54% of Marketing Firms Plan to Increase Budgets

It looks like marketing firms and advertising agencies are going to be switching things up a bit in 2023, at least if the new study from RDD is anything to go by. This study revealed that marketing firms are not going to be backing down from their efforts anytime soon, with a full 54% of them planning to increase budgets in the coming year.

With all of that having been said and now out of the way, it is important to note that the current recession doesn’t seem to be discouraging marketing companies from doing their best. 73% of the marketing professionals who responded to this survey appear to view the recession as an opportunity because of the fact that this is the sort of thing that could potentially end up giving them a competitive edge.

63% believe that they can one up their competitors by increasing marketing budgets, and 61% also believed that this was essential if they wanted to make it to the other side of the current financial crisis. Furthermore, 30% of marketing professionals who want to increase budgets are saying that they want to avoid losing any momentum, and an increased budget can be useful for that with all things having been considered and taken into account.

Moreover, 71% of marketing professionals said that they plan to divert some dollars to print media. That is quite interesting since it seems to suggest that print media still has some mileage left, but in spite of the fact that this is the case 66% of marketing budgets will still be going to digital.

Still, the renewed focus on print media could mean that it will survive for longer than might have been the case otherwise. With marketing budgets increasing, there may be an abundance of opportunities for both print as well as digital to find new and better sources of revenue, and that will do a lot to improve things across the board. 2023 is shaping up to be a great year for marketing, and increased budgets will create a lot of momentum as well as innovation within the field.

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