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Digital marketing budget set for 75% hike, says study
MUMBAI: The year 2016 was when companies increased their digital marketing budgets by 50–55% compared to the previous year, says the latest DMAasia–Times Internet study.
The key finding of the report is that digital’s share in the overall marketing budget is expected to see a 75% rise over the next two years. Most of the marketing leaders whose inputs the research incorporates also acknowledge the role of social media in customer engagement.
Commenting on the release of the report, DMAasia founder & CEO Vatsal Asher stated, “The report reveals the contribution of digital platform in the overall marketing mix and shares an insightful roadmap for the coming years. Based on current trends and sentiments, this report aims to help businesses understand, analyse and make decisions by being an indispensable guidebook to sail through the abundant choppy marketing waters.”
Times Internet chief revenue officer and DMAasia Insights Council president Gulshan Verma said, “With this study our goal was to understand what the marketers were thinking and help them learn from their community. By speaking to over a 100 CMOs in the country, we realised that ultimately the core goals of marketing haven’t changed—reaching the consumer, engaging with them, and making them a loyal customer are still essential to all marketers. Digital will continue to be very important in the years to come to achieve these goals and what is interesting is the way marketers are approaching it. We hope this report will be useful to the marketing community.”
The report highlights that social media marketing, content marketing, SEO, website and video are among the digital marketing initiatives that worked well in 2016, whereas video virality, agency output, influencer marketing, measuring ROI and mass media advertising did not. Customer engagement, content marketing, mobile-first marketing and measuring marketing ROI are the areas to be focused and leveraged upon in 2017.
The study also yielded that 40% CMOs are not satisfied with the contribution of agencies as they do not manage to deliver in conformity with their marketing goals and growth prospects. Consequently, in-house marketing asset creation movement is gaining momentum and will see surge over the next few years unless agencies reinvent their models.