99% of Businesses Plan to Up Digital Marketing Spend Next Year
More than $500K are being invested every year in digital marketing by nearly half (41%) of businesses with 100+ employees. That’s according to a US-based survey of 501 marketers by small business publisher The Manifest, at least, here's a new approach according to which how companies invest in digital marketing, and how their investments are set to change in the year ahead.
While digital marketing became the golden chance to boost businesses, more than three-quarters (76%) agreed that marketing has changed more in the past two years than the entire 50 years before. It’s a mindset that’s seeing traditional marketing formats - such as pamphlets, billboards, flyers and print - slip off the priority list. Instead, 99% of Manifest’s respondents that said they planned to up spend on “at least one” digital marketing channel in the next year.
Aylin Cook said in one of his interviews that, “Everyone is online, all the time, and digital marketing is crucial in reaching this huge audience where they are,” , head of content marketing at digital marketing agency Single Grain. “In comparison to an ad in a newspaper or a billboard, which reaches a finite market, most of the world is online.”
“They’re the strategies that business owners are most comfortable with,” explained Flynn Zaiger, CEO of Online Optimism. “If you’re trying to make a decision that will at least guarantee some sort of results, chucking money at social media or your web designer will make something happen.”
Research from mentors showed up that, marketing intelligence firm Warc yesterday revealed its Martech: 2019 and Beyond report, where it suggested that traditional media spend is being ousted by marketing automation tools for email and social, which has seen spend increase by 44% in just the last year. Meanwhile, Zenith also predicted that total spend on social media advertising was set to grow by $28bn (£21bn) to reach $76bn (£58bn) by 2020.
Indeed, nearly two-thirds (64%) of businesses interviewed by Manifest said they planned to spend both more time and money on social media marketing (64%), while optimising their websites was a priority among 55%.
According to Jeremy Greenberg, founder of web design and digital marketing agency 97 Switch, the lack of control businesses have with online advertising is likely the reason they are choosing to invest less in it: “A lot of businesses may not be paying as much attention to display or paid search advertisements because they may not know how to track the results,” said Greenberg. “Businesses may think the prices are too high based on their margins to convert sales.”
Interestingly, businesses plan to put less resources on display and banner ads (19%), despite the ever-growing prevalence of programmatic buying. The study also found that paid search advertising will see spend among just 18%, contradictory to Zenith’s forecast that the channel is on a $22bn growth trajectory in the next two years.
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