Economic concerns, violence around the world and an uncertain election – that’s how we’re starting 2024. Despite all of that marketers are being optimistic heading into 2024 than years past, according to WARC’s “The Voice of the Marketer 2024” report. So optimistic that the overall global marketing investment is projected to increase 8.2% in 2024 to top $1 trillion for the first time.
“A significant finding from our survey analysis is that while marketers are concerned about the impact of an economic recession, there is also a sense of optimism regarding the business climate and marketing budgets for 2024,” Senior WARC Analyst Isabel Cleaver said.
For the second consecutive year, 64% of marketing executives indicated that a possible economic recession would have the biggest impact on marketing strategies in the new year, while 41% cite inflation and the cost-of-living crisis as the biggest challenges ahead in 2024.
So where are marketers planning to spend their budgets in 2024?
No surprise here: The report found that marketers are planning to increase investments in social media, online video and mobile, with spending expected to remain steady or decrease in traditional channels like print, cinema and TV.
TikTok and YouTube will receive the biggest budget increases in 2024, while the cloud of controversies surrounding X (formerly known as Twitter) will result in 31% of marketers decreasing investments in the social platform – the largest decrease in the past three years.
Besides platform spend, what else is top of mind for marketers in 2024?
54% of marketers view brand metrics as having the greatest impact on their marketing strategy, above ROI, sales, and market penetration. This checks out with conversations we are hearing from credit unions over the last half of 2023. A majority of credit union leaders we have spoken with about marketing challenges cited lack of brand awareness as one of the top obstacles to growth.
If you find yourself struggling to start the year with confidence that your marketing strategy and brand are aligned with your goals, Your Marketing Co. can help. For more than 15 years our experienced team has helped hundreds of credit unions educate, engage and retain the next generation of credit union members. We can help you, too