How Businesses Plan to Spend Their Marketing Budget in 2022
We’re already at the halfway point of 2021. And no, we’re not sure where the time has gone either.
Many of our clients are starting to plan their digital strategies for 2022 to ensure they spend their marketing dollars wisely.
If you haven’t started on yours, don’t worry—we’re here to give you a helping hand.
Marketing by the Numbers
In 2020, digital advertising spend stood at an estimated $378 billion. This figure is forecast to continuously increase in the coming years, reaching a total of $646 billion by 2024.
With businesses projected to increase spend by 15% between 2021 and 2022, we’re looking at where they are investing their marketing dollars and which methods will provide the best ROI next year.
The Five Steps to Making Digital Efficiencies
Many of our clients find that the best way to improve their ROI is by performing a detailed, third-party review of their digital channels. Taking stock of where you are and where to improve is a good place to start.
Once you’ve audited your current channels and strategies, consider our enhanced methodology, which may differ from what you’ll find with most traditional agencies.
1) Adjust your strategy to embrace international mindset and capitalize on fastest-growing market segments.
When growing globally, it’s important to identify areas where you could quickly make the most impact. Keep an eye out for areas where the demand is high and supply is low. This gives you the opportunity to grab market share early.
2) Leverage expert local resources in every mission-critical and emerging market to inform content and campaign strategy.
Working with a trusted third party who understands your target market could be the difference between failure and success. You only get one opportunity to make a good first impression, so it’s crucial to get it right.
3) Develop a cost-effective video production model efficient enough to support all channels and languages.
According to HubSpot, video is the number one form of media used in content strategy, overtaking blogs and infographics. It attracts far higher engagement than the written form. But keep it snappy! Anything over two minutes increases drop-off rate.
4) Excel at marketplace optimization while competitors delay taking advantage of this opportunity.
Learn which marketplaces are dominant for your chosen region and how to optimize well for them. Keyword-rich, high-quality content is key to increasing marketplace traffic and conversion.
5) Leverage technology to enhance efficiencies and free up more budget from admin fees that can be spent on acquisition and retention.
Automation is many of our clients’ best friend and reduces not only the time spent on admin tasks but also the use of internal resources that can be better placed on improving company growth.
By the end of 2021, total digital ad spend will reach $455.30 billion (20% growth year over year). Of that, 55.2% will go to display advertising and 40.2% will go to search.
Organic search is not only the primary source of website traffic, it also builds trust and credibility in new markets, improves user experience, and can help your brand discover new opportunities. Because organic search results are more trusted, they often drive more traffic and result in a higher number of conversions. Get it right, and it’s the gift that keeps on giving.
When growing internationally and entering new markets, building credibility and trust is crucial. Gaining an understanding of which search engines your target market uses is vital for success. This then allows you to correctly optimize.
International SEO strategies are backed by an understanding of international search behaviors. A third party who truly understands this can help with overseeing strategy, execution, and ongoing optimization for locales.
Show Off Your Display!
Display advertising is a great way to amplify your marketing campaign and catch the eye of your new target customer. Speak their language and ensure your tone is culturally appropriate to avoid any confusion or miscommunication.
Able to accurately target your customer based off behavioral, demographic, geographical, contextual, and keyword targeting, display offers an opportunity to quickly escalate your brand awareness in new territories. Tracking and consistent optimization is key to ensuring you are maximizing ROI.
Every digital strategy needs to be bespoke while leaning on sound fundamentals and proven models. This is why working with a partner who has decades of international experience is important.