With a global financial recession looming (already here?), 2023 looks like a tough year for marketing budgets. However, the outlook varies considerably by industry and company size.
Overall, 58% of marketers project flat or reduced budgets for 2023, up from just 26% in 2022. Midsized companies (those with 500 to 5,000 employees) are most likely to cut spending. But very small companies (11-50 workers) were actually most likely to increase marketing budgets this year.
Those are just a few of the findings from the Marketing Manager Mindset Report 2023, recently published by Livestorm, Mention, and Jotform. This 65-page report is packed with facts, stats, and insights marketers can use to inform adjustments to their planning and strategy as the year goes on.
Here are seven findings from the report worth highlighting.