How are your peers in the industry reacting to the market conditions this year? We recently conducted a survey on sales and marketing mid-year results and their approach to budgeting and planning for the coming year.
Over 75% of respondents are meeting or increasing sales targets.
In response to current market conditions, the vast majority of respondents are increasing investments in sales and marketing to build the 2023 pipeline. This ties to recent Gartner research on the topic. Increasing marketing activities can be challenging in the current hiring environment–most of our clients are having trouble recruiting employees. Our guide can help you retain and successfully recruit in a tight market.
Most survey respondents have experienced continued high demand, while some are seeing early signs of program delays as customers conserve cash, which increases the urgency of building a healthy new sales pipeline. Second to increasing sales and marketing budgets, other companies are taking steps to:
- Improve margins by rationalizing product lines and offerings (learn more about the 80/20 rule)
- Secure their supply chain with blanket orders for materials and other measures
Survey respondents shared how they put together their marketing budget, with most favoring a blend of bottom-up and top-down.
Does your company track with the trends we found? How is it the same, and how does it differ? As you plan your budget for next year, our worksheet can help set priorities. We're here to talk you through it.