B2B marketing budgets are somewhat stagnant this year. And so are expectations, judging by the State of Marketing Budgets, a study released Wednesday by Integrate and Demand Metric.
Only 12% of firms report that their marketing budgets are significantly higher, while 31% say they are slightly more robust and 33% that they are lower. They are flat for 25%, meaning that over half are flat or lower.
Moreover, 21% have been hit by mid-year marketing cuts.
The areas most affected by cuts or freezes are:
—Field or event marketing—28%
Email budgets fall into the demand generation bucket.
That flatness apparently will continue into 2023. Marketing budgets will be:
—Same as 2022—33%
What forces are driving these budget changes? Marketers are worried about:
—Longer impact of COVID pandemic—33%
—World geopolitical instability—29%
—Rising interest rates—24%
—The ‘Great Resignation’—14%
Still, marketing performance expectations remain high. Of those polled, 50% are tasked with achieving more than they did in 2021. Technology marketing teams have the most pressure on them.
Yet two-thirds of marketers have the same or fewer resources compared to what they had in 2021.
To the extent possible, marketing teams are investing in the following areas:
Are they happy with their marketing results? Not everyone:
Meanwhile, 48% feel their martech stacks are serving them very well, 12% very much so. But 19% claim they are doing poorly, and 33% are neutral.
This may be because of tech stack redundancies. Marketers say they have them:
But 53% say their martech stacks will stay the same size in 2023, 22% that they will be smaller and 25% that they will grow.
Looking forward, B2B marketers expect the following for their 2023 staffing levels: