On the subject of marketing spending expectations by type of media in our New Year Outlook Report, a bit of background to start:
2017 is the first year where marketers and agencies are actually aligned, versus previous years:
In 2011, 85% of agencies believed their marketing counterparts would “Somewhat” or “Significantly” increase their Social Media spending in 2012. Only 65% of marketers felt this way.
In 2016 34% of marketers expected to see increases in Traditional Media spending. Only 19% of agencies felt this to be the case in 2017.
Fast forward to 2018 expectations, and as I mentioned above, marketers and agencies are on the same page, for the most part.
So obviously, digital remains paramount for both marketers and agencies, compared to social and traditional, but as ever, you’ll have a CMO that reminds you to keep things in perspective. Take for example the CMO of Belkin in this Inc. article (Why the CMO of Belkin Banned the Separation of Digital & Traditional Marketing):
Q: Have we reached a point yet where advertisers and marketers think digital first and traditional platforms second? If not, why not?
My new year’s resolution for 2016 is to ban the notion of “digital” and “traditional” being separate elements. They’re not; it’s all Marketing (with a capital M). Teams must be proficient in developing strategies and tactics along with the prioritization of such programs.
Obviously if you’re a purely digital agency, that’s what you’re approaching prospects with, but from a new business standpoint, be careful about pushing the shiny objects too hard. From the article:
Q: What’s something most brand managers or digital marketers get wrong?
An over-reliance on programmatic buying. It does play an important role, but for me quality is an overriding importance.
Programmatic is perhaps not the most apt example of your “shiny object, but technology certainly is, and we asked marketers and agencies about their projected investment in 2018.
20% of agencies expect their marketing clients to “significantly” increase their investment.
Only 7% of marketers feel the same way. In a separate question, 80% of marketers told us they do not expect to move monies out of their marketing budgets into things like VR, AI, and AR.
As ever, be careful in your initial positioning what you hang your hat on. Marketers want to know your agency is forward-thinking and educated on trends, but they‘re sometimes just that, a trend.
Make sure your positioning reflects a balance of your core offering and any cutting-edge or new technology you’ve incorporated.