Marketing budgets are typically divided into several areas, including advertising, content creation, account-based marketing, and technology and tools. The exact allocation of these funds varies greatly between B2C and B2B marketers. B2C marketers tend to allocate their budgets evenly across all areas, while B2B marketers allocate less of their budget to technology and tools, with a greater focus on content creation, advertising, and account-based marketing.
However, the trend is shifting, and investment in marketing technology and tools is steadily increasing. Marketers are now relying on 50% more data sources than they were three years ago, and the number one priority for Australian marketers in 2023 is to improve the use of the tools and technologies they have invested in.
In addition to the need to improve tool usage, there are also challenges related to ineffective use of technology. This issue ranks number three in the top challenges for marketers. Another concern for marketers is the impending changes to privacy laws, with creating a first-party data strategy ranked second in the top three actions marketers are taking to prepare for these changes.
Overall, the shift towards greater investment in marketing technology and tools is driven by the need for more data and insights to inform marketing decisions and the desire to be more effective in using these tools to drive business results. Marketers are recognising the importance of technology in creating a competitive advantage, and they are increasingly allocating a larger portion of their budgets to this area.
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