41% of Businesses Drop $500k on Digital Marketing Annually

Businesses are devoting more resources to boosting their online presence, and are planning to spend more this year on digital marketing than ever before, according to a recent survey released by business news site The Manifest.

Chart 1Which digital marketing channels will businesses invest in most within the next year?

Nearly half of businesses (41 percent) reported spending at least a half-million dollars on digital marketing each year, and more than four-fifths of businesses (81 percent) spend at least $50,000, according to the survey.

More than a third of businesses (34 percent) said they devote between 51-75 percent of their overall marketing budgets to digital marketing.

Among the businesses that currently use digital marketing, nearly all (99 percent) said they plan to invest more in at least one digital marketing channel within the next year. And most businesses also plan to increase their investments across a variety of digital marketing channels, with social media marketing (64 percent) and websites (55 percent) topping the list.

On the other hand, nearly three-quarters of businesses (73 percent) said they plan to decrease their investment in at least one digital marketing channel in the next year. In particular, businesses are less interested spending time and money on display/banner advertisements and paid search advertisements in the next year.

Chart 2Which digital marketing channels will businesses invest in less within the next year?

Businesses typically rely on a variety of resources in the course of implementing their digital marketing efforts. Most use in-house staff (69 percent), followed by software (59 percent), a digital marketing agency (50 percent), and a freelancer or consultant (32% percent).

Among businesses that currently rely solely on in-house staff and don’t use a digital marketing agency, freelancer or consultant, nearly one-third (32 percent) said they plan to outsource their digital marketing efforts within the next year.

More than three-fourths of marketers polled (76 percent) said they think the marketing world has changed more in the past two years than it had the entire 50 years preceding.

Original Story: Here

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