05/10/2024

How to Prioritize Digital Marketing

Your association could be doing a better job with it

A well-planned marketing budget is not just a number but a strategic tool that enables success. HubSpot forecasted that 2023 marketing budgets would comprise about 13.6 percent of a company's total budget in 2023. It's clear that strategic allocation aligned with industry benchmarks is crucial, yet many associations fall short, allocating as little as 1 percent to marketing, significantly below the 10-15 percent industry specific benchmarks. This underinvestment is a barrier to realizing the potential for revenue generation in both membership growth and nondues revenues.

Insights into a Typical Marketing Budget

According to Deloitte’s Annual CMO Survey, marketing was expected to comprise about 13.6 percent of a company’s total budget in 2023, marking a significant increase from previous years. This uptick, even in the face of a looming recession, signifies the critical role marketing plays in a company’s sustainability and growth.

HubSpot explores how investment priorities are shifting, with traditional advertising giving way to digital platforms like social media, with Facebook and TikTok seeing significant budget allocations.

Please select this link to read the complete article from ASAE’s Center for Association Leadership.