23rd October 2018
Almost half of UK business leaders plan to boost spending in marketing in 2019, according to a recent survey by MHR Analytics, the data analytics software provider.
The survey polled 200 business leaders from medium and large-sized businesses and found that 49 per cent were planning to scale up their marketing spend in 2019. It also found that 46 per cent of respondents are planning to increase their sales budgets next year.
The research was conducted to analyse where organisations are expecting budget increases to appear and how companies are utilising big data to plan for economic challenges and fluctuations in the coming year.
When questioned about the use of big data in organisations, it was clear that it is driving investment decisions. A quarter of businesses said big data supports accurate decision making, 22 percent use it in product development and optimising their offerings and 16 percent rely on big data to understand business information.
Obtaining accurate data insights is becoming increasingly important to identify the right customers for organisations. The ever-growing shift towards personalised content is making data more valuable than ever for businesses.
Nick Felton, SVP at MHR Analytics comments: “The results are no surprise given the unparalleled changes in both consumer spending and digital transformation we have witnessed in a very short space of time.
“Retailers for example have had a particularly challenging year in 2018, brought about by changes in consumer behaviour, technology and buying trends. The successful businesses are those that have anticipated these trends, used the latest data to see the opportunities, and then marketed themselves correctly.
“An increase in marketing is proven to increase your customer base and therefore improve profits. But only if marketing and sales activities are properly analysed and based on sound data about what works and what doesn’t, and what is worth the investment.”
The MHR Analytics Data Surge Report and survey was conducted by independent polling company Censuswide.
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