The advertising dollar will be going strong in 2023 according to a recent survey published by NP Digital, surveying some 8,000 B2B and B2C marketers. In many instances, organizations are planning to increase advertising spend in key areas.
Among B2C companies, 26% plan to increase their ad budgets, with 51% maintaining and just 23% decreasing their spend. Among B2B’ers, 34% are planning to increase advertising budgets, with 45% intent on maintaining current spending levels, and 21% opting to cut back.
The pivotal questions remains, where are marketers going to allocate those advertising dollars?
Paid search ad budgets for Google and Bing are high on the agenda. A sizable return of 59% of B2C companies and 47% of B2B organizations will buy into this increase, primarily because of its clearly defined ROI in comparison to other channels not as easily translated.
Search engine optimization is another big target, where 68% of respondents are investing their resources in the upcoming year. Only 11% will maintain the status quo, while 21% plan to decrease spending in this area.
In the social arena, 32% of participating firms are planning to grow social media ad spending, including 28% upping their Twitter spend, due to a perceived opportunity to acquire customers for less during the platform’s current transition.
Content marketing also comes in strong with 83% planning an increase in budget, noting the costs associated with this media and the need to supply content in a variety of formats, including video.
Email marketing remains an active segment, with 56% of companies increasing spending in this area. Marketers nod to growing list sizes, the rising costs associated with privacy laws, and investment in automated marketing to account for the growth in spending. Only 6% of companies surveyed plan to decrease their email marketing budgets.
A number of other crucial areas will see an increase in ad dollars in 2023. To find out where it’s happening, keep reading here.