New State of the Marketing Budget Survey Reveals the Need for Precision in Marketing

LONDON (PRWEB)
October 13, 2022

Integrate, the leader ofB2B Precision Demand Marketing(PDM), today announced new research into “The state of 2022 marketing budgets” which reveals insights into how marketers are responding to economic headwinds. The research was conducted with Demand Measurement , a global research and consulting firm. The report found that nearly 60% of UK B2B marketers report that current budgets are shrinking or remaining stable and that two-thirds of marketers are expected to accomplish more with fewer resources. However, despite these challenges, 74% of UK B2B marketers surveyed say they have a neutral to optimistic outlook for 2023.

According to the September 2022 report of the Organization for Economic Cooperation and Development (OECD), forecasts for global economic activity will remain subdued for the rest of the year before declining in 2023. The UK has implemented multiple interest rate hikes over the course of 2022, and are now to their highest level since December 2008 in an attempt to slow inflation.

“B2B marketing has always been difficult, but today marketers are tasked with the impossible: they are expected to do more with less,” said Colby Cavanaugh, senior vice president of marketing at Integrate. “There’s never been a better time to invest in greater precision, reduce redundancy, and focus on adopting a more powerful, buyer-centric, multi-channel precision demand marketing approach to to maximize your marketing efforts.”

The State of the Marketing Budget report revealed that the main drivers of marketing budget changes were inflation and the economic downturn. As a result, 21% of respondents said their budget was cut mid-year, and a third of B2B marketers said they had fewer staff this year than last.

When it comes to marketing approaches, the tides have changed for UK B2B marketers, with just 26% saying ABM/ABX is a key part of their strategy. Today, marketers mainly focus on the trifecta:

(1) a buyer-oriented & cross-channel strategy (49%)

(2) traditional demand generation (42%)

(3) a permanent approach (33%).

To adapt to current market changes, UK B2B marketers plan to invest the most in content creation (48%), customer marketing (46%) and digital marketing (45%). Conversely, they plan to spend less on ABM (47%), field or event marketing (45%) and communication (45%).

While respondents were almost evenly split on their satisfaction with their current MarTech stack, nearly 95% of respondents report redundancies in their MarTech stack.

“These results suggest that there are many opportunities for B2B marketers to be more effective in everything from their strategies to their technology stack,” said John Follett, co-founder, CXO and chief marketing officer. research at Demand Metric. “Marketers may be wildly optimistic for 2023, but to be successful in the months ahead, they must be prepared to act with greater precision and drive tangible, repeatable revenue results that can scale.”

A vsfundamental principle of precision on-demand marketingis to be buyer-centric to deliver more personalized and relevant experiences to customers. Integrate recently launched a new book, Precision On-Demand Marketing: Delivering on the Promise of a Predictable Pipeline which provides a hands-on, hands-on approach to adopting a buyer-centric, omnichannel precision demand marketing strategy that enables marketers to find and attract ideal buyers, wherever they are, just when where they are ready to buy.

The State of B2B Marketing Budgets report was sent in September 2022 to over 500 respondents in the US and UK. Download the full report hereor read a recap of the results in our blog,”2022 Survey on the State of B2B Marketing Budgets: 3 Ways to Succeed in 2023 .”

About integration

Integrate activates, governs and measures marketing campaigns across all demand channels. This enables marketers to launch cross-channel shopping experiences, ensure data integrity, measure the impact of their programs, and inform next best investments. Integrate works with high-growth organizations and enterprises such as Salesforce, Microsoft, Akamai, and Pluralsight to power their precision on-demand marketing strategies. Today, Integrate’s demand acceleration platform helps create more accurate and personalized shopping experiences that reach the right buyer with the right message at the right time in their buying journey and, ultimately convert more leads into revenue. For more information, please visit http://www.integrate.com/ukor follow us onLinkedIn,Facebook,Twitterandinstagram.

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