14 Navigating today’s product marketing landscape Product marketers, though, can’t afford training with their limited budgets. $1M+ $0 - $10,000 7.4% 17.8% $501,000 - $1M 14.1% Annual product $11,000 - $25,000 $251,000 - $500,000 marketing 12.9% 6.7% budget $26,000 - $50,000 $101,000 - $250,000 8.6% 15.3% $51,000 - $100,000 14.1% Over 50% of product marketing teams have annual budgets of under $100,000. Much of that is spent on software and tools, customer research, content creation, and conferences – leaving precious little cash for L&D. On average, only 6.1% of product marketing’s already humble budget is spent on training and professional development. Of course, the training budget might sit with HR in some organizations – the larger ones especially. Still, the allocation percentage here is a concern, given how pressing the need for employee training is. 13.5% - Software and tools 12.9% - Customer research 11% - Written content 11% - Conferences and networking events 10.4% - Paid advertising 9.2% - Competitive research 9.2% - Video creation/editing Area of spending 8.6% - Design 6.1% - Training/professional development 4.9% - Hiring and recruitment 10.4% - We don’t have a budget Source: State of Product Marketing Report 2022