Digital marketing and business go hand in hand. It’s vital that all companies start investing money and attention in the realm of digital marketing. Today’s blog post is going to take a detailed look at how most companies are doing this. We look at the main ways in which businesses are and should be investing in digital marketing in 2018.
Investing in Digital marketing encompasses a 1/3rd of overall marketing budget
Recent findings have shown that the majority of businesses are investing around a third of their overall marketing budget on digital marketing techniques and methods. Naturally, this varies depending on the type of business and its target market. But, the average falls in at around 36% – which is a substantial chunk of your budget. What we can learn from this is that your company may need to start investing more money in this field. Especially, if you’re struggling to see results from your existing strategy.
Around 80% of businesses invest over $50,000 per year
When it comes to the amount of money invested in digital marketing, reports suggest that over 80% of businesses in the US are spending over $50,000 every year. If you take a look at things in more detail, you find that a whopping 41% of companies are spending over $500,000 per year! This shows you how integral digital marketing has become a modern business. As such, for a domain to see the desired result, investment is key!
Businesses are outsourcing digital marketing
There’s been a common trend in 2018 that’s seen more and more businesses shift away from the concept of in-house digital marketing teams. Approximately a third of companies plan on outsourcing by way of a freelancer or marketing agency. Even those that do have in-house teams have expressed the desire to outsource shortly. This is seen as the smart approach to investing in digital marketing as you work with people who can provide an alternative perspective on things. What’s more, you get more bang for your buck as you can theoretically use an agency with dozens of employees that will all contribute to your strategy. This could mean you get a far more effective campaign, and the turnaround times are quicker too.
Almost all businesses plan to up their digital marketing investment
A recent survey found that 99% of participants plan to increase investing in digital marketing in the next year. This could involve spending more money on a particular channel/method. Maybe, spending more money on the people that help create the digital marketing campaign. Either way, one thing’s for sure; you should be prepared to keep increasing your investment in this domain.
The previous points all show you how businesses are spending their money – and how much they’re spending – on digital marketing in 2018. From this, you can spot trends and be prepared to alter your expenditure, so you don’t fall behind.
There are still many more things to discuss regarding this topic, but it’s impossible to fit them all into one post. So, stay tuned and look out for our follow-up article to this one.