Some B2B businesses experiencing capacity limitations are asking what to do about marketing spending this year. Others see opportunities to grow amid a shifting business landscape. Whatever your business situation, setting your B2B manufacturing marketing spending strategy is big decision.
I often get asked, “How much do most manufacturers spend on marketing?”
Here’s what we know from the national CMO August 2021 survey:
This means that a $20M manufacturing firm will budget about $900Kper year on marketing and spend about $45K per month on digital marketing. How does your marketing budget compare?
Some companies need to overcome supply chain, workforce, and/or economic challenges before they can start adding new customers again.
In contrast, your firm may be among the companies eager to continue acquiring new customers in 2022. Perhaps your product lines have been less affected. Or, you may be like some companies we partner with that have diversified to serve thriving industry sectors.
If you find yourself among the companies struggling to keep up with demand, beware of cutting marketing spending too drastically. Doing so could give your competition an advantage in the recovery.
Think instead about how best to allocate your budget to meet your outcome goals—more about that in my next post.
In short, plan this year’s B2B manufacturing marketing spending strategy with the future in mind. What do you want your pipeline to look like in a year or 18 months? Spend now to make that a reality.
Image credit: eMarketer