The results of a survey conducted by Forrester reveal that marketing budgets are up nearly seven percent for businesses. Among the top reasons for this increase are brand awareness and lead generation.
These numbers mark a reversal of a trend in recent years to cut marketing budgets and was led by tech-service companies, which showed a 17 percent increase. Other big spenders include finance and insurance firms and high-tech product providers.
The survey went on to demonstrate that the three biggest investment areas in B2B relations in 2011 are marketing and management, which occupy 21.3 percent of budgets, lead origination at 15.7 percent, and branding, at 13.5 percent.
Businesses are realizing how important branding actually is. By allocating more money toward marketing and branding, companies are giving themselves a better chance at being recognized from among the large pool of competitors out there. By establishing their brand presence online, through promotional giveaways, and in traditional media advertising, many businesses are reaping the rewards of increased brand awareness. It is amazing what simple online banner advertising or handing out promotional products at an industry tradeshow can do for brand recognition which is why businesses are ready to invest.