Marketing budgets are mostly increasing or staying the same this year, according to the Optichannel Opportunities Report, a study by RRD.
Of the companies polled, 54% foresee an increase, and 29% expect spending to hold steady. The remaining 17% are cutting their budgets. But 73% say their organization views a recession or a downturn as a strategy opportunity to gain market share.
The firms increasing or maintaining their budgets cite the following reasons:
Print remains a factor, although 66% of the average marketing budget is going to digital.
Moreover, 68% say large-scale changes to social/digital platforms over the last six months has influenced their digital marketing strategy, and 71% are reallocating some dollars to print channels like direct mail, brochures, signage, etc. as a result of those concerns.
The respondents say they consider these factors when choosing which channels to use:
Meanwhile, 66% of marketers say their firm employs optichannel marketing strategies. The main barrier to doing so is budget (42%), followed by lack of experience or expertise (37%). But 58% agree that combining print and digital keeps customers engaged.
While 62% of marketers have increased their use of print, they cite the following challenges in using it:
RRD surveyed 300 U.S. marketing professionals from November 15-28, 2022.