Have your budgets gone up?
We’re feeling good about the market, and according to the latest IPA Bellwether report, it seems you are too.
IPA Bellwether reports that marketing budgets have been revised up at the highest rate in six years, giving brands and agencies optimism in the wake of the recession. The survey also found that companies were more confident about their prospects, with 43 per cent of the panel reporting to be more upbeat than they’ve been since the third quarter of 2009.
It’s not just optimism that’s increasing, with budgets currently residing in the highest position since the recession began – with nearly a quarter of marketers revising their marketing budgets upwards. Even more positively, the report has seen reports that more than 13 per cent of companies are planning a net increase this year.
Online spend is the key factor behind the budget growth, with a net balance of 17.4 per cent – a pronounced improvement on last quarter’s eight per cent. Coming up closely behind, PR budgets are seen to be increasing up to three per cent, followed by sales promotion and advertising rising two and one per cent respectively.
IPA director general Paul Bainsfair commented: “This is very encouraging, with the upward revision of marketing spend in Q2 the highest for almost six years. Companies are beginning to shake off the cloak of recession and are becoming more confident in the economy.”
Our managing director, Mark Littlewood, comments: “It’s great to see an uplift in optimism for this financial year, with businesses actively displaying a growing confidence in marketing ROI. Strategy is key during this recession and its resulting budget restrictions, and here at oneagency.co we are confident in creating successful client-agency partnerships and maximising marketing effectiveness and outreach.”
If you’re looking to increase your budget and need advice on how to maximise ROI, call us now on 01603 252555.