You’re faced with a lot of choices as a legal marketer. One of the biggest is where you should devote the bulk of your spending.
And this is definitely something you want to get right. After all, the last thing you want to do is throw money down the drain by investing in strategies that are outdated or ineffective. So how exactly do you know where to spend your money?
A great way to gain insight is to see what other marketers are doing and which channels are top priority across the board. Cognito’s Communications and Marketing Survey 2017/18 provides some super helpful data that provides perspective on 2018 marketing spend.
Where the Bulk of Marketing Dollars Are Going
According to Cognito’s findings, there are five specific areas that marketers are focusing most heavily on in 2018. They are as follows:
- Content creation – 61 percent of marketers are spending more than in the past
- Digital marketing (SEO, SEM and email) – 57 percent of marketers are spending more than in the past
- Social media – 54 percent of marketers are spending more than in the past
- Marketing and communication technology – 52 percent of marketers are spending more than in the past
- Digital advertising – 48 percent of marketers are spending more than in the past
These findings show just how big of a role content creation has in the campaigns of companies all around the world. Combine its inherent affordability with the fact that it has one of the highest ROIs, and it’s easy to see why so many brands have adopted content marketing. An added plus is the potential spike in brand equity that your law firm can experience by consistently providing your audience with high level content.
Other digital marketing/advertising and search related techniques in particular continue to be widely adopted and show no signs of slowing down for the foreseeable future. These strategies have proven to be effective for reaching a wide audience for a reasonable price.
Where Marketers Aren’t Spending Their Money
It’s also worth noting that traditional advertising on things like billboards, newspapers and radio has really plummeted. In fact, only 11 percent of marketers plan on spending more on traditional advertising, while a whopping 40 percent plan on spending less.
This is likely due to the costly nature and minimal effectiveness of these “old school” techniques. While these were often viable 10 years ago, they simply don’t have a place with most modern marketers.
The Use of Data Analytics Has Grown Significantly
79 percent of respondents cite data analytics as having a moderate or high impact on their marketing. While this isn’t a marketing technique in and of itself, analytics are used quite frequently in conjunction with other strategies. As a result, many marketers are choosing to devote a portion of their 2018 marketing spend to analytics.
As a legal marketer, it’s always nice to benchmark yourself against other professionals. This lets you know how your strategy compares with the masses and provides you with insights on how you could potentially improve your strategy. Cognito’s recent marketing survey has answered many questions that legal marketers have regarding spend and should steer you in the right direction in 2018.