Digital marketing budgets are on the move. That’s according to a new report from Gartner.
Gartner’s newest survey reveals that digital marketing budgets will rise by 10 percent this year, following a double-digit percentage increase last year.
The data in question was gleaned from a survey of marketing executives conducted by Gartner.
The survey found that, on average, companies spent 10.7 percent of their annual 2013 revenue on overall marketing activities, with digital marketing spending averaging 3.1 percent of revenue.
These findings are included in Gartner’s Digital Marketing Spending report that is based on a survey of 285 individuals located in the U.S., but answering mainly for their entire organization (only 21 percent reported U.S.-only data). Respondents represent organizations with more than $500 million in annual revenue (average revenue $4.4 billion) across eight industries: financial services and insurance, high-tech, communications, manufacturing, media, retail, government and healthcare.
“Marketing leaders are securing bigger budgets to define markets, develop offerings, and attract, acquire and retain customers,” explains Yvonne Genovese, managing vice president at Gartner. “Digital marketing is taking an increasing share of the marketing budget with annual digital marketing operating budgets totaling 3.1 percent of a company’s revenue in 2013, as compared with 2.6 percent in 2012, representing a 20 percent increase.”