Marketing budgets are constantly changing. As technology advances and consumer trends evolve, so do marketers’ budgets. So what does the future of marketing budgets look like? What kind of tactics will be favoured in 2023? Let’s take a closer look at how marketers spend their earned media, SEO, organic social media, content creation, AI tools, and email marketing budgets.
In a recent blog post by Neil Patel (probably my favourite SEO expert), Patel cited the planned budget allocations of 8032 marketers for 2023. This post was particularly insightful as it mirrored what we have seen in Marketing Plans and Strategies of Higher Education Providers in the Middle East and African Markets.
Earned Media Budgets
Earned media is becoming more and more critical in the marketing world. In 2023, marketers will continue to focus on earned media tactics such as influencer marketing and word-of-mouth campaigns. These tactics have proven highly effective in targeting specific audiences and creating brand awareness with minimal cost and effort. The key to success in this area is carefully selecting influencers that match your brand’s values and target audience.
SEO Budgets
Search engine optimisation (SEO) is an essential tool for any successful business or institution. In 2023, SEO will still be a significant part of any marketer’s budget as it helps your website become more visible online by appearing higher up in search engine results pages (SERPs). This increases website traffic, leads to higher conversions and more sales.
To stay on top of the game, marketers need to keep up with ever-evolving SEO best practices, such as creating content relevant to keywords used by users when searching for products or services related to your business.
According to Patel, 68% of companies surveyed said they are increasing their SEO budget. The number 1 response on why they are making this shift is that they said it provides a higher ROI than paid advertising.
This is a bold yet efficient strategy, as even though it takes longer to see the results, the ROI is significantly higher.
Organic Social Media Budgets
Social media continues to be one of the most powerful marketing tools available today—and it looks like that won’t change anytime soon! Organic social media strategies continue to be an integral part of any successful digital marketing strategy in 2023.
According to Patel's research, 32% of companies plan to increase their organic social media budget. The primary response was because of the Apple IOS changes, they aren’t able to spend as much as they want on paid social media.
Marketers need to focus on creating engaging content that speaks directly to their target audience while also promoting their products or services without seeming too “salesy” or pushy. It’s also essential for marketers to stay on top of trends happening within their industry so they can create timely content that resonates with their followers.
Content Creation Budgets
Content creation is another essential component of any successful digital marketing strategy—in 2023 and beyond! Content creation includes everything from blog posts, videos, infographics and podcasts —all designed to provide value while also promoting a product or service without seeming “salesy” or spammy.
Patel's research indicated that 83% of companies are increasing their content production budget. The number 1 response on why was due to the need to create content in multiple formats, including video and the cost associated with it.
And (probably my favourite statistic), 9% said they are decreasing their content creation budget due to AI tools helping them create content more affordably.
Quality content that speaks directly to your target audience can help you increase brand awareness and followership on social media platforms—both crucial components for long-term success!
AI Tools Budget
AI tools are becoming increasingly popular among marketers looking for more innovative ways to reach their target audiences—and this trend isn’t going anywhere anytime soon! In 2023, AI tools will continue to be an integral part of any successful digital marketer's budget.
They allow marketers greater insight into customer behaviour and preferences so they can craft tailored messages that speak directly to them. These tools can also help automate mundane tasks such as data analysis so you can focus on bigger-picture goals instead!
Email Marketing Budgets
Email remains one of the most effective forms of communication between businesses and customers—and this won't change anytime soon!
56% of companies said they would increase their email marketing budget. It was a toss-up on why marketers said they would increase their budget…
- Because their list size is growing, so their costs for housing email addresses are going up
- Due to privacy laws such as POPIA and GDPR, companies and education providers are spending more to make sure they are compliant with personal data
- Companies are investing more in marketing automation.
In 2023 email marketing should remain an essential part of any marketer's budget because it allows them direct access to people's inboxes which makes it easier than ever before for businesses to reach out with offers or promotions without having to rely solely on organic social media tactics or other more costly forms of advertising such as TV ads or radio spots!
UX / Conversion Rate Optimisation
Patel's research also indicated that 61% of companies plan on increasing their overall UX/CRO budget. It was a toss-up on the main reason they wanted to increase their overall budget in this category. The reasons were:
- With the rising cost of ads, CRO helps provide a better ROI
- UX is an integral part of the overall marketing experience and the cornerstone of the Student Experience Methodology
26% of companies plan on keeping their UX/CRO budget the same primarily for the same reasons as above.
At Student Experience Management we've seen phenomenal results from strategically designed UX/CRO initiatives and included these efforts in our marketing automation projects.
As technology advances, so do how marketers spend their budgets –– but some things never change! Earned media tactics like influencer campaigns remain popular; SEO remains necessary; organic social media strategies remain crucial; content creation stays essential; AI tools become invaluable; email marketing continues its reign––all necessary components for any successful digital marketer's budget in 2023!
No matter what tactics you choose, though, remember that quality trumps quantity every time –– make sure you're investing wisely in long-term strategies that foster relationships between your business & customers instead of just short-term gains from quick fixes & gimmicks!
Good luck & happy strategising!
