Thursday, July 21, 2011

Marketing Budgets Rise in Face of Economic Headwinds

It's good news for marketers in 2011, as 57% of senior-level marketers say they are increasing their overall marketing spend in 2011. According to CMO Council's State of Marketing Report, a survey of 700 top marketers, 26% of respondents indicated an increase in spending of 1%-5%., with 23% reporting even higher growth expectations.

The business environment remains tough though, with 51% of marketers citing the recovering economy (or lack there-of) as their number one challenge. New technologies or engagement channels (42%) present the next greatest challange, as marketers must now develop campaigns and content in more formats, and delivered via more channels.

The budget increases are being established to help drive business in spite of economic headwinds, with senior management mandating the marketing investments drive top-line growth (46%), grow or retain market share (45%) and better define brands and value propositions (31%).

A great synposis of the research can be found on MarketingProfs:
http://www.marketingprofs.com/charts/2011/5488/cmos-ramping-up-budgets-but-accountability-is-key?adref=nlt072011

The full research report can be found at:
http://www.cmocouncil.org/resources/forms/outlook-report/index.php?id=207

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