Web Marketing budgets for British SME’s set to increase in 2012

by Stephanie Weber

in Marketing Company,Web Marketing

After a poor year in 2011 where the average web marketing spend remained the same, or even slightly dipped, it appears that British companies are feeling more confident for 2012, with marketing budgets set to increase.

According to research carried out annually by MindMetre Marketing Barometer, confidence amongst British firms is considerably higher than in 2011. It surveyed more than 2,000 British SME’s of varying sizes and found that:

  • 57.1% of British companies plan to boost their marketing budget in 2012
  • Only 18.6% intend to reduce their marketing budget in 2012
  • A net proportion of 46% of Britain’s largest firms (1,000 or more employees) intend to increase marketing spend this year, compared to 36% of SMEs (under 250 employees)
  • Regionally, businesses in the South East display the highest levels of confidence, showing a net upward revision of 48 percent, while firms in the North East display the gloomiest outlook for 2012, with a net proportion of just 24% of firms planning on upping their marketing spend.

So what does this mean for your business?

It says that last year many British firms made the tough decisions in terms of reducing their budgets, increasing their efficiency and cutting out any waste – just to survive. Those decisions are starting to pay off with the shoots of growth finally beginning to show again. With growth comes the need to market your business above that of your competitors.

As in nature, only the strongest will survive. Sitting on the fence and maintaining the status quo of saving money but also not spending money is not going to be a successful strategy for business growth. The British firms prepared to see the opportunities and invest money in marketing their businesses will see even better success than in strong economic times. Just as a property investor positively looks forward to times of recession for adding to their portfolio when the more timid investors lose their nerve and hold off.

At the very least, keep an eye on your competitors. If they are hiring marketing companies to assist with their online marketing strategies whilst you are not spending anything, it is obvious that they will obtain a greater market share quicker than you. You may not see this as a threat, but the next step will be your own clients moving across to your competitors.

This is no time to hesitate or play it safe. Business is about taking calculated risks and staying ahead of the competition. Embrace the change, and see the opportunities that are available during these unique times. Bill Gates started Microsoft during the last recession and it certainly didn’t do him any harm!

 

 

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