A well-planned marketing budget is not just a number but a strategic tool that enables success. HubSpot forecasted that 2023 marketing budgets would comprise about 13.6 percent of a company's total budget in 2023. It's clear that strategic allocation aligned with industry benchmarks is crucial, yet many associations fall short, allocating as little as 1 percent to marketing, significantly below the 10-15 percent industry specific benchmarks. This underinvestment is a barrier to realizing the potential for revenue generation in both membership growth and nondues revenues.
According to Deloitte’s Annual CMO Survey, marketing was expected to comprise about 13.6 percent of a company’s total budget in 2023, marking a significant increase from previous years. This uptick, even in the face of a looming recession, signifies the critical role marketing plays in a company’s sustainability and growth.
HubSpot explores how investment priorities are shifting, with traditional advertising giving way to digital platforms like social media, with Facebook and TikTok seeing significant budget allocations.
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