Digital marketing is a rapidly growing, and changing field.
The power digital marketing gives brands over their messaging has never been greater. At the same time, digital marketing continues to evolve and continues to become more and more powerful. That’s probably the reason why over 40% of businesses with 100 or more employees now spend over $500,000 on digital marketing campaigns each year.
According to The Manifest who surveyed over 500 marketers about digital marketing and their future plans; over 75% of companies agreed that marketing has changed more in the past two years than the entire 50 years before. This mindset is seeing traditional marketing formats, like billboards, flyers, and print pieces become a lower priority for businesses. At the same time, nearly all (99%) of respondents said they planned to run at least one digital campaign in the next year.
Digital automation marketing formats like email marketing and chat bots have seen one of the greatest investment increases. Social media marketing efforts are also being prioritised. Nearly two thirds of the businesses interviewed by The Manifest (64%) said they planned to spend more time and money on social channels.
An interesting digital medium, contrary to the trend, is online display banners. Many businesses are planning on decreasing the resources put towards banner ads in favour for other digital advertising channels. This may be due to the last touch point attribution model favoured by most businesses when determining ROI and investment channels. As banner ads work on a brand awareness level, it is harder to prove their ROI, and many businesses may think the prices are too high for their immediate returns.
If you are not currently running digital campaigns, or are not making digital campaigns a priority, it may be time to take a look at the digital channels available to you.
Information consumption changes based on your target audience, so getting a sense of how your customers make purchasing decisions can help you better plan your campaigns. If your customers consume information via digital channels, your digital marketing budget should be prioritised.
What are your plans for digital marketing next year?
TL;DR;
- 40% of businesses with 100 or more employees now spend over $500,000 on digital marketing campaigns/year
- 75% of companies agreed that marketing has changed more in the past two years than the entire 50 years before
- 99% of companies said they planned to run at least one digital campaign in the next year
- 64% said they planned to spend more time and money on social channels
- Many businesses are planning on decreasing banner ad spend in favour for other digital advertising channels
Last modified: December 31, 2019
