We wanted to know how many marketers are looking to increase or decrease spending on digital marketing channels for the year ahead or even keep it the same.
As part of our The State of Digital Marketing in 2024 report, we asked marketers if they're looking to increase their digital marketing spend for 2024.
Almost one-quarter of marketers said that they will have exactly the same budget as 2023 in comparison to 2024 for their digital marketing activities.
Another quarter said they will be increasing their budget by at least 20% for the year ahead. In fact, most respondents said they'd either be keeping their budget the same or looking to increase it by 10-30%.
That's over 90% of marketers who will have either the same or more to spend on digital marketing in the next 12 months.
Further research from WebFX shows that 53.2% of business leaders are planning to invest more money into digital marketing throughout 2024 and a further 23% will be investing the same amount.
Knowing that other marketers are looking to either increase their digital marketing spend or spend the same amount shows that digital marketing isn't going anywhere.
More brands than ever are recognising the need and the importance of digital channels such as SEO, Paid Search and Social Media. And our research shows that digital marketing isn't going anywhere in 2024. In fact, its importance is only going to increase.
Why?
It allows you to connect with prospective and existing customers who are browsing and shopping online. Research from Statista shows that over four in five customers are digital buyers. So many people are now researching the products and services they buy online and then buying them online - digital marketing gives you the chance to get your brand in front of these consumers.
Brands who are not investing in digital marketing when their customers are using online channels will struggle to grow in coming years as more and more businesses invest budget into digital channels.
We've all seen and felt the impact of the economic uncertainty over the last few years. But digital marketing isn't going to go anywhere, and our customers are not going to stop using the internet to research the products or services they want or stop buying online. Those businesses that continue to invest in the right channels and reach their audiences in the right places online will continue to thrive while their competitors are left behind.
With more businesses looking to spend the same budget or increase spending on digital marketing and even more starting to invest, competition is higher than ever. Plus, with marketing departments expected to deliver more results with the same budget or with an increased budget, getting the most from your budget is going to be more important than ever.
“The beauty of digital marketing when compared to traditional marketing is that you can measure and track your spend and understand the results you’re driving. Constantly analysing the numbers and understanding where performance is down or succeeding on a daily, weekly and monthly basis is essential for successful campaigns AND to make sure you’re getting the most from every penny you spend.
At Logica, we really get our heads into the data so we can provide our clients with recommendations on the changes to make to provide incremental improvements. However, be cautious when making changes - you need to give them time to work so don’t make too many at once. You could make a batch of changes to your campaigns which improve performance but you won’t know exactly which changes helped! Stick to a couple of changes at a time and really measure the impact.” Mark Skinner, Director at Logica Digital.
For more information on tracking and measuring your digital marketing spend to deliver the best results, read our blog: The importance of measuring and tracking digital marketing results in 2024.
2023 has been a tough economic year for UK businesses with a cost of living crisis, increases in energy bills, the Russia/Ukraine war and the reverberations of Brexit. With all this in mind, it’s so exciting and encouraging to see such a huge number of businesses planning to continue investing heavily in digital marketing. However, with businesses finding it tough financially into the beginning of 2024, digital marketing is under more pressure than before so getting the most from what you have will be essential this year.
Want to find out more about the state of digital marketing in 2024? Download our whitepaper for full details.
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