It’s that time of year when many businesses are in their final quarter, thinking ahead to the next year’s budget, lessons learned and how they can reach new customers while continuing to engage existing ones.
According to Deloitte’s annual survey of Chief Marketing Officers, marketing budgets will make up nearly 14% (13.6% to be precise) of a company’s total budget in 2023. A rise of almost 4% from the previous two years.
The reason for this is a mix of recovery and ‘business as usual’ following stop, start marketing activities post-pandemic and the rising cost of getting any marketing done.
So how do you prioritise and make your marketing work the hardest it can in the year ahead?
2023 marketing budget trends
The Deloitte report also says that marketeers will be reducing their ‘traditional’ advertising spend by 0.1% and will be utilising that saving on social and new media routes.
So how does that land with customers? Our own report on ‘How to boost your marketing in 2023’ can add valuable insight.
More than a 1000 people were surveyed by an independent research company and found that after TV advertising (61%), internet ads (41%), promotional products and free branded merchandise, were ranked third as the best source of advertising by 30% of UK consumers.
In fact, promotional products beat radio as a source of advertising, with just 23% saying they tuned into the medium for commercials.
And promotional items ranked above ads on peoples’ phones, with under a quarter (23%), saying this was a favoured source.
The printed word scored even less as just 14% favoured adverts in newspaper, while magazine ads scored just 13% as a source of information and sales.
Unsurprisingly, the younger generation, put the internet as one of their main sources of advertising with over half (53%) of 18 to 29-year-olds, compared to just 19% of those aged 60+ citing the power of advertising online.
TV was a prime source of advertising for 70% of the over 60s compared to 56% of 18 to 29-year-olds.
Add promotional products to your 2023 marketing tool kit
Given these figures it makes sense to add branded merchandise to your marketing plans this year, particularly when you also consider how well they do in creating brand loyalty and spreading branding awareness.
It seems no matter how much the digital world looks set to conquer marketing, a physical giveaway, can bring you even more benefits and shouldn’t be overlooked if you want to make your mark in 2023 and beyond.
In fact, in terms of ROI (return on investment) our research reveals that just one branded piece of promotional merchandise can generate 1000s of impressions, ensuring that every pound spent gets eyes on your brand!