The world’s highest grossing companies are currently spending around 13% of their total budget on marketing, while smaller businesses continue to invest a good 10% of their gross earnings on the same, according to a Gartner’s CMO survey. The expenditure on digital marketing, in particular, has boomed all-round, with expenditure rising on company websites, online sales, and digital advertising. The latter in particular has seen substantial growth, with almost 67% of marketers allocating larger budgets for advertisement on Facebook and other online sites. How can you make the most of your own budget if you are a small business hoping to increase your reach and ensure a sound return on investment?
Investing in Video
The above-mentioned survey discussed the rise of video, with research indicating that video marketers obtain 66% more qualified leads per year and achieving a 54% increased brand awareness. Wyzowl’s State of Video Marketing survey shows that 81% of companies that invested in video enjoyed higher sales, with over 90% of businesses viewing video as a useful marketing aid. Depending on the nature of your business, investing in professional video producers may be important – this is especially true if you are trying to break into the luxury market. However, video can also be used on a more amateur basis, through Instagram stories, live streaming on Facebook, and the like. Ensure you have the equipment you need to provide clear, crisp imagery with optimal sound.
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