Marketing budgets are expected to go up in 2022 globally after two difficult years. 66% of marketers across key markets are set to increase their marketing budgets next year, according to a report from DCMN. 71% of Indian marketers are planning to increase their budgets in 2022, the report added. Furthermore, 93% of Indian marketers are likely to increase their spending on agencies in the next 12 months.
600 in-house marketers from the US, the UK, France, the Netherlands, Germany, and India were surveyed for the study. The research was conducted by Censuswide on behalf of DCMN. Among all the surveyed markets, the French market has shown the most positive trend with 75% marketers saying their budget is set to increase. In the UK, US, Germany and Netherlands, 69%, 68%, 55%, 58% of marketers are likely to increase their budget respectively.
“At DCMN, we wanted to take a closer look at where the marketing industry stands right now, and the impact of a disrupted 2020 and 2021. The results are impressive, and point to a marketing rebound in the coming year – both in India and in other countries around the world. Overall, we’re seeing that branding efforts remain top of mind for marketers. It’s also clear that brands still have huge faith in linear TV, with mobile advertising and TV set to be some of the most popular channels for marketers to invest in next year,” Bindu Balakrishnan, country head India, DCMN, said.
As per the report, 62% of Indian marketers are more focused on long-term branding efforts, compared to 33% for performance-oriented goals. Globally, 65.5% of marketers are more focused on long-term branding efforts and 31.3% on performance-oriented goals. France and the Netherlands are the most focused on branding efforts, with 73% and 71% respectively.
Mobile advertising (47.5%), podcasts (41.8%), and CTV (36.3%) have emerged as the most popular channels for marketers outside of digital advertising. For marketers in India, mobile is the most popular channel as 63% said they plan to invest in this channel.
However, the coming year is also bringing new challenges for marketers. Marketers in India are most concerned about managing and reconciling large amounts of data across channels. The second big challenge for them is keeping up with privacy regulations.