of companies polled plan to increase their marketing budget this year, while 29% are choosing to maintain their current budget. When it comes to your marketing budget, you don't want to fall behind your competitors. It is essential to remain competitive in today's market and having a solid marketing budget is a key factor. Keeping up with current trends and technologies ensures that you are able to reach your target audience and keep up with the competition. Staying ahead of the competition means staying ahead in the marketplace and having a proper marketing budget can help you to do that, solidifying the success of your business.
Why Should You Increase Your Marketing Budget?
The reasons for keeping or increasing their budgets range from gaining a competitive advantage to taking advantage of a potential market downturn to maintain marketing momentum. Marketing should never be an expense, it should be an investment. For every dollar you put into marketing, you should get two more dollars back. By increasing your marketing budget, you are increasing your chances of more revenue and helping to grow your business in many ways. With a larger budget, you can use a variety of different marketing techniques to engage customers, such as online advertising, email campaigns, social media campaigns, and more. Ultimately, increasing your marketing budget can help you to increase your customer base and profits, giving your business a competitive edge in the market.
The Unexpected is Rising in Popularity
Interestingly enough, 62% of marketing departments have seen an increase in the use of print materials such as direct mail, brochures, and signage over the past two years. This goes against what has been seen in other studies, indicating that businesses are finding creative new ways to use their budgets. It’s clear that businesses are taking a proactive approach to their budgeting during this uncertain economic time.
The Bottom Line: Your Marketing Budget Matters
Now more than ever, your marketing budget is crucial. The ever-changing digital landscape can make it difficult for businesses to keep up with the latest marketing trends and strategies. At Inner Spark Creative, we can help you make the most of your budget. We are experts in digital marketing and can help you allocate your money effectively to stay on top of marketing strategies and reach your business goals. We will analyze your current marketing efforts and develop a tailored plan to ensure you get the highest ROI from your budget. With Inner Spark Creative, you can rest assured that your marketing budget is being used to its fullest potential.
Your Trusted Marketing Agency
At Inner Spark Creative, we aim to be different. As a full-service advertising agency, we excel in digital marketing, social media, graphic design, branding, web design, and public relations. As a local agency, we aim to help local companies with any advertising needs. We care about your success which is why our philosophy is “more than a vendor, always a partner.” Our goal is to create a plan that will boost your business. Learn more about Inner Spark and contact us today!