UK marketing leaders are gearing up for a ‘bullish’ 2024, with greater than 70% planning to boost digital budgets this 12 months, latest data shows.
Following 4 years of economic flatlining and industrial pressures for lots of the UK’s top marketers, 2024 is predicted to see a resurgence in industry optimism, with increased investment being directed in key growth areas including AI, web sites, website positioning, broadcast and podcasts, in addition to email and content marketing.
The data from greater than 500 UK marketing leaders, commissioned by search-driven content agency No Brainer, is out there to in-house and agency marketers now. The first report is known as the 2024 eCommerce Trends Report.
In addition to No Brainer’s findings, a recent Statista report indicates the eCommerce market is about to reach a projected £100b ($124b) in the UK for the primary time in 2024, and eComm marketers are poised to make 2024 the 12 months they seize a greater share of consumer spending.
The report by No Brainer also reveals significant spending growth in key areas of marketing, with many marketing decision markers saying they intend to invest over 60% greater than they did in 2023 in the next areas:
- AI: 64% to increase spend by as much as 60%
- Website: 64% to increase spend by as much as 60%
- website positioning: 62% to increase spend by as much as 60%
- TV, Radio & Podcasts: 59% to increase spend by as much as 60%
- Email Marketing: 58% to increase spend by as much as 60%
- Content Marketing: 57% to increase spend by as much as 60%
- Digital PR: 57% to increase spend by as much as 60%
- Influencer Marketing: 56% to increase spend by as much as 60%
- Organic social: 56% to increase spend by as much as 60%
- Paid search: 55% to increase spend by as much as 60%
Some of the best budget increases got here from marketers working in sectors including Education with 69% increasing by up to 60%, Finance with 64% increasing by up to 60%, and Retail with 56% increasing by over 40%. Only 14% of marketing decision makers said they’ll be dialling back on budgets in 2024.
Gary Jenkins, Director at No Brainer, said: “Four years of rising costs, inflationary pressures, and squeezed budgets has made life tough for UK marketing leaders tasked with delivering growth, but we’re expecting to see that turn around in 2024 with many taking a more bullish approach in terms of spending power.
“This is great to see, and never simply because we play in this space, but because if businesses of all sizes are serious about recovery and growth, then investing strategically in the best areas of marketing is crucial. Sadly, in difficult times, these are the things that may often be the primary cut.
“When every penny matters, prefer it has in recent years, then there’s a laser concentrate on marketing leaders proving the worth of each pound they spend, and quite rightly. It’s got everyone difficult the ROI of their spending across every marketing sector, and the identical rule should apply with these increased budgets.
“It’s about putting them to best use. A solid, strategically planned marketing strategy can unlock latest audiences, drive more revenue from existing ones, and drive more brand loyalty and advocacy, so it’s still a case of spending smart, even when spending more.”
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