Digital marketing trends: analytics as a “feel good” approach. Social and mobile moves to new heights. Marketing budget growth slows. Here’s what’s hot in the world of digital marketing via Marketing Charts.
The CMO survey results have been released on September 10th. There are 3 main trends that are seen. Specifically, it involves marketing budgets and analytics. Before we get to the insights, the data used was based on 324 top marketing leaders (95% VP level and up). About two-thirds are B2B focused and 57% of the organizations that participated turn over $100 million in sales revenue or more.
Use of Marketing Analytics Down
What’s your ROI? According to the latest data, CMOs are backing down from their team’s ability to use marketing analytics in decision making. Precisely, we’re looking at 36% vs the previous results of 42%. So what’s changed?
Across all organization, there’s an estimated decrease of 5%-7% in the use of analytics. CMOs have also revised their analytics contribution to marketing performance to 3.5 on a scale of 7. That’s the lowest score since 2015.
Worth to note, analytics is getting more budget spent, about 2% more but what’s the use? The use is actually in measuring social. If you’re using Analytics as a feel good argument and are not using it meaningfully, don’t bother making a case for it.
Marketing Budgets Growth Slows
Given “all things digital”, the prediction was that of about 10% growth in marketing budgets last year. Reality: actual growth is in the 7.5%. However, the growth for this year is seen at about 5%-9%. Important to note, in the B2C organizations, CMOs see about a 17% of their overall company budget go to marketing.
Social and Mobile Soar to New Heights
Social accounts for 1 in every 8 dollars spent
Most important channel to invest? Social. More precisely, that represents about a 13% of a marketing budget. This was less than 10% a year ago. So why the focused? It’s obvious that most people want an on-the-spot answer and social validation. Example: B2C that is product based accounts for 19% whereas B2C serviced based is 18% share of the overall marketing budget. This is one of the digital marketing trends to stay.
Mobile accounts for 1 in every 10 dollars spent
Not too far behind Social, mobile is quickly ramping up, According the the latest data, about 10% of the overall marketing budget is allocated to mobile. Where was mobile advertising two years ago? If you guessed it in the 3%-4% range, you’re right. Huge increase, for good reasons. B2B organizations take the lead on spending here.
Overall, about a third of the overall marketing budget is going to Social and Mobile. Double digit rate is seen in the digital space whereas decline in spent is evident on the traditional mediums.
Conclusion
A majority of organizations are still spending more than half on non-digital. Specifically, about 55%. Digital accounts for 44%. Looking forward (3-5 years), the prediction and common consensus is that, digital marketing trends will see a budget allocation of about 54%.
Social and Mobile are a must.
If you’re not leading here, you’re losing out as an organization. Customers are expecting it, so why disappoint? Despite the marking budget growth slowdown, there are a lot of opportunities to tap into, particularly on new Social platforms such as: Vero, Music.ly and Steemit.
What’s your take on these digital marketing trends? Do you seen them as trends of reality? Where are you focusing now? Next? Like to hear your thoughts, comments and suggestions on how you see marketing trends develop in the next 6-12 months.
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