Your 2024 Media Marketing Budget
November 13, 2023
2024 approaches, and you are likely in the process of putting together your media marketing budgets for the next year. But there should still be time to keep some of these trends and strategies in mind for consideration as you finalize your plans. One overarching principle I keep in mind when crafting plans and budgets is to keep things flexible – your campaigns should always be adjustable in the case of unforeseen events and circumstances. And remember that 2024 will be a big political year, so try and reserve placement opportunities early, especially for the late Summer and Fall.
What other developing trends should you keep in mind when crafting your 2024 media marketing budgets?
Prioritize the Mobile Experience
With 43% of U.S. users shopping on multiple devices, mobile optimization of your media messaging is no longer optional. Given the rapid increase in mobile device usage over recent years, ensuring that your content, websites, and marketing strategies are mobile-friendly is vital. A dedicated budget should ideally be in place for optimizing and enhancing the mobile user experience of your audiences.
Premium Data Sources
We have found that integrating premium data sources into a digital media buy is crucial for advertisers and marketers looking to maximize their campaign success. Examples include Foursquare for physical visit data or apps like Overwolf that help hone in on the gaming community. Premium data sources provide a ton of useful information that has multiple benefits, including enhanced audience targeting. A Nielsen study found that campaigns using premium data saw a 48% increase in consumer engagement, and campaigns leveraging premium data sources typically achieve CTR increases of up to 30%. As a result of this engagement, one case study by a leading digital marketing agency revealed a 27% increase in conversion rates when premium data was integrated into their campaigns.
Influencer Partnerships and Collaborations
Influencers continue to hold a significant sway in media marketing. Brands are expected to spend $31 billion on influencer marketing this year, predicted to increase to $48 billion by 2027. The authentic connections that influencers hold with audiences make them invaluable for brand promotions and campaign collaborations. There are over 100,000 TikTok influencers in the U.S., and over 500,000 on Instagram, so finding one (or ten) that can complement your brand message is feasible. It’s important to set aside funds specifically for these influencer partnerships, ensuring that such collaborations remain a steady element of your marketing strategy.
Streaming Audio and Podcasts
Streaming audio content is seeing a massive surge in popularity, particularly podcasts. These placements offer brands and agencies a platform to engage audiences with in-depth conversations, insights, as well as storytelling. Allocating budget to produce quality audio content or to sponsor selected relevant podcasts can dramatically help in reaching out to a larger and more engaged audience.
Diversifying Social Media
Diversifying your portfolio of social media placements is crucial. New platforms consistently emerge, and user preferences constantly shift, requiring a flexible and adaptable social media strategy. And platforms often reward users who use their latest technology… Instagram has Reels, Twitter has Spaces, Facebook has Live, and the list goes on. By diversifying your social media channels and using their latest features, you can quickly grow your audience and engagement with little effort. Allocating funds to explore and establish your presence on various platforms ensures that the brand remains relevant and available for engagement with your audiences.
Crafting a 2024 media marketing budget requires a careful eye on these trends, ensuring that every dollar spent is a step towards greater brand visibility, engagement, and success. By integrating these trends and principles into your budgets, brands and agencies can sculpt a media plan that is both resilient and compelling, perfectly poised to thrive in the dynamic media landscape of 2024. Please reach out if we can help you finalize your 2024 media budgets!