Digital marketing is becoming more significant each year, and in 2020 you will struggle to find even small local businesses that aren’t spending money online.Traditional offline advertising is shrinking year on year while digital marketing is booming.
According to reports from Forrester Research and also eMarketer, in 2020 the average company is expecting to allocate 45% of their marketing budget to digital methods. That number is up from previous years and just goes to show how vital large companies believe online marketing is.
Here are a few statistics that our research team has gathered doing a comparison of how medium to small business are using their marketing budget in Pakistan
Most small businesses would benefit from allocating a much higher percentage of their overall 2019/2020 marketing budget to online advertising. This more substantial portion is because they can’t benefit from brand awareness campaigns in traditional media the same way in which large companies can. Instead, they should focus on direct, traceable and scalable advertising using digital marketing.
So, the question comes, how much should we spend on digital marketing and where to spend? For smaller companies, the percentage spent on digital marketing is likely to be much higher because the cost of traditional advertising is often prohibitive. In contrast, digital marketing can be affordable, and it has the potential to generate a high Return on Investment with directs results in sales/quotes for your product/service.
Here is some data from marketing charts showing how 3,347 firms are allocating capital month on month gives you a cross-industry look at how companies are reading the market.
Helpful numbers to keep in consideration: The world population is 7.7 billion and the internet has 4.4 billion users.
- Close to half the world’s population (4.4 billion people) are on some type of social media.
- 64% of online shoppers say that a video on social media helped them decide on a product to buy.
- Only 43% of online stores receive significant traffic from their social media pages.
- Acknowledgment is key: 77% of Twitter users appreciate a brand more when their tweet is responded to. It takes about 9 hours on average for businesses to respond to a tweet, even though customers want a response within four hours.
- Content marketing is a top priority of B2B businesses after brand building and social media engagement.
- 59% of adults between ages 18 and 30 are using Instagram.
- The average person spends about 180 minutes on social media daily.
- 1.57 billion YouTube users watch about 5 billion videos on average every single day.
- 86% of women will look at social media before deciding to make a purchase.
- People are accessing 69% of their media on their smartphones.
- 89% of people on smartphones are using apps, while only 11% are using
standard websites. Unsurprisingly, Facebook is the most popular app at 21% (measured by time spent).
- 57% of all mobile users will not recommend a business if their mobile website is poorly designed or unresponsive.
- 40% of all mobile users are searching for a local business or interest.
- Websites that load in 5 seconds or less will end in a viewing session that’s 70% longer than their slower counterparts.
But don’t know how?