Yesterday’s IPA Bellwether report sparked little surprise, but confirmed that marketing budget growth is slowing. Yet with the IPA asserting that any recession we see will be short lived, it’s clear that the direction of travel is not to put the brakes on marketing investment.
Comments below from Harry Williams, our Senior Marketing Manager, were covered in Performance Marketing World and New Digital Age.
Whilst it’s disheartening to see that main media marketing budgets – which includes radio – have fallen for the first time since Q1 2021, this decrease was only mild overall, indicative of a cautious reduction amid rising risks to the UK economy.
Understandably, brands will now be wanting to work with partners who can build brand awareness whilst driving clear ROI and getting the most bang for their buck. And this is where digital audio can take centre stage by utilising techniques such as addressable advertising, thus bridging the gap between data and creativity.
In fact, as one of the fastest growing advertising mediums, digital audio is consistently innovating to ensure new trends are accommodated. For example, it’s now possible to create ads that do not simply just target consumers with products and services but are actively using data available to make the consumer’s decisions easier. And this is why I predict 2023 will be a bumper year for the channel.
