Advertisers and marketers will continue to increase investment in content marketing
The latest report from the Association of National Advertisers and The Content Council says that spending on content marketing will continue to grow by 42% by 2022. The “Growth and Opportunities in Content Marketing” said marketers and advertisers bolstered their spending on content marketing by 73% in 2019.
Even though the investment level has decreased because of the pandemic, content marketing is still a viable strategy as digital media consumption has increased. There has been a more than 50% increase in the number of advertisers expressing a “strong commitment” to content marketing. The respondents said they are using 18% of their total marketing budgets into content marketing. Most of the marketers want to see a change in the way content marketing is measured. Nearly 60% of them said there is a lack of actionable insights from current tracking methods.
Some of the other complaints by marketers about content marketing measurement were data interpretation for huge data volumes, determination of key performance indicators, and ineffective past insights note the study.
Developing better measurement methods could help ensure that marketers continue to
increase spending on content marketing, especially as the pandemic continues to put pressure on marketers. Offering insights on the development of content marketing strategy, the report says more than half of respondents didn’t have a clear document content strategy while nearly half of them had a documented strategy and a positive outlook for content marketing.
Content marketing budgets averaged about $15.4 million in 2019 and the spending was likely to reach $21.9 million in the following two-year period. Worldwide spending on marketing automation is projected to reach $25.1 billion by 2023 from $11.4 billion in 2017, as per a Forrester research.
In the coming year, a large number of marketers are willing to test and learn strategies in the while close to 40% are expected to implement marketing automation, artificial intelligence (AI) personalization, integrate a data management platform, chatbots, geotargeting, and use augmented reality, among other innovations.