10 Findings Indicate Booming Budgets for Digital Marketing [Infographic]
Welcome to the digital marketing party.
Checkbooks have sprung open. Expectations are flying high. It's boom time on the new media frontier.
If you’ve been paying close attention (as we do) and tuning into market data, you’d know there’s been a slight decline the past two years in companies increasing their investments in digital marketing technology. Not so this year.
New research from Econsultancy and Oracle indicates:
77% plan to increase investment in digital marketing.
The data represents the largest year-over-year hike in the six years Econsultancy and Oracle has been publishing an annual marketing budgets report. The 64-page monster reports bullish numbers from a survey of almost 600 company and agency marketers.
We’ll look at ten that jumped out at me.
This year, 34% will invest more than half their marketing budgets on digital.
This number’s never been higher. As you might imagine, as companies increase investments in digital, many make room by decreasing their budgets in offline channels.
Why is the money flowing into digital? There are likely to be many reasons. This one’s worth noting:
72% say it has become easier to secure buy-in from the board for stepping up the digital marketing budget.
It takes technology to make digital marketing work and the survey findings obviously reflect marketers will bet big on wares and services.
79% plan to increase their investment in digital marketing technology
- A/B and multivariate testing (50%)
- CRM (48%)
- Marketing analytics (42%)
It takes people to make digital technology work, so hiring looks hot too.
54% of agencies indicate their clients plan to recruit more people into their digital teams in 2015.
The figure represents a 17% increase over last year. If you’re a marketer with digital skills, your job prospects could be sunny.
So we have bigger budgets. Greater buy-in from the boardroom. More tech. And more experts.
Now, which channels will digital marketers channel their investments into?
PPC commands the largest proportion of digital marketing budgets.
Paid search is also the highest rated for “ability to measure ROI.”
Apparently it pays to pay for clicks.
Content marketing places second and continues to see immense growth.
73% report they’ll be increasing their content marketing budgets in 2015.
Confidence in content marketing continues to soar. Is it based on faith? Ironically, for the “ability to measure ROI” cited in finding #7, content marketing was actually the worst rated. You can bet technologists are looking at this challenge.
For more insights inside our 8th finding, let’s look at the top 8 boomers:
- Content marketing
- Lead generation
- Email marketing (for retention)
- Data management
- Video advertising
- Mobile marketing
- Marketing automation
While it’s interesting to see how the tactics stack up, it bears noting the degree to which many are interdependent.
The marketing budgets report concludes its executive summary with this:
“There is some evidence that 2015 will be the year of the customer, which was identified as the single most important area of digital focus for the year ahead.”
Companies are 35% more likely to increase their budgets for cross-channel/multi-channel campaign management technology.
74% agree or strongly agree that they are working towards delivering cohesive customer experiences
“What is the single most important area of digital focus for your organization in 2015?”
The report called out a sample of answers reflecting the move toward the cohesive customer experience.
“Analysis of the customer journey and reducing the number of messages whilst increasing their effectiveness.”
“Customer experience and building continuity between the digital channel and the in-store experience.”
“Full customer journey management and personalization across all channels to fully understand ROI at customer level.”
“Providing a consistent experience across all digital channels for our prospects and existing clients.”
“Being able to better measure ROI, so that we know where and what to spend on in the digital world.”
Want even more numbers? You'll love this...