With 4 months more to go before 2017 starts, it is time to pull up the socks and decide how to manage your marketing budget so that you start the New Year on the correct foot. But is it really that easy to decide on the whole year’s marketing budget? Don’t you need to take into account the changing trends and threats that might disrupt your plan? Of course you do. To ensure that you are well prepared in advance, we have shortlisted 7 trends that you need to consider if you wish to play safe.
Insight #1: in store offers – especially for the Millennials
Instead of offering a general offer to all your customers, target them store wise. What we mean is that create an opportunity to provide relevant offers to your customers directly on their phones. Nearly 80% of the Millennials use their phone to check out products and services that they are interested to invest in. When you target them directly, you have a clear picture in front of you, how much to invest, what type of offer to give and so on.
Insight #2: Social Analytics followed by Social Budgets
No matter how much we all know the importance and significance of social media, yet there are many companies that still fail to use the potential of this medium. They hardly collect the information or check out the market trends and end up losing heavily because of this. 47% of the marketers are of the opinion that social media channels are going to be the biggest market players, 37% believe that email and websites will play the secondary role wile SEO will dominate 26% of the market. So you need to set aside certain portion of your budget for social media.
Insight #3: Video content is going to get bigger & better
Look out for video content. If the latest trends are anything to go by, you need to allot a particular budget for video marketing. 69% of marketers across the globe are of the opinion that there will be an explosion of videos across the different channels. If you wish to stay ahead, you need to take the plunge now.
Insight #4: Programmatic ads need to be considered
Digital advertising is getting replaced by programmatic ads. The efficiency of this medium is making it more popular and in demand. Humans need to sleep, take rest and even apply for leaves but with programmatic ads, robots are going to get the work done on behalf of humans. As such it save time and money both. At present it has captured 50% of spending in the arena of display advertising.
Insight #5: Prepare for Cross-Device Marketing – and Quickly.
With more and more users depending upon different channels to buy products and services, it becomes equally difficult to target their audience. They now not only have to keep track of which devices they are using but also keep a track of customer behaviour. The moment you have an understanding of this and have collected the relevant data, it will become easier for you to allot the budget.
Insight #6: Mobile to wearable device
While 4 out of 5 individuals use Smartphone on a daily basis but this place will soon be overtaken by wearable device. If as a marketer, you don’t take this factor into account, you will not be able to produce and distribute content to fit the format, the channel, the time and the place for your current and target customers.
Insight #7: Talent Game Plan
Over 30% of executive are of the opinion that lack of proper skills and human resources are preventing them from achieving the target results. If trends are to be considered then you will notice that 23% is hired in the web design domain, while 14% are recruited in the mobile and app development domain. Hence, as a marketer who wants to bring about the changes, you need to invest in technical acumen that will ensure effectiveness and the desired results.
Knowing where to invest, how much to invest along with the time when you need to invest makes all the difference. However, everything will fall flat, if you do not consider the up and coming trends that can alter the course of digital marketing. Get your 2017 Marketing Budget straight with these 7 trends.
August 22 , 2016
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