As the calendar turns to the fourth and final quarter of 2023, it’s time to budget and plan for the year ahead. While talk of a possible recession still hangs over many businesses, marketers see plenty of opportunity in 2024 and are putting more money into their budgets to attract and retain customers.
A recent Taradel marketing survey found that 94 percent of small businesses plan to increase their marketing budgets in 2024. Gartner research shows similar statistics, with companies planning to keep their marketing budgets in the 9% range after they dropped to 6.4% in 2021.
Those who see the new year as an opportunity have a much better chance of success than those who prepare for the worst and cut marketing budgets to save money.
Marketing strategies that companies plan to invest in
So where does all this money go and how do businesses see it helping them grow and succeed? Here are the key areas that companies are investing in to support and grow their businesses.
Social media
In 2024, no one will be shocked to learn that companies plan to invest in social media because it has been a hot topic for years. In 2022, companies reported allocating up to 10-30 percent of their overall advertising budget to social media.
The key in 2024 will be finding the country email list platforms and types of content that resonate best with your audience. For companies that have yet to find much success with the platform, this may mean spending the first quarter testing different types and tones of content on the platform. But companies that are already seeing engagement will be looking to capitalize on that engagement by engaging prospects more strategically and investing more in developing content similar to what’s resonating well with customers.
How companies allocate their social media advertising budgets also varies depending on their audience, as each platform attracts a different audience. The most popular advertising platforms for social media spending are Facebook, Instagram, LinkedIn, and TikTok.
Direct mailing
At first glance, the return of direct mail to marketing budgets may seem surprising. But new research shows that direct mail goes hand in hand with online advertising, especially on social media.
With so many people crowding into the china Numbers digital marketing space, companies are looking for ways to stand out and be remembered. Strategic direct mail pieces can help amplify messages across other channels to guide customers toward conversion and entice them with special offers delivered to their inbox.
Geotargeting and a careful content strategy will play a vital role in achieving results from direct mail, as with any marketing channel.
SEO
Finding activity through organic traffic is a priority for most companies. While many also plan to invest in search advertising, organic rankings provide much more long-term benefits.
Statistics still show that 95 percent of all website differences from other messaging services traffic comes from search engine results on the first page, meaning you need a clear SEO strategy to see effective results.
SEO is extremely competitive, and you will likely be competing with hundreds of other companies for the same keywords. Finding the most viable long-tail keywords and creating high-quality content that outperforms your competitors will be critical.
In addition to great content, businesses also need high-performing websites to win the SEO game. For many, this is a more difficult and expensive endeavor than keyword research and working with an experienced copywriter. Websites need to be fast and user-friendly to create a great experience for those who visit your site. Without this, businesses will struggle to find traction in SEO.