5-7% of gross revenue is expected to be spent on marketing and PR in 2024
Updated: Oct 26
The logistics and supply chain industry, an ever-evolving domain, has seen numerous shifts over the years. With 2024 on the horizon, businesses are gearing up to meet new challenges and seize fresh opportunities. An ongoing survey is diving deep into the PR and marketing budget conversations shaping this sector. Here are the standout findings so far:
1. Budgeting in Perspective
A predominant trend emerged when companies were asked about their PR and marketing budget for 2024 in relation to gross revenue. The majority anticipate allocating 5-7% of their gross revenue for these endeavors. This suggests a balanced approach, keeping in line with industry standards, and highlights the continued significance of PR and marketing in the sector.
2. The Challenges Ahead
As businesses shape their strategies for 2024, "Keeping up with changing customer behavior and preferences" emerged as the foremost challenge. This underscores the dynamic nature of the logistics and supply chain industry, where customer demands are in constant flux. Additionally, the emphasis on "Proving ROI of marketing efforts" suggests a pressing need for quantifiable results and measurable impacts.
3. Embracing Automation
The digital era's advent has ushered in a slew of advanced tools, with Artificial Intelligence (AI) being a prime contender. When queried about budget allocation for marketing automation technology, a significant portion of respondents signaled their intent to invest 1-3% of their marketing budget in such tools. This indicates a keen interest in harnessing the power of automation to drive marketing outcomes.
4. Outsourcing as a Solution
Given the industry's high turnover rates and talent shortages, businesses are increasingly looking at outsourcing specific elements of their marketing and PR programs. "Content creation" leads the list, reflecting the growing importance of content in establishing brand presence and credibility. PR and media relations, along with digital advertising, are also high on the outsourcing agenda, revealing the need for specialized skills and expertise.
5. Expectations from Partners
When it comes to expectations from outsourced marketing partners, "Expertise in niche areas" stands out as the top requirement. Companies are seeking partners who bring specialized knowledge to the table, offering insights tailored to the unique challenges of the logistics and supply chain industry. Additionally, "Flexibility in terms of scope and scale" and "Cost savings" highlight the desire for adaptable solutions that are both effective and economical.
Be a Part of the Conversation
The logistics and supply chain industry is poised for another transformative year in 2024. As businesses navigate the challenges and opportunities that lie ahead, clarity is needed on how marketers can best reach their target customers, and get their solutions in the hands of users. Join the conversation by completing this 5-minute survey today.
Gitte Willemsens PR & Brand Communications Director