Why do digital marketers need to know about the $2.5bn digital marketing budget?
Digital marketers need the $1.5 billion digital marketing strategy, the report from digital marketing consulting firm Clutch Digital Marketing Cost (CDMC) says.
This budget includes costs associated with managing marketing campaigns, training new talent, paying for equipment and running campaigns.
The report also notes that digital marketers must make sure their marketing teams are on top of the latest technology, including social media tools.
This includes ensuring that social media is updated and managed as well as maintaining an email list of supporters.
“Digital marketing is becoming increasingly important for brands, with digital advertising reaching new heights of importance in many sectors,” said the report’s co-author, Andrew Gannon.
“With the increasing popularity of digital advertising, it is imperative that digital marketing companies are in position to compete with digital marketers in every way.”
The report found that in Australia digital marketing has increased from $2 billion in 2011 to $2,827.6 billion in 2018.
The biggest increases in digital marketing spending were for online, social and mobile marketing.
“Mobile advertising spending has increased significantly over the last few years and digital advertising spending is expected to continue growing,” Mr Gannon said.
The $1 billion digital advertising budget is forecast to grow to $3.1 billion by 2022.
The majority of digital marketing dollars are being spent on digital content, which has seen an increase from $4.6bn in 2020 to $5.2 billion this year.
However, digital marketing expenditure is expected remain relatively stable for the foreseeable future.
The digital marketing industry will continue to evolve in coming years, with new opportunities and opportunities to expand.
“We are now seeing the introduction of social media, with platforms such as Twitter and Facebook seeing a significant growth in their growth, especially in social media advertising,” Mr Wahlberg said.
However, it will take time for the industry to reach its full potential and be truly competitive with traditional media.”