The most common approach senior marketers take for setting their marketing budget is to create a yearly budget based on the previous year's expenses, according to recent research from The CMO Survey. Other approaches include building the budget from scratch every year, setting it as a percentage of projected revenue, and resetting the budget every month or quarter.
Senior marketers expect their marketing budgets to increase 13%, on average, in the next 12 months, with B2B services firms expecting 17% growth and B2B product firms expecting 11%. The report was based on a survey of 2,791 senior marketers.
Understanding how senior marketers approach budgeting is essential to allocating resources in the most effective and efficient manner. The CMO Survey report provides valuable insight into current trends and expectations for the coming year.
How Senior Marketers Set Their Budgets
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Senior marketers in the United States expect their marketing budgets to bump up moderately over the next 12 months, according to recent research.