The goal is to gain an understanding of the decisions and reasons behind them, taken by other marketers.
Due to inflation, war, increasing interest rates, and other uncontrollable factors. The uncertain economy prompted us to seek insight from marketers on a global scale. We aimed to understand how businesses of various sizes, across all major industries. (including both B2B and B2C), are responding. To accomplish this, we utilized our ad agency, NP Digital’s site traffic, to conduct an extensive survey.
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How Marketers Save & Spend their Money
Here’s what we established.
Examining the earned media channels in detail, we observe the redistribution of budgets. Out of the surveyed companies, 68% reported an increase in their SEO budget. The primary reason for this shift is the perceived higher ROI than paid advertising. Which holds despite the long wait for visible results.
Only 11% of the respondents stated their intention to maintain their SEO budget in 2023. The primary reason for this decision was the lack of flexibility in their overall marketing budget due to economic constraints
Regarding the 21% who reported a decrease, it was uncertain which of the two main reasons was the cause.
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Outcomes:
With regards to Organic Social Media, 32% of companies intend to raise their budget for it. The major reason for this is that the recent Apple IOS changes have restricted their capability. To spend on paid social media to their desired extent.
The initial reason was that the outcomes from SEO were unsatisfactory. while the other was due to the marketing team needing to reduce spending to meet their lower budget.
26% indicated they would maintain their existing budget, with the primary reason beingHavingng a presence on the leading platforms is necessary to engage with customers and potential customers.
Organic:
An astonishing 42% mentioned that they would reduce their budget for organic social media. Because of the continuous decline in organic reach. Besides, the fact that it no longer yields as high of a return on investment as it used to.
In contrast, 83% of businesses plan to increase their budget for content production. The primary reason for this decision is to generate content in various formats. Such as video, which requires significant costs.
Only 8% of respondents chose to maintain their current budget. The primary reason is their financial constraints due to the current economic situation.
Finally, 9% of the participants reported that they would decrease their budget for content creation. Since AI tools are assisting them in generating content at a more affordable cost.
AI tools:
Speaking of AI tools, they have become the focal point of discussion nowadays. With platforms like GTP-3, Dall-E, and ChatGPT, many companies are utilizing these APIs to develop their tools. Or rove the of our marketing strategies, particularly in earned media.
An astounding 98% expressed their intention to allocate funds toward acquiring AI resources in 2023. The primary basis for this decision revolves around the following three key factors:
- Streamline costs by implementing automated content creation.
- Decrease the duration spent on producing content.
- Potentially lower personnel count within the content department.
- Only 2% disclosed that they would abstain from experimenting with AI tools, citing their perception that the quality of the technology is insufficient to meet their expectations.