Are you changing your marketing plan because of inflation, the recession, and other issues that are beyond your control? If so, you’re definitely not alone.
Are you wondering how other SMBs are reacting to these economic changes? We definitely were. Here’s what we learned.
Find out where savvy marketers are investing right now.
Search engine optimization
Many marketers are investing in search engine optimization (SEO). Although it typically takes longer to see results, SEO can provide a higher return on investment (ROI) than paid advertising.
Organic social media
Some companies are increasing their organic social media budget due to Apple’s anti-tracking initiative. Because consumers can opt out of having apps track their internet activities, performance marketers are having difficulty knowing whether their offerings are being purchased immediately after seeing their ads.
Since many users opt out of having Facebook track their activities off the platform, marketers are unsure of the effectiveness of their Facebook Ads. As a result, many marketers are spending less on social media ads due to declining ROI and relying more on organic traffic.
Content creation
Content creation in multiple formats is increasing. Video is especially important for engaging customers and encouraging purchases.
Artificial intelligence tools
GPT-3 (third-generation generative pre-trained transformer), Dall-E, and ChatGPT are among the artificial intelligence (AI) tools being used to increase marketing efficiency. Automating content creation saves money, reduces the amount of time spent on creating content, and reduces the number of employees creating content.
Email marketing
Most companies are increasing their email marketing because their list sizes and costs for housing email addresses are increasing. Also, companies are spending more to ensure compliance with privacy laws. Plus, email marketing automation facilitates communication with current and potential customers.
User experience
Most marketers are increasing their user experience (UX) and conversion rate optimization (CRO) budgets. The rising cost of ads means CRO helps provide a stronger ROI. Also, UX is an important part of the marketing experience.
Podcasting
Podcasting is being more widely implemented as a marketing channel. Increasing brand recognition, providing value, and elevating revenue are among the top reasons why.
Search ads
Google and Bing ad spend is increasing because of their clear ROI. Common reasons are that the average cost per click is decreasing and fewer people are searching for the keywords that marketers were bidding on.
Social ads
Many marketers are investing more in YouTube and Pinterest ads due to profitability and scalability. Also, TikTok is being viewed as an untapped opportunity that can lead to a desirable ROI. Additionally, most B2B marketers are increasing their LinkedIn ad spend because the platform lets them target their ideal customers. Bottom of Form
Need help creating your marketing budget?
BARQAR’s team of digital marketing experts can work with you to develop a marketing budget to help grow your business. Find out more today!
