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About 89% of CMOs and senior marketing executives are planning to increase their marketing budgets in 2023, according to a recent survey by Matter Communications.
Here are the top five areas of investment:
Public relations and social media
It makes sense that this would be at the top of the list, as 69% of marketers said this was one of the areas that saw the greatest ROI over the past year.
We estimate social network ad spending will hit nearly $80 billion by 2024.
This number will likely keep growing as Meta and TikTok continue to enhance their ad offerings and social commerce abilities.
Marketing operations/analytics/martech
According to the survey, measuring marketing performance will be one of the biggest challenges for marketers next year.
Though we estimate B2C investment in marketing technology is slowing post-pandemic, spending will continue at a robust level to equal nearly $15 billion this year.
B2B martech spend growth will see a similar pattern as stacks evolve and mature. Still, the growth rate will stay in the double digits through 2024.
Content marketing
At this point, having some kind of content marketing strategy is table stakes. The question is what type of content resonates best and through what medium.
We estimate that 85.6% of companies will use digital content marketing this year.
Influencer marketing spend continues to grow, becoming an almost $5 billion market this year, though growth is dropping steeply after a boom last year.
Video marketing
According to our forecast, US consumers will spend 161 minutes a day with digital video this year, which will grow to 173 minutes in the next two years.
We predict that video ad spending will grow by 8.3% this year, but shrink by 3.1% in 2023. Next year, national ad-supported video-on-demand, OTT/connected TV will see the most growth (32.7%), while local TV spend will decrease by 22.1%.
Brand building
As inflation challenged spending habits this year, it has become increasingly…..
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