With the 2018/19 financial year firmly behind us, it’s time to take a look forward, and consider how Australian businesses plan to spend their dollars in the coming year.
We know the digital marketing landscape is in constant flux, but what will this mean for the leading marketers in the nation? Let’s examine the numbers and find out.
Aussie businesses are going more digital than ever
It should come as no surprise that most Australian businesses today are focusing on digital marketing efforts over more “traditional” (read: old school) tactics like television, radio, and physical ad spaces.
However, the amount of total advertising budgets going to digital over other channels may surprise you. According to a recent report from Criteo, in just over two years, it’s expected that 87% of total advertising budgets across Australia will be spent on Digital.
The takeaway? If you’re still using “old school” marketing tactics, you’re about to be left in the dust.
Awareness and content take centre stage
For a long time, digital marketers have been hyperfocused on one stat and one stat alone: return on investment. This way of thinking is, unfortunately, tied to the same “old school” marketing efforts that are falling by the wayside.
Instead, there’s a new star metric that’s taking centre stage for CMOs across many industries: awareness. Brands have learned that though digital marketing efforts may not always affect the bottom line, brand recognition and footprint are priceless.
This may explain why nearly a quarter of all marketing spend will go toward content in 2019, according to Gartner. When it comes to spreading awareness about your brand, content is often the most effective channel – it can reach new audiences and persuade new customers to enter your sales funnel unlike any other channel. That being said, content works best when coupled with a strong overall strategy including SEO, paid advertising, social media, and public relations.
Dedicated budget for innovation
“Innovation” is often one of those buzzwords marketers throw around to sound impressive, but given how quickly technology develops, innovation is now something Aussie businesses are earmarking in their budgets.
In fact, around 63% of CMOs said they expected to increase their innovation budgets over the course of 2019. We expect this innovation spend to be put toward things like voice search developments, AR/VR technology, drone tech, and unique marketing campaigns that use multiple channels in harmony.
Have you started planning out your 2019/2020 marketing budget? If you need guidance on the most effective way to use your spend, get in touch with Croud.