Business leaders who were increasing

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Their budgets to indicate reasons why they were doing so. Here’s what they had to say: factors impacting increased digital marketing spend 2024 What does this mean? Despite the economic wobble, 59% of business leaders saw significant business growth in 2023, prompting them to continue their digital marketing without pause in 2024. Seemingly following Trevin’s earlier advice, 56% of business leaders are investing more money into their digital marketing after seeing an increased return on investment (ROI). Meanwhile, 55% of business leaders are also branching out and investing in new tools and channels like artificial intelligence (AI).

Source data: FACTORS IMPACTING INCREASED Brazil WhatsApp Number Data DIGITAL SPEND % OF RESPONDENTS Overall business growth requires a larger digital marketing budget 59.77% Seeing increased digital marketing ROI 56.02% Investments in new digital marketing tools like AI 55.64% Previously cut digital marketing spend and lost sales/revenue, so re-investing in 2024 14.66% Other 0.75% Factors contributing to decreased investment Next, we asked business leaders who were decreasing their 2024 digital marketing budgets to tell us more about why they were doing so. factors leading to decreased digital marketing spend 2024 What does this mean?



Unsurprisingly, 66% of business leaders indicated they’re scaling back their 2024 digital marketing budget because of economic shifts and looming uncertainty. So, with many business leaders scaling up and scaling down in the wake of economic uncertainty, which is the best course of action when planning your 2024 digital marketing budget? Trevin offered a bit more insight: trevin quote 1 Continuing to invest in your digital strategies during slower or uncertain economic periods is important. Too many companies think you can simply turn your digital efforts on/off and try to wait to time their marketing investment with the market. But that’s challenging to do accurately, and it’s also not effective.