Where Marketers are Spending Their Money in 2020

Written By: A.J. Rounds

2020 Marketing Landscape 

We are now entering the second quarter of 2020. At the time of this writing, you and I are currently under heavy restrictions of quarantines and physical distancing for COVID-19. However, that doesn’t mean that marketing budgets disappear. In many cases, companies are ramping up their marketing spend. The following paragraphs are the top marketing objectives, budgets, and results predicted for 2020. 

Top Marketing Strategies and Objectives 

Marketing channels most implemented in 2019 and carried through 2020 continue to be email, social media advertising, and blogging/content marketing tactics as reported by Sales and Marketing Management. SEO strategies follow as a close fourth place. 

Top marketing objectives for 2020 include converting leads to customers, increasing sales leads, increasing brand awareness, producing thought leadership content, and increasing website traffic. Interestingly enough, SMM also reports that most leads are still found through referrals, trade shows, and events. The percentages are as high as 63% (referrals) and 44% (trade shows) respectively. Print advertising and direct mail are the least utilized at 3% overall. 

Marketing Dollars Spent

In support of these marketing strategies, SMM also reports that 56% of budgets are being allocated to digital marketing, 52% of budgets to website development, 36% to trade shows/events, and 27% to content/email marketing.  

RevRoad Marketing Initiatives for 2020

This data coincides with current RevRoad and portfolio company marketing strategies.  RevRoad is also ramping up our marketing spend online, building home and landing pages to convert that marketing spend, generating more content on LinkedIn, social media, and blogs, while still building person to person relationships (at a socially safe distance). RevRoad continues to invest resources into new videos produced by our amazing video team to promote online. 

As mentioned, we will be revamping our website to be more focused on you and other entrepreneurs who’d like to apply. This includes restructuring and formatting content better. Our goal certainly falls in line with converting leads into sales and increasing brand awareness. As a start, we recently launched a services page complete with videos to ‘show’ not ‘tell’ about the services we offer to scalable companies like yours. 

Summary

Without question, the largest portion of marketing budgets for 2020 will be allocated to digital strategies. Based on what SMM reports and what we’ve seen at RevRoad, the marketing channels mentioned above produce the greatest ROI. 
Good luck with your marketing efforts. Whether it’s a pandemic or other changes to the economy, don’t be afraid to adjust your marketing strategies to accommodate changing business needs. Keep going. You’ve got this!

Utilizing Video for Your Business

Video marketing has recently dominated the marketing field. As much as video can be a benefit for businesses, we also understand it can be incredibly time consuming and capital draining to create content. So, let’s dive into how your business, large or small, can better understand and utilize video.

Increase your business by utilizing video.

Videos are the industry’s new trend. They hold a significant amount of power on how a potential customer sees and values your product or service. 

Not only are videos easily found on search engines, but they also work well across different devices, including mobile. 

Videos are easily shareable, therefore, reaching a wider audience and increasing visibility for your product/service!

How can utilizing video increase your business?

  • A video on your homepage can increase conversions by 80%
  • Video produces great ROI
  • Video builds trust
  • Video is easily found on search engines
  • Video is mobile friendly
  • Video marketing can explain complex messages succinctly
  • Video encourages online sharing

Proper planning

The biggest and most expensive mistake you can make is not planning properly. When you have no plan, you will spend time and resources trying to figure everything out on the fly.

Before you begin, make sure you have the following questions answered clearly:

  • What’s your goal/purpose
  • Who is the audience
  • What’s the budget
  • How long will the final video be?
  • Make sure you have a storyboard/script drafted with an outline of the shots you would like to capture–anything else after that is just extra!

You can download our customizable storyboard/script template HERE.

For more tips on utilizing video for your business check out “Video on a Shoestring” by Tigran Mirzoyan (RevRoad Video Producer) and A.J. Rounds (RevRoad Chief Marketing Officer).  View HERE.

For more information visit RevRoad.com or email info@www.revroad.com