(New Study)Hundreds Of Marketers Reveal Disruptive Shift In Digital Strategy
A research was done by Idea Visibility to see the level of disruptive shift in digital strategy currently.
Idea Visibility currently ran a study, where it interviewed hundreds of marketers, and many of them fell under a category of below 1 million in a bid to know what the shifts of marketing budget from the stage of offline to one of online was. Those digital marketing channels that would be used even in 2021 were considered.
Key Digital Marketing Study Findings
While Idea Visibility spent a lot of time, focusing on those businesses that were under a million, we went ahead to look at others. Those businesses that are below a million spend their time, trying to invest a lot in social media. Those businesses that are between one million and five million are known to invest a lot in SEO- search engine optimization, those brands that are between five and ten million are known to spend a lot on online advertising. For those brands that rotate around ten to twenty million, they spend a lot on email marketing. For those that are between twenty to fifty million, and even those that are above fifty million try to spend on all channels evenly.
Not minding how the business size is, a lot of the marketing budget is usually targeted on digital marketing.
Those brands that orbit from twenty million to fifty million dollars are said to be shifting a large amount of their plan to digital. About ninety percent said that they intend bringing a lot online.
A large percentage of brands of all kinds believe that social media is a different thing to manage. Once a business starts to grow larger, there will be the need to spend on every marketing channel.
Those brands that are below a million are said to have a lot of marketers that were clueless about digital marketing, and how high the ROI for it was.
Businesses that were larger were known to understand properly the different channels that had the best Return on Investment.
Of all the content forms used, the video was ranked as the highest, but the results have shown investing in very kind of content evenly was good.
Out of every business report, it was seen that both email marketing and social media have a lot of Returns on Investment.
Businesses 1 Million And Under
Those businesses that were ranked below a million were said to spend a great part of their marketing budget on digital marketing. This doesn’t mean that they understood what digital marketing was, as they couldn’t track it well. About sixty-three percent of them didn’t know what the conversion rate of their brand was for every channel. They spend a lot on social media advertising, but they also expend tiny budgets on other kinds of channels. A lot of them held the opinion that working with a marketing agency was not for them. To them, it was not affordable, but they feel that as they expand, they will start making use of an agency.
Out of those studied, only 1.7% felt that they won’t spend any money on a digit.
About thirty-seven percent said that they would spend in every marketing channel. Out of this number, 21% felt that social media marketing is one channel that they intend to spend a lot in.
Brands have the intention of spending a lot of their funds in video and image content, then blog content trails them.
As we analyzed those businesses under the small size category, it came to our notice that 73% intend to spend lower than two thousand dollars on SEO. Seventy-four percent intends to expend lower than two thousand dollars on the paid media. About seventy percent intends to spend lower than two thousand dollars on email marketing. About sixty-nine percent intend to expend below two thousand dollars on the conversion rate optimization, while seventy-two percent intend to expend below two thousand dollars on social media marketing.
When we asked, eighteen percent of marketers were clueless on the source that their conversion for a year.
For those that had an idea where their conversions emanated from, forty-one percent came from social media, four percent was from PPC, twenty-eight came from email marketing, as well as six percent from Search Engine Optimization.
When they were also asked, forty-seven percent felt that social media was very challenging, twenty-six percent felt that email was challenging, thirteen opined that SEO was very challenging, while the remaining seven percent felt that PPC was very tough.
Out of everyone that was surveyed, it was noticed that about forty percent didn’t know what channel possessed the largest Return on Investment.
For those who had no idea what the highest ROI was, thirty percent felt that social media was the hardest, while fifteen percent felt it was email, five percent was SEO, and five percent felt it was PPC.
When they were asked if they had an idea what the conversion rate for every digital marketing channel was, about sixty percent were clueless.
Businesses 1 Million And Under: Online vs. Offline
When we went on to look at their online and offline spending, we noticed that a large percent expended a lot more on online marketing when compared to offline.
When a question was thrown at them, it was noticed that sixty percent felt that they wanted to expend a lot more online. 12.5% intend to move every dime in their marketing budget to online advertising, while fifty-six percent had plans of moving half or more of the amount online.
Out of the number, only 1.7% had no intention of moving a dime to the world of digital marketing.
Businesses Between 1 and 5 Million
In this group, a lot of brands had the intention of making use of agencies, though they still had small budgets earmarked for marketing. For those that were surveyed, it was noticed that about twenty-five percent had no idea what channel had the largest Return On Investment, and thirty percent were clueless about their conversion rates. A lot in this category had the intention of investing a lot in SEO.
It was found that about twenty-four percent felt they would spend on every marketing channel. About twenty percent felt that they would spend a lot on SEO.
Brands under this category, had plans of investing a lot in video creation, while images and blog content would follow. About thirty-five percent had plans of expanding lower than two thousand dollars on SEO. Forty-two percent felt like spending lower than two thousand dollars on paid media, while thirty-seven percent felt like investing lower than two thousand dollars on email marketing.
Thirty-three percent wanted to spend lower than two thousand dollars on social media marketing, and the remaining thirty-five percent would expend lower than two thousand dollars on conversion rate optimization.
It was shocking to find out that twenty-five percent were clueless on what channel possessed the highest ROI.
To those that were clueless on what digital marketing channel possessed the highest ROI, thirty-five percent felt social media was the highest, twenty one felt it was email marketing, seventeen percent felt it was SEO and two percent felt it was PPC.