Saturday, February 18, 2012

Annual Marketing Budgets for Suppliers in the Power Industry

The overall size of the marketing budgets of power industry supplier companies reveals the current investment into this area by competitors. The average size of the global, annual marketing budget of power industry supplier respondents in 2009 was US$3 million (€2.3m), a figure that has declined to US$2.8 million (€2.1m) in 2011 according to this report from ICD Research. This implies that companies have a keen focus on continued cost control to adapt with lower demand and are therefore exercising caution in allocating their marketing budget.

For 2011, 75% of supplier respondents projected low marketing budgets of less than US$250,000 (€190,287). The advancement of technologies such as email and social media marketing has increased focus on these low cost and highly effective marketing channels. Companies are spending an increasingly higher proportion of their marketing budgets on more effective marketing strategies. In order to reduce their marketing expenditure, many supplier companies plan to enhance the internal alignment between sales and marketing functions, which will enable them to create consistent messaging using limited marketing resources.

This table shows the annual marketing budgets of respondents from 2009 - 2011 (©IDC Research)

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