Chart of the day: 11.1% of businesses budgets is spent on marketing activities on average
Research by The CMO Survey has found that 11.1% is the average budget spent on marketing. As shown in the chart below, 11.1% on average is how much businesses are spending n marketing. If your business is spending less than this, it's worth considering whether there are missed opportunities.
Across sectors, the research has found that marketing spend is mixed, but there are a number of industries that spend considerably more than others. Shown below is the percentage of budget spend on marketing in each sector listed. Energy, healthcare, media and tech industries are leading the highest average marketing spend
Digital marketing also dominates marketing spend across B2C and B2B sectors when compared to "traditional" marketing spend.
Marketing is also around 7.9% of revenues, showing similarities between budget assigned and percentage of revenue spent being quite similar.
Marketing spend based on revenue is highest for customer services industry and education.
It makes sense that marketing spend based on revenue and marketing spend assigned are close, not a hugely different as it shows how businesses are using revenue estimates to assign marketing and it shows the importance of marketing to businesses.