With the economy continuing to expand and businesses adding jobs, marketers are feeling good about the immediate future. 87% of business owners will invest ‘somewhat or significantly’ in their operations this year. At the same time, 67% of businesses will increase their ad spending ‘somewhat or significantly,’ and that number is at a 7-year high, according to the 2017 RSWUS New Year Outlook Survey.
The RSWUS survey takers also signaled their spending intentions for specific media formats. Digital remains an area of interest with 18% of marketers planning to spend significantly more than last year and 66% planning a ‘somewhat higher’ spending level. Social media will capture more of the ad budget with 24% of marketers set to spend significantly more and 50% planning on a somewhat higher spending level.
Traditional media isn’t exactly fading either. 34% of marketers will spend somewhat more on these formats and 32% will not change the budget allocated to TV, radio, and print. These plans contrast a bit with what agencies say will happen. Only 16% of agencies expect there will be somewhat higher spending on traditional media and 38% say there will be no change.
Marketers continue to rely on outside help to design and buy their advertising. Some of this outside work goes to agencies, but as media companies expand the scope of their services, they could capture some of this spending. About 50% of marketers are using 2-3 outside agencies or contractors to help them with this process.
The survey also revealed the kinds of concerns marketers have about outside professionals who work with them. For example, failing to “understand the ‘why’ behind ‘what’ the product does” and failing to “grasp/embrace the product they are advertising” are chief complaints. If you’re selling digital services, take the time to learn about your clients’ products. When that understanding comes through in your conversations and the materials you create, you’ll be rewarded with assignments as marketers boost their spending in 2017.