Nearly Half of Businesses Spend More Than $500,000 on Digital Marketing

Almost half of businesses invest at least $500,000 in digital marketing every year, according to a new survey from The Manifest, a business news and how-to website.

Forty-one percent of businesses spend at least $500,000 on digital marketing annually, and 81% spend at least $50,000. Investment in digital marketing is likely to increase every year, experts say.

Ninety-Nine Percent of Businesses Will Increase Digital Marketing Spending by Mid-2019

Almost every business plans to invest more time and money in digital marketing. Among businesses that use digital marketing, nearly all (99%) plan to increase their investment in at least one channel in the next year. Businesses place considerable value in digital marketing and want to invest more in it because customers spend much of their time online.

“Everyone is online, all the time, and digital marketing is crucial in reaching this huge audience where they are,” said Aylin Cook, head of content marketing at digital marketing agency Single Grain.

Businesses Will Spend More on Social Media and Websites

Most businesses plan to increase their investment in a combination of digital marketing channels, with social media (64%) and websites (55%) topping the list. Experts say both channels are easy investments for businesses and deliver clear returns.

“[Social media marketing and websites are] the strategies that business owners are most comfortable with,” Zaiger said. “If you’re trying to make a decision that will at least guarantee some sort of results, chucking money at social media or your web designer will make something happen.”

Businesses want to invest more in social media and a website because they are easy investments with measurable results.

One-Third of Businesses Plan to Outsource Digital Marketing

Among businesses that rely solely on in-house staff and software for digital marketing, nearly one-third (32%) plan to outsource their digital marketing within the next year. Outsourcing digital marketing can help a business receive essential external perspective, experts say.

“[Companies] should be getting an outside perspective because sometimes extra minds can be a really big bolt to someone’s system,” Zaiger said.

Overall, the survey indicates that businesses across all industries value digital marketing and will continue to spend more on it every year.

Read the full report here: https://themanifest.com/digital-marketing/how-businesses-invest-digital-marketing