How much should I spend on Marketing in 2023?

Let's break down the average marketing spend for companies of different sizes.

As we look ahead to 2023, one of the most common questions on the minds of many business owners is “What is the average budget spent on marketing?” The answer to this question depends largely on the size of the company, its industry, and its goals.

Generally speaking, the average budget spent on marketing in 2023 is likely to increase compared to previous years. This is due to the fact that companies are becoming increasingly aware of the need to invest in marketing in order to remain competitive and meet their growth objectives.

For small or medium-sized businesses, the average budget spent on marketing in 2023 is likely to be around 5-7% of their overall budget. This is a significant increase from previous years, when the average was around 3-4%. This is largely due to the need to invest in digital marketing, which is becoming increasingly important for businesses of all sizes. Digital marketing includes activities such as search engine optimization, social media campaigns, and content marketing.

For larger companies, the average budget spent on marketing in 2023 is likely to be around 10-15% of their overall budget. This is a significant increase from previous years, when the average was around 5-7%. This is largely due to the need to invest in more sophisticated marketing activities such as marketing automation, AI-powered marketing, and programmatic advertising.

No matter the size of your company, it is important to recognize that marketing is an essential part of any business’ success. As such, investing in marketing should be a priority in your budget for 2023. By investing in marketing, you can ensure that your company remains competitive and reaches its growth objectives.