Happy New Year everyone! Now that 2022 has come to an end, lots of small business owners are focusing on the months ahead- especially in that it appears as if the US is on the verge of an economic slowdown.
So what’s on deck for the upcoming year? How will this impact ad spends? Below are just a few of the projections for the next 12-months.
Global Ad Forecast
According to a December 2022 press release from Magna Global, after a strong start in the early months of 2022, advertising spending growth slowed significantly in the second half amidst global economic uncertainty.
Magna also expects that there will be several changes that will take place in 2023. For example, print (publishing) and television ad spends are expected to decline by 3% and 4%, respectively, whereas audio advertising (i.e., radio, satellite radio, etc.) are expected to remain stable.
What’s most notable, however, is that digital advertising sales are expected to rise by roughly 8% from levels seen in 2022. Digital Video will be the fastest-growing ad format (+11%) followed by Search Engine Advertising, (+10%), and Paid Social (+7%).
Online marketing-spend predictions
Magna isn’t the only company to release marketing-spend predictions for the upcoming year. Also in December, NP Digital released the findings of their survey of over 8,000 marketing professionals. Their findings were as follows:
- 83% of companies plan to increase their content production budget.
- 68% of companies plan to increase their SEO budget.
- In relation to paid ads on search engines such as Google and Bing, most companies (59% and 47%, respectively) are looking to increase their budgets.
- The majority of marketers will decrease the amount allocated toward traditional advertising methods, including television (71%), radio (76%), print (89%), and billboard (74%).
They also predict the following changes to paid social media marketing budgets:
- 84% plan on increasing their TikTok ad spend and view the platform as a major untapped opportunity.
- 57% plan on increasing their LinkedIn budget, as they feel it’s the best platform to target their ideal B2B customer base.
- 34% plan on decreasing their ad spend on Twitter. When asked why, many responders said that they don’t agree with how Elon Musk is running the platform and the changes he’s made.
If you’re among the many businesses that plan to increase their digital marketing spend in 2023 and you’re interested in learning more about how advertising on various digital platforms, such as Google TikTok, YouTube, Facebook, LinkedIn, and others, can help you grow your business and expand your bottom line, we can help. Call WBN Marketing today to schedule a free, no-cost consult.