A survey commissioned by Edit Optimisation reveals that many businesses and organisations should spend the majority of their marketing budgets on web based streams in 2013.
“The Importance of online marketing cannot be over estimated. In many ways it is eclipsing television and radio”.
In a new survey of marketing companies, consultants, analysts and digital agencies, the results show respondents believing that on average 76% of any marketing budget should be spent on web based and digital marketing. Only 17% of the budget should be allocated to traditional advertising methods such as the printed press, television and radio with the remaining money being held in reserve, to allow the marketing department the flexibility to take advantage of any new opportunities that might arise during the year.
“Online marketing gives you far more bang for your buck”.
James Lovett, Core Technical Solutions
The research found that marketing experts agreed on the importance of web based marketing and believe that this will increase in the future, while the effectiveness of more traditional methods, such as television and radio advertising, will decline. This was highlighted, when the respondents were asked to allocate a hypothetical marketing budget, to promote a new product. On average they chose to spend 67% of their budget, on web based activity, and only 33%, on traditional media advertising, with a significant number of respondents, ignoring traditional media altogether.
Given a budget of £100.000, the respondents would spend on average £17,000, on pay per click, £11,600 on online PR, £9,900 on SEO, £9,900 on social media, and £9800 on social media, while they were only prepared to spend £7,000 on print ads, and £6.500 on television advertising.
“The key with marketing in today’s climate is to be as flexible as possible”.
Mary Doyle, DQ Global
Marketing expects also recommend that businesses develop marketing strategies, that are as flexible, both financially and creatively, as possible, and that a reserve fund is built into a marketing budget, to allow the company to take advantage of any unforeseen advertising opportunities.
“Allocating your marketing budget starts with allocating your online marketing budget”.
Although economic conditions remain tough, most experts expect the economy to grow in 2013. With many independent analysts, including IPA Bellweather, predicting that 23% of companies, will cut their marketing budgets, while only 18% intend to increase spending, it is more important than ever that marketing campaigns are as focused and flexible as possible, if companies are to prosper in the coming year.