10 Digital Marketing Facts to Reshape Your Strategy
Technological developments and updates in the way consumers interact with companies are constantly shaking up our understanding of the marketing landscape.
Thankfully, new studies are being conducted and published basically continuously on the best possible practices for brands. Bold predictions about the industry, coupled with new data resources and consumer insights, make these studies indispensable tools for marketers.
Below, you will find 10 key marketing facts sourced from authoritative industry studies to help you shape your strategy and stay ahead of your competitors.
1- Influencer Marketing Is A $1B Industry On Instagram
We’ve already spoken a lot on the subject of Instagram’s rising importance to the current world of advertising.
The platform has come a long way since it was acquired by Facebook in 2012-- back then, it had only 30 million users. In late 2017, it reported over 800 million monthly active users. This number only appears to be growing-- as is the number of searches for “influencer marketing.” Mediakix projects that the influencer marketing industry will be a $5-$10 billion dollar market by 2020, and Instagram is the top platform for it.
2- The Average Consumer Attention Span Is Short, but Not as Short as You Think
This Microsoft Report stated that the average attention span was down from 12 seconds in 2000 to 9 seconds in 2015 when the report was published.
This has since been debunked-- the human attention span is significantly more complicated than the study allows. This graph from Source Global Research presents comprehensive statistics on how audiences prefer to consume their information. And while short articles and videos are the leading preferred sources, a sweeping shift to “snackable content” is inadvisable-- lots of users are still looking for substantial, insightful pieces.
3- Millennials Are Projected To Account For Nearly 1/3rd Of All U.S. Retail Sales By 2020
Millennials are America’s largest generation, currently at about 92 million people.
Now, the Census Bureau’s is unwilling to truly define any generation other than Boomers, so the closest we can get to a numerical designation for millennials is that they’re typically considered the group born between 1982 and 2002. This means that a huge proportion of them are in their late 20’s and early 30’s.
As the largest consumer market, and one that will only continue to spend more as they start having kids, marketers should focus their efforts on targeting this group. They’re well known to eschew traditional advertising and make decisions based on influencer marketing, so brands should allocate a significant chunk of their budgets towards those methods.
4- 75% Of Total Marketing Budget Will Go To Digital Marketing
According to Salesforce research, marketing execs will spend 75% of their total marketing budgets on digital over traditional channels in 2021.
They spent about 62% of their total marketing budget on digital channels in 2011, which means spending in this area is projected to grow 21% within a decade. The reduction of spending towards traditional channels is reflective of the ways in which this generation of consumers prefers to be advertised to, and brands should take this under advisement.
5- 82% Of Consumer Internet Traffic Will Be Video By 2021
This whitepaper published by Cisco predicts that video will be the single top performing online medium in the coming years.
U.S. online video ad spend has risen steadily as brands prepare for the shift, with online video ad spend projected to hit $17 billion by 2020. Keeping up with the trend will mean increasing investment in digital video.
During the first quarter of 2017, the U.S. cable industry lost 410,000 subscribers, prompting many to call it the year cable TV died. Conversely, Netflix added 8.3 million subscribers to its TV and movie streaming service during the last quarter of that year. It’s clear where this is headed-- online video, especially that appearing on social media, will be increasingly central to success in marketing.
6- Google And Facebook Earn More Than The World’s Traditional Media Outlets
All the newspapers, magazines, and radio networks in the world combined can’t top the advertising team that is Google and Facebook for ad revenue.
The pair bring in $117B in ad dollars annually, according to Inc. Put another way, that’s more than the GDP of most of the world’s countries. Not surprising, considering that a third of millennials and Gen Zers get their news through social media.
7- 76% Of Marketers Cited ROI Measurement As Top Challenge For Influencer Marketing
Marketing Dive found that ¾ of marketers called determining their ROI the greatest challenge in influencer marketing campaigns, followed by navigating the constant changes made to social network algorithms.
Key performance indicators are crucial to making investment decisions so they’re more important than ever. Thankfully, most social media networks now provide analytics to help populate this data. There are also helpful metric-evaluating guides out there, like this one from Media Kix.
8- Content With Relevant Images Gets 94% More Views
We’ve already covered Instagram’s major role in social media advertising, so it should come as no surprise that beautiful visuals are increasingly important.
Image-rich content integrated with copy performs well, and this includes online video. These numbers come courtesy of ongoing research by Software Advice and Adobe.
9- 4X As Many Consumers Would Rather Watch A Video Than Read To Learn About A Product
According to an Animoto survey, 80% of consumers noted that a video tutorial for a product or service was important to their understanding of the business’ offering.
The survey also found that four times as many consumers preferred videos on a product articles about it. It is clear from these findings that business should be working to increase video output as much as they can.
10- YouTube Has A Higher Engagement And Lower Bounce Rate Than Twitter And Facebook
When it comes to post-click engagement on referral traffic from most social media channels, YouTube stands above the rest.
YouTube users spend more time engaging with content than visitors from the likes of Facebook and Twitter. Links shared from YouTube along with strong video descriptions compel users to dive deeper into whatever topic they are learning about. And with YouTube’s 1.5 billion users accounting for one-third of all internet users, it makes for a great platform for marketers to engage as many viewers as possible.