It’s no understatement to say that the world has changed considerably in the last three years. The same can be said for marketing and consumer trends.
A recent survey of digital marketing campaigns nationwide found that year over year, Click Through Rate and Cost Per Click have both remained relatively stable, but Conversion Rate has decreased significantly, leading to a similar increase in Cost Per Lead.
The largest and smallest increases indicate that inflation is a big driver – 91% of industries saw an increase in Cost Per Lead. Inflation and an uncertain economy are causing consumers to be more conscious of spending – people don’t want to stop spending; they want to save.
Did you know that a consumer needs to encounter a brand an average of 7x before becoming a customer? With so many touchpoints needed, it’s clear that paid search marketing alone isn’t going to cut it. 87% of consumers want brands to provide more consistent experiences across tactics. Brands that use three or more tactics also see a higher conversion rate of 287% on average.
Social media, digital display ads, and pre-roll/streaming video are among the most popular tactics to supplement paid search. A recent survey of small-to-medium-sized businesses (SMBs) showed that the majority expect to increase spending for the following mediums over the next 12 months:
Consumer behavior and digital marketing are continuing to change and evolve. We are here to help navigate these changes!
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