State of Product Marketing report 2023 Product While money doesn’t always equate to success, there’s no doubt it’s easier to do your job when 昀椀nancial marketing constraints are loosened. In 2022, product marketing budgets worked on a sliding scale. At one end of the spectrum, 17.8% of PMMs budgets were forced to be frugal and juggle a small budget between $0 - $10,000, while 14.1% had a budget of $500K - $1M. The most common budget criteria in 2022 was $101,000 - $250,000, with 15.3% of participants selecting this option. So, with context and revisitation done and suited, here’s what the 昀椀gures looked like when we asked product marketers how much is being spent annually on product marketing at their company in 2023. The responses across all categories were, by and large, evenly distributed, with no clear cut budget standing out. However, the 昀椀nding that did set our pulses racing (and not in a good way) was that a staggering 35.8% of product marketers said they don’t have a PMM budget in place at their company. In light of this surprise takeaway, we asked our crop of product marketing representatives what message they’d give to companies that aren’t setting any budget aside to support their product marketing teams. “I’d focus on partnering with the CFO and understand the current levels of Gross Margin Per User for each product line. Understand the trend over time and if this is increasing vs the baseline you can ask for the difference in $ value to invest and further increase the growth. “The point is you need to justify what is the minimum spend required to drive a respectable ROI. Product marketers need budgers, otherwise, you end up sticking to earned and owned channels that’ll diminish over time as paid media supplements the growth. The role cannot 昀氀ourish if you have next to no budget.” Sandeep Bhara, Marketing Director in Fintech 89