How is the economy impacting 2023 marketing budgets?

Marketing budgets are mostly increasing or staying the same this year, according to the Optichannel Opportunities Report. What’s even more shocking to those outside the industry is that 73% of those polled view the recession as an opportunity to gain market share.

According to the Optichannel Opportunites Report, here is why firms are increasing or maintaining their budgets:

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My organization believes we can gain competitive advantage or market share — 63%

My organization looks to marketing to help weather the economic storm — 61%

My organization does not want to lose marketing momentum — 30%

My organization is not concerned about the impact of an economic recession — 11%

With the increase in social and digital platforms, it’s no surprise that 66% of the average marketing budget is going to digital. The real shocker to many, though, is that print remains top of mind for marketers. The medium continues to be so effective that 71% of those polled are reallocating some dollars to print channels like direct mail, brochures, signage, etc.

Here's some factors marketers consider when choosing which channels to optimize:

Campaign performance — 46%

Cost — 25%

Speed to market — 17%

Tech integration — 7%

Ease of execution — 5%

For those who choose to make the most out of all their resources, they choose the omnichannel route.  That is Marketing Keys' personal favorite media plan. We recommend a combination of both traditional and digital media. We’re not alone. 58% of those polled agree that combining print and digital keeps customers engaged.

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Carolina Macedo, the author, is Project Coordinator of Marketing Keys.

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