RedEye spoke to 200 marketers in a range of B2C businesses both big and small about their budgeting processes, how they are managing budgets during Covid-19, and the effects that the pandemic will have on the marketing purse strings in future.
This four part infographic series visually tells the story facing UK marketers during 2020 and into 2021, and each infographic is loaded with valuable key findings and insights. Highlights include:
- 74% of organisations experienced budget cuts as a result of COVID- 19
- Marketing Technology (15%) will overtake Events as the second most spent-on budget allocation for 2021
- 65% of businesses are planning to invest more in digital during 2021
- 42% of marketers are going to allocate budget to help understand and action their data
- The top challenge facing our marketers in 2020 was Customer Retention (26%)
- 56% of marketers believe that top tier management should be in charge of setting the final budget
In Part one 'Covid-19 and the effect on Marketing Budgets' explores how marketers are setting budgets, how they allocated marketing spend pre and post Covid-19 and what spend will look like in 2021.
In Part two 'A digital first world requires a data first mindset' details what marketers are planning to invest in with their digital transformation projects.
In Part three 'Business challenges and the path ahead for marketing decision makers' highlights the key challenges of 2020 and the top priorities for 2021.
In Part four 'Uncovering the people behind budgetary decisions' identifies the decision makers who set marketing bugets and what funds will be allocated to new activities in 2021.
