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Posted by Laura Ramos on January 21, 2014
Sound the fanfare! Business-to-business (B2B) marketing budgets are on the rise!
Today, Forrester published results from a joint study with the Business Marketing Association (BMA) that looks at CMO-level expectations for overall program budgets, the composition of the 2014 marketing mix, and spending related to technology and innovation. BMA members may download a complimentary copy here.
In this research (subscription required), we found that, on average, B2B marketers expect to see budgets increase by 6%, compared with last year. This outlook is cautiously optimistic since 45% of respondents hope to hold budgets flat with 2013 and another 22% expect to see still more decreases. Pressure to hold the line on spending continues as 73% of respondents say they still feel budget pressure. (You can also see AdAge coverage of this survey here. And from CRM.com here.)
Are increased spending expectations good news for B2B marketers? We think so! Great news? Hold the fireworks since demands on spending continue to grow faster than available funds: 59% of those surveyed said they expect to see budgets fragment further. This leaves many B2B CMOs struggling to figure out how to fund investments in automation, data analytics, and innovation that were barely on their radar a few years ago.
So if you happen to be among those 32% anticipating program budget increases, what should you do to put this windfall to work? To stretch program dollars further, marketing execs should oversee the marketing mix like a Wall Street hedge fund manager: by treating marketing programs like a collection of investments where the overall portfolio pays off despite market twists and turns.
For 2014, the B2B marketing portfolio should include:
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