Here’s why companies are increasing their marketing budgets for 2024. Why Businesses Will Increase Their Marketing Budgets . Check out the breakdown of where they’ll be investing and why.
As the calendar turns to the fourth and final quarter of 2023, it’s time to budget and plan for the year ahead. While talk of a possible telegram data recession still hangs over many businesses, marketers see plenty of opportunity in 2024 and are putting more money into their budgets to attract and retain customers.
A recent Taradel marketing survey found that 94 percent of small businesses plan to increase their marketing budgets in 2024. Gartner research shows similar statistics, with companies planning to keep their marketing budgets in the 9% range after they dropped to 6.4% in 2021.
Those who see the new year as an opportunity have a much better chance of success than those who prepare for the worst and cut marketing budgets to save money.
Marketing strategies that companies plan to invest in
So where does all this money go and how do businesses see it helping them grow and succeed? Here are the key areas that companies are investing in to support and grow their businesses.
Social media
In 2024, no one will be shocked to learn that companies plan to invest in social media because it has been a hot topic for years. In 2022, companies reported allocating up to 10-30 percent of their overall advertising budget to social media.
The key in 2024 will be preparing a commercial offer – the most common mistakes finding the platforms and types of content that resonate best with your audience. For companies that have yet to find much success with the platform, this may mean spending the first quarter testing different types and tones of content on the platform. But companies that are already seeing engagement will be looking to capitalize on that engagement by engaging prospects more strategically and investing more in developing content similar to what’s resonating well with customers.
How companies allocate their social media advertising budgets also varies depending on their audience, as each platform attracts a different audience. The most popular advertising platforms for social media spending are Facebook, Instagram, LinkedIn, and TikTok.
Direct mailing
At first glance, the return of direct mail to marketing budgets may seem surprising. But new research shows that direct mail goes hand in hand with online advertising, especially on social media.
With so many people crowding india number list into the digital marketing space, companies are looking for ways to stand out and be remembered. Strategic direct mail pieces can help amplify messages across other channels to guide customers toward conversion and entice them with special offers delivered to their inbox.
Geotargeting and a careful content strategy will play a vital role in achieving results from direct mail, as with any marketing channel.
SEO
Finding activity through organic traffic is a priority for most companies. While many also plan to invest in search advertising, organic rankings provide much more long-term benefits.
Statistics still show that 95 percent of all website traffic comes from search engine results on the first page, meaning you need a clear SEO strategy to see effective results.