NP Digital, a leader in performance marketing, has released its 2023 Marketing Spend Report. Based on responses from 8000 marketers worldwide, the report reveals businesses will increase their marketing budgets next year with a shift toward digital marketing channels.
Highlights of the 2023 Marketing Spend Report include:
- 83% of companies are increasing their content production budget.
- 68% of companies are increasing their SEO budget.
- 98% said they would invest in AI tools in 2023.
- With Google and Bing ads, most companies (59% and 47%, respectively) are looking to increase their budgets.
- The majority of marketers will decrease the amount allocated toward traditional advertising methods, including television (71%), radio (76%), print (89%), and billboard (74%).
“These findings show that businesses are continuing to prioritize marketing as a key driver of growth and customer engagement,” said Mike Gullaksen, CEO of NP Digital. “The shift towards digital channels and the increasing emphasis on content marketing demonstrate the need for businesses to adapt to the changing landscape of consumer behavior and preferences.”
Social media marketing budget allocations will undergo a significant shift in 2023.
- 84% plan on increasing their TikTok ad spend and view the platform as a major untapped opportunity.
- 57% plan on increasing their LinkedIn budget, the main reason being that they feel it is the best platform to target their ideal B2B customer.
- 34% plan on decreasing their ad spend on Twitter. When asked why, many responders said that they don’t agree with how Elon Musk is running the platform and the changes he’s made.
Businesses will spend more on content marketing to engage customers and build brand loyalty.
- 83% are increasing their content production budget to create content across multiple formats, including video.
- 92% are planning to increase their podcasting budget in 2023.
- 84% are increasing their spend on community building.
Marketing spend will increase in 2023 to compete in an increasingly crowded and competitive marketplace.
- B2C marketers expect their 2023 marketing budgets to remain the same (51%) or increase (26%.
- B2B marketers expect their 2023 marketing budget to stay the same (45%) or increase (34%).
For more information on NP Digital’s 2023 Marketing Spend Report, visit https://neilpatel.com/blog/2023-marketing-spend/. High-res data visualizations available for download here.
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