It’s crucial to be innovative with the resources you have, especially when it comes to your marketing budget. The tried-and-true methods of the past might not cut it anymore.
Instead of blindly carrying on with the same old strategies, consider a different approach. Start small, test the waters, and see what truly delivers results. Once you’ve found your winning formula, allocate more of your budget there.
Let’s delve into some industry insights from https://getshogun.com/:
🔸 Did you know that the average CPG brand increased its marketing spend by a whopping 18.3% over the last year? It’s clear that many are recognizing the need to adapt and invest in their marketing efforts.
🔸 CPG brands collectively pour a staggering $38.83 billion into digital advertising each year, highlighting the growing importance of the online space.
🔸 Interestingly, on-site search ads are claiming the lion’s share of a CPG brand’s advertising budget, reflecting the shift in consumer behavior towards online research.
🔸 Looking ahead, 64% of CPG brands are planning to increase their retail media spending in 2023. This indicates a trend toward exploring new avenues to reach and engage their audience.
So, if you’re feeling the squeeze on your marketing budget, don’t fret. Get creative, test the waters, and adapt your strategy to the changing tides of consumer behavior.
Your journey towards marketing success might just begin with a small step.
