Right now, you’re probably smack in the middle of planning your marketing budget for 2018. But, how much should you allocate, and where should you be spending that money? With these ten helpful infographics, we’ll point you towards the right direction so you can make 2018 a banner year for your business.
Mistakes to Avoid
Stepping out on the right foot in 2018 is going to be one of the keys to success, year round. So, let’s first take a closer look at some of the mistakes you’ll want to avoid making when allocating your marketing dollars.
What the Heavy Hitters Are Spending
To give you an idea of the amount of money you should be allocated for your marketing budget, take a closer look at what industry leaders are spending on their marketing. As you can see, SaaS companies lead the pack when it comes to spending on marketing. Beyond that, you may be surprised what some companies are spending.
What the Less Than Heavy Hitters Are Spending
It’s helpful to know where industry leaders are at with their marketing budgets. But, it’s equally important to know what the average spend is across industries in general. Not everyone is Apple or Google, after all.
Those selling consumer goods or services dedicate the largest portions of their budget towards marketing, but if you’re outside of those industries, it may be prudent to allocate a significantly smaller part of your budget towards marketing. Check out the marketing budget calculator to determine exactly how much of your budget you should be allocating.
…And Where They’re Spending It
Beyond the figures above, it’s also helpful to know how businesses are allocating those resources, as well. The majority of the findings below aren’t surprising; businesses are continuing to invest in social media platforms and marketing professionals heavily. But, you may be surprised to see how much certain sectors are allocating towards research and analytics.
The Continued Rise of Content
In recent years, content marketing has become incredibly popular. While some astute marketers have been forecasting the death of content marketing since it’s gotten off the ground, the numbers suggest otherwise. Moving forward, there’s no reason to expect the growth of content marketing to slow down. Take a closer look at some interesting facts about content marketing before you button up your budget plan for 2018.
Keeping Up With The Joneses
A new year, a new array of marketing fads that may or may not be able to provide your business with the growth you’re looking for in 2018. This infographic will help keep you abreast of some of the most intriguing trends in marketing that may have a huge impact in 2018.
Who’s Spending Where?
Having a better idea of where your competitors are allocating their money can be helpful when it comes to creating your own budget. The chart below outlines where over 3,000 different marketing professionals increased or decreased their budgets for 2017. Content, social media and personalization led the pack with regards to marketing budget expansion in 2017, and given the continued rise of these platforms, it’s safe to say that many marketers are taking a similar stance with their budgets for 2018.
How Have Marketing Budgets Evolved?
Considering how much marketing has changed in the past 5+ years, it’s no wonder that marketing budgets continue to change, as well. The chart below illustrates how marketing budgets have changed since 2009, and it indicates the direction they’re trending in. Spoiler alert: you can expect to spend the same amount or more on marketing compared to 2017.
Who’s Spending on Digital?
It’s no secret that your digital marketing budget will probably continue to grow in 2018. But, traditional marketing methods still account for the majority of marketing spend in general. The chart below will give you a better idea of what percentage of the total budget different industries are allocating towards digital initiatives.
Winners and Losers
To round it out, let’s take a closer look at what platforms have been providing the most impressive ROI since 2010. This chart also forecasts how these trends are going to move through the year 2020, which is particularly helpful. Some of these numbers are quite surprising, as there are a few “dinosaur” methods that continue to provide an impressive return.
About the Author: Tim Brown is the owner of Tim B Design, and is a web designer and SEO Specialist out of Minneapolis, Minnesota. You can check out his recent project “The Marketing Budget Calculator” to plan your marketing budget for this next year and take a look at his blog to learn cutting-edge methods to get the most out of your digital marketing budget. Tweet him at @timbdesignmpls