The Marketing industry has a 'positive' growth trend in 2024
Following the turbulent year of 2023, 2024 is predicted to be an extremely explosive year in terms of growth, signaling an optimistic and positive result. To grasp that quickly and conveniently, Marketers need to prepare a solid package, along with information and data recorded about the Marketing industry recently.
According to Duncan MacRae – an award-winning editor with more than 20 years of experience in the field of journalism, data on the Marketing industry in the UK is showing positive changes, with figures recording more than 70% of plans. Plan to increase digital budget.
After four years of economic slowdown and commercial pressures for many marketers, 2024 is expected to be a rebound, with increased investment focused on key growth areas such as AI, websites, search engine optimization (SEO), radio and podcasts, as well as email and finally Content Marketing.
No Brainer has collected data from more than 500 UK Marketing leaders with its first report titled Ecommerce Trends Report 2024.
In addition to No Brainer’s results, a recent Statista report shows that the eCommerce market is expected to reach £100 billion (about $124 billion) for the first time by 2024 in the country, and eCommerce marketers are also planning and are getting ready to make 2024 the year they capture the majority of consumer spending.
No Brainer’s report also revealed significant growth in spending in key areas of Marketing, with many Marketing decision makers saying they intend to invest 60% more than in 2023 across multiple sectors. different, which can be mentioned as:
– Artificial intelligence: 64% increased spending up to 60%
– Website: 64% increased spending up to 60%
– SEO: 62% increased spending up to 60%
– TV, Radio & Podcasts: 59% increase spending up to 60%
– Email Marketing: 58% increased spending up to 60%
– Content marketing: 57% increased spending up to 60%
– Digital PR: 57% increased spending up to 60%
– Influencer marketing: 56% increased spending up to 60%
– Organic social networks: 56% increase spending up to 60%
– Paid search: has a 55% increase in spending up to 60%
Some of the highest budget growth came from Marketers working in areas such as Education with 69% of them increasing to 60%, Finance with 64% of them increasing to 60%, and Retail with 56% of them rising above 40%. Only 14% of marketing decision makers said they will reduce their budgets in 2024.
According to Gary Jenkins – Director of No Brainer, highlighting that after four years of facing rising costs, inflationary pressures and constrained budgets, marketing leaders in the UK have struggled to drive innovation. develop. However, he expects to see a reversal in 2024, as more people adopt a more proactive approach to spending decisions. He believes that strategic investment in marketing is very important for the recovery and development of businesses, especially in difficult times like today, when this is often one of the targets that gets cut. first reduction.
In addition, he added that in today’s climate of every investment being so important, marketing leaders are focusing on demonstrating value in every spend, with a clear focus on Evaluating ROI in all areas of marketing. The important thing here is to use the budget in the smartest way, with a solid marketing strategy and strategic plan that can open the door to new customers, thereby increasing revenue from existing customers. and create brand loyalty and advocacy, even with greater investment.
Resource: MarketingTech