Over the last decade, U.S. business leaders have dedicated on average between seven and 10% of their company’s revenue toward marketing budgets. Despite the coronavirus outbreak, this figure increased to 11% in 2020. This change is due to the strategic shift that most businesses adopted from brick-and-mortar storefronts to digital marketplaces amplified with digital marketing. However, in 2021 as businesses experienced the effects of the pandemic, supply chain disruption, and great resignation, marketing budgets dipped to 6.4% as a reactive solution to alleviate the financial implications of the market conditions. Then in 2022, U.S. businesses rebounded and increased budgets to 9.5%. This trend is expected to continue in 2023, with projections of 13.6%, as businesses remain resilient and protect their position in this highly competitive marketplace.

As consumer behavior evolves to alleviate the effects of the pandemic and looming recession, so will the strategies of businesses. Value chains will become more flexible, distributed, and nimble with a greater focus on transparency, performance, and reliability.

Strategic business leaders will adopt smart and responsible marketing programs that efficiently utilize budgets while delivering effective results. Implementing strategic reframing models will empower your business and reveal creative solutions to navigate economic uncertainty with confidence. To assist in this, shark&minnow has developed a Marketing Playbook to guide you on your journey in 2023.