The Q4 2013 IPA Bellwether Report, published on Thursday, reveals a strong upwards revision to marketing budgets, marking the fifth quarter of consecutive growth and the second-highest rate of growth in the survey’s history.
The latest report also indicates that companies are “loosening their purse strings” as worries about the wider UK economy subside.
Here, Newsline presents industry reaction and analysis to the findings from Daniel Todaro of Gekko:
This is another remarkably encouraging report that highlights wider industry confidence in the British economy and its future prospects. Although the report is broadly positive, there is a clear split in where marketers’ money is going.
Once again, digital spending takes the lead as more and more people consume through smartphones and tablets, while sales promotion is also up, which suggests that attracting shoppers through neat tactics in-store and through mobile is paying off.
However, with marketing budgets on the up there will be increasing pressure on brands to deliver. As the consumer landscape broadens, with more and more comprehensive pictures being built up through the combination of data analytics, strategic thinking and predictive modelling, new consumer profiles are coming to the fore.
Marketers need to be aware of these in order to operate effectively. With increased budgets there is more opportunity to build long lasting relationships with consumers. Brands just need to be aware of increased expectations.
Read the full article at http://mediatel.co.uk/newsline/2014/01/16/ipa-bellwether-q4-2013-industry-reaction/