50% of B2B marketing professionals report higher budgets

According to a recent study, a little over half (53%) B2B marketers say that their budgets have increased this year as compared to the previous year.

The marketers still don’t think they are getting the money they need. According to a survey conducted by B2Breviews.com, marketers asked for $88,000 on average per campaign but were only approved $62,000.

Why do we care. It’s fascinating to see the budgets shifting now that people don’t feel a recession is imminent. According to this survey, B2B marketers have been told to keep things the same but add AI. If the economy remains stable through the end the year, more marketers are likely to see budget increases next year.

The most popular digital strategy is social media marketing, which accounts for 61% of all B2B marketing budgets. Next in line were digital advertising (50%), emails (48%), websites and blogs (45%).

What do customers want?

Only 31% of B2B marketers have allocated budgets to AI. However, 75% reported an increase in AI marketing expenditures from the previous year. This was the largest increase of all marketing strategies. AI results:

• 78% of respondents integrate AI into their marketing workflows.
• Almost 25% of companies are cutting staff in response to this.
• 57% of marketers believe that AI-assisted workflow has improved their marketing campaigns.
• 59% of managers said that AI is the best way to reach their target audience.

The report was based on the results of a survey conducted with 230 B2B marketers. You can find the full report here.

The article Over 50% of B2B marketing budgets are increasing first appeared on MarTech.