No matter if you are looking at tradition or digital advertising, there is a lot to consider nowadays when it comes to setting marketing budgets. From the customer to the technology, trends develop over time and decisions need to be made accordingly. Here are a few things to consider when looking to set your advertising budget for 2017!
#1: Invest in Social Analytics & Social Budgets
Believe it or not, social media in still in its infancy. Did you know that nearly 70% of companies are still not collecting data from social media channels? You can bet that more companies will be collecting this data in the future! Changes will also occur with social media budgets, as the average current marketing budget only has 10% going to social. We expect this to trend towards 25% over the next five years.
#2: Video Rules
With four times as many consumers preferring video content over text, video is taking over the social media landscape. Marketers who budget correctly will deliver ads that are more relevant, timely and responsive to consumer interests than their competitors.
#6: Mobile is a Moving Target
Right now, about 80% of people in the United States carry a smartphone with them every day. Around one out of every four American consumers are now using wearable devices. This means that advertisers won’t have just mobile to worry about in 2017, but they will also need to be prepared to produce/distribute content to fit the proper channel, format, time and the place for their customers!