Recent CMO surveys and industry data show that marketing spend over the past year has reached the highest levels in the past decade. New research from fintech media firm Benzinga finds that from small businesses to public companies, there has been an increased reliance on technology that has created a broad shift in marketing heading into the second half of the year.
The firm’s latest data study. Marketing Spend and Statistics for Small Businesses, Industry-by-Industry and Sector-by-Sector, reveals that CMOs from companies big and small reported their digital marketing efforts are at an all-time high. Realistically, this makes sense. The rapid acceleration to a more digitized world has bolstered online ads and e-commerce, though in-person touchpoints are slowly being vanquished.
However, public companies are embracing this digital transformation more than small businesses, which is intuitive. This can be easily perceived by looking at the variance in marketing spend as a percentage of revenue between public companies and small businesses of the same industry. This variance is only set to grow.
Economic optimism from marketers is nearing all-time highs with a sharp increase from the start of the pandemic. This is just the beginning of a revolution. As the economy expands, so will marketing—both digital and traditional.
To analyze a possible correlation between marketing efforts in small businesses, public companies and various sectors, the firm examined the change in marketing spend and optimism for all of these entities. They did the same for:
- Source: Information Age