With economic uncertainty ever-present

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In 2023, it’s exciting (and encouraging) to see that 53% of business leaders are increasing their digital marketing budgets for 2024. WebFX’s Lead Sr. Web Strategy Consultant, Dan Varno shared: dan v quote 1 For many, the economic wobble has caused budgets to be frozen, decreased, or allocated to more immediate wins. Many who decreased their digital spend have seen a negative business impact as a result and are eager to correct that. There’s a significant wave of digital spending coming in 2024.

As we see the light at the end of the tunnel in 2024, companies are prepared to  Belgium Phone Number Data reinvest in their digital strategies and those who don’t will likely see a widening gap between themselves and their competitors. Dan Varno, WebFX’s Lead Sr. Web Strategy Consultant Source data: 2024 VS. 2023 DIGITAL MARKETING INVESTMENT % OF RESPONDENTS Plan to invest more money in digital marketing in 2024 53.20% Plan to invest the same amount in digital marketing in 2024 23.00% Plan to invest less money in digital marketing in 2024 6.60% Don’t plan to invest in digital marketing in 2024 5.00% Undecided 12.20% Factors contributing to increased investment To gain a bit more insight.



We asked those business leaders who were increasing 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).