B2B Marketers Increasing Budgets Despite Budget Shortfalls

A recent study by B2Breviews.com has revealed that more than half (53%) of B2B marketing managers have reported larger budgets this year compared to 2022. Despite this, the marketers don’t believe that they’re getting the funding they need, with an average requested budget of $88,000 per campaign, compared to the approved average of just $62,000.

It’s interesting to see how budgets are shifting now that people no longer feel like there’s a recession around the corner. If the economy holds steady through the end of the year, it’s likely more marketers will see increased budgets next year. Social media marketing is the most popular digital marketing strategy, making up 61% of B2B marketing budgets, followed by digital advertising (50%), email marketing (48%) and websites and blogs (45%).

AI is also making an impact on B2B marketing budgets, with 75% of B2B marketing managers reporting increased AI spending from last year. Of those surveyed, 78% are integrating AI into their marketing workflows and 25% are reducing staff as a result of this. 57% believe AI workflow assistance has made their marketing campaigns more effective and 59% of managers said using AI was the most effective tactic for reaching target audiences. The top uses for AI were content ideation (42%), data collection (41%), ad optimization (40%), and market research (37%).

For those interested in learning more, the full study is available here. It’s clear that AI is having a significant impact on the way B2B marketing managers are allocating their budgets, and it’s likely that this trend will only continue in the future.

Originally reported by Martech: https://martech.org/more-than-50-of-b2b-marketers-report-bigger-budgets/
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