Marketers are becoming increasingly confident about their future prospects, new research has revealed.
According to the latest IPA Bellwether Report for the third quarter of 2014, the net balance of companies feeling more optimistic stands at +38.6 per cent. This compares with +37.5 per cent between April and June this year.
The upturn in confidence has led to many marketers putting more money into promoting their brand, with a net balance of +12.6 per cent of companies saying their marketing spending went up in Q3.
Chris Williamson, chief economist at Markit and author of the report, commented: “Companies remain bullish about the business outlook, ratcheting up their marketing spend once again and adding to prospects of the economy continuing to grow strongly as we head towards the end of the year”.
He said the findings paint a “remarkably positive picture” with companies gaining confidence and this being reflected in them “ploughing more money into budgets that had already been set higher at the start of the year”.
As a result, Mr Williamson is confident 2014 will turn out to be the best year in terms of marketing spend growth since the survey started 15 years ago.
Paul Bainsfair, director-general of IPA, added that a combination of sustained confidence and ongoing investment in marketing budgets has enabled the industry to “innovate and diversify”, as well as drive business growth.
He said it is good to see that businesses are making the most of the favourable economic climate, as well as “adapting to the complex media landscape”.
Internet and main media advertising saw the biggest upwards revisions during the quarter, with the figures going up by 14.5 per cent and 9.2 per cent respectively. Strong growth was also recorded in events, direct marketing and PR.
Posted by Robin McCrink