The advent of groundbreaking technologies like artificial intelligence, machine learning, data analytics, and augmented reality has significantly transformed the marketing industry. This progress is calling businesses to adopt new strategies or run the risk of falling behind the competition.
In response to the developments, marketers are now proactively updating their budgeting strategies and optimizing their online marketing practices. While some have already developed a budget allocation midway through the year, others have not. Keeping up with the trends can help businesses that have yet to fix their campaign strategies or budgets in 2023, get an insight into what’s working and where the competition is.
Top Spending Trends for Marketers in 2023
- AI Tools
Artificial intelligence (AI) tools are transforming how marketers do their work. Many businesses now use AI to personalize content and experiences for their audiences and customers.
The Influencer Marketing Hub’s 2023 benchmark report shows that 61.4% of professionals now use AI in their marketing operations. Among them, 44% use it for content production.
AI in content production is advantageous for the following reasons:
- Automated content creation
- More content is produced
- Faster writing process
In addition to content writing, AI is also used for other marketing activities, such as:
- Social media posting automation
- Chatbots and virtual assistants
- Ad targeting and optimization
- Lead scoring and nurturing
- Competitive analysis
- Personalization and customer segmentation
While AI has its advantages, it still has its limitations. Therefore, marketers should approach AI with professional skepticism.
The most popular AI software used today includes Jasper.ai, ChatGPT, and Copyai.
- Organic Social Media
Social media continues to be a top marketing channel for both B2B and B2C marketers. Currently, short-form videos and influencer marketing are where businesses are spending most of their marketing resources.
Linkedin is one of the top marketing channels in the B2B landscape. It is also the fifth most effective platform to use, with 14% ROI. Linkedin is a great platform to reach and interact with other business-minded people.
It is expected that 83% of companies will increase their budget for content marketing in 2023. B2B marketers focus greater efforts on their websites and blogging channels because consumers rely on websites before making a purchase decision.
There is also a bigger demand for custom graphics today. It is not enough to produce great blogs; you need to accompany them with unique and compelling visuals.
If you do not have graphic skills, don’t worry. You can outsource graphic design services from an SEO service provider Philippines.
- Search Engine Optimization (SEO)
Although there are debates as to whether SEO is still relevant today, performance results prove that it is. 68% of companies using SEO are even planning to increase their web optimization budget because it provides higher ROI than paid advertising. SEO is considered the third most effective marketing channel to leverage in 2023.
Moreover, optimizing web pages for voice and mobile search continues to be a good SEO strategy. Since voice searches occur on mobile and smart devices, it is not surprising that Google prefers mobile-friendly websites with fast speed. Therefore, companies should consider adjusting their budgets to cover their voice and mobile SEO strategies.
- Podcast Marketing
There is a rising trend towards podcast marketing this year. While it is not yet a saturated marketing channel, many believe that it is a viable strategy. The rising trend of people passively listening to podcasts while walking their dog, cleaning the house, or commuting makes it an ideal platform for reaching a large audience.
Podcasts are increasingly becoming a significant component of multimedia campaigns. It is expected that podcast ad spending will reach $2.5 billion by 2024.
The majority of advertisers today still lack specific funding for podcasts. But as ad spending on podcasts rises, the industry expects others to follow and increase their podcast marketing budgets.
- Omni-Channel Marketing
Gone are the days when companies leverage only one marketing strategy. Research shows that 92% of marketers use more than one marketing channel today.
Content repurposing is a popular omnichannel strategy used by B2C businesses. According to HubSpot, 82% of social media marketers reuse content on other social networks. This creates consistency in the brand’s messaging and less work on content production across numerous marketing channels.
Properly Allocate Your Marketing Budget
A well-defined marketing budget distribution ensures that resources are allocated appropriately across various marketing channels. But different marketing channels attract different audiences. So it is important to decide the right allotment to maximize your return on investment (ROI). Instead of spreading your budget thin across numerous ineffective channels, focus on those that deliver the best results and provide the most value for your money.
Choosing the most effective digital marketing channel and strategy for a company requires careful consideration and analysis. It entails an in-depth understanding of your target audience so you can select the strategies that are most likely to resonate with your target audience effectively.
The following approaches will help you make data-driven decisions and optimize your marketing efforts:
- Conduct small-scale tests or pilot campaigns to evaluate the effectiveness of different channels and strategies.
- Measure key performance indicators (KPIs) such as website traffic, conversion rates, engagement metrics, and ROI.
- Make use of analytics tools and platforms to gather data and insights about your marketing activities.
You can also outsource web projects to the Philippines to skip the trial and error phase of choosing the right marketing channels. Outsourcing allows businesses to tap into the knowledge and insights of consultants from the top digital marketing agency Philippines who have already navigated through various channels and strategies for different clients.
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