Planning a marketing budget is hard work, and it involves careful consideration of several different factors. You’ll need to consider ROI, emerging platforms, customer behavior and tons more aspects to create a successful marketing plan.
Today, we’re going to take a closer look at some impressive stats that can help guide you as you look towards 2023.
Interesting Statistics For 2023 Marketing Budget
The Power of Personalization
While personalization has been popping up in big ways over the past few years, 2018 may be the time where the power of personalization is fully realized. At the same time, personalization is easier said than done. It can be challenging to create an experience where the consumer feels as if you’re indeed talking directly to them, with their interests in mind.
Fortunately, dynamically-rich content will help to change that, and make it easier for you to create the type of personalized content that’s going to resonate with customers. By creating dynamic content, you’ll be able to connect instantly with your customer, whether they’re a repeat customer that’s already an asset to your brand, or a new customer who’s considering making their first purchase with you.
As for its effectiveness, the proof is in the pudding. Personalized calls to action receive a 42% higher CTR than generic ones.
HubSpot does this constantly on its blog. But even if you’re not going to the level of doing individual calls-to-action after content for a ton of different types of individuals, you can create calls to actions based on the category of a blog post. In short – creating a customized call to actions around specific types of content is a great way to get started with this.
Implementing an entire strategy around personalization and smart content can be expensive, especially if you’re trying to build personalization and smart content into an existing site instead of a new one. Keep in mind that this is a project you can accomplish little by little until you’ve reached your goals. Regardless of how much you can budget towards personalization and smart content in 2018, it should be on your radar in some capacity.
Do It Live
Facebook rolled out its live streaming service over a year ago, but the truth is that many astute marketers are still having difficulty implementing live video into their marketing mix. This is a shame considering some of what we’ve learned about live video so far.
First, Facebook Live videos are watched three times more than videos which aren’t live, and users comment on the live video at ten times the rate of video which isn’t live.
Live video has several benefits over static video from a marketing perspective. First, it allows for more authentic interaction with the audience, and it can be a great way to humanize your brand. It’s also just as easy to re-purpose as any other kind of video. So, the content you create for Facebook Live, Periscope, or any other live streaming platform remains beneficial to you when it’s no longer live. Live video is also the best way to receive audience feedback, and that feedback occurs in real time.
It’s easier than you think to come up with some topics your audience might be interested in – act like you’re on a podcast and just start chatting with people in a down to earth way. You might consider the process as a way to connect with a few people at the beginning, but if you create a regular segment, or find a way to share a ton of value – the people tuning into your live broadcasts could grow significantly with regularity.
For these reasons, putting more of a focus on live video is an excellent strategy for 2018, and one that you should consider doubling down on.
Work With Micro-Influencers
You’re probably tired of hearing about influencers at this point, considering how much they’ve been in the news over the past two years or so. But, the fact remains that influencer marketing can be an incredibly useful tool you’ll want to have in your arsenal moving forward.
If your product or service has broad appeal, it may make sense to work with more substantial influencers and celebrities. But, for most businesses (i.e., those who sell a product to a niche audience) working with large influencers can be ineffective, because there’s no way to target your campaign to your target market.
Fortunately, micro-influencers make it easy to reach the people who are most likely to want to purchase your product or service or engage with your brand. Not only is working with micro-influencers less cost prohibitive than working with A-list influencers but since their audience overlaps more closely with your target consumer, there’s a much higher chance that your influencer marketing campaign will result in a return on your investment.
In fact, influencers with follower counts over 100,000 have an engagement rate of 1.7% while influencers with follower counts of 1000 or less have an engagement rate of 9.7%. There’s a massive difference in impact here, but you’ll also have to consider that you’ll be reaching far fewer people with micro-influencers. As a marketer, it’s your job to find that happy medium between engagement and visibility so you can produce a campaign that delivers results.
Further, 82% of consumers say that they’re likely to take a recommendation made by a micro-influencer they follow into account when making purchases.
To get started with micro-influencers – simply find out who is currently influencing people to make purchase decisions for product or services like yours. When you figure out who has a piece in “owning your audience’s attention” – simply reach out to them and see if you can interest them in a collaborative promotion. Influencers are usually paid an average of .10 per interaction on their posts – skewing higher for older influencers and lower for younger influencers.
Don’t neglect the data when creating your marketing budget! I hope some of these statistics, facts, and figures will help you create a marketing budget you’re confident in and that can push your company to the next level this upcoming year.