Earlier in 2018, I wrote a post about where marketers are currently spending the bulk of their digital marketing money. But given that marketing is in a constant state of evolution, I thought it would be useful to discuss where marketers plan to invest their money moving forward.
That way you’ll have a nice benchmark for your legal marketing campaign. To obtain this data, I analyzed recent research from digital marketing agency The Manifest.
Here are their key findings.
Overall Digital Marketing Spend
First things first, it’s important to point out that “most businesses devote either 26-50 percent or 51-75 percent of their overall marketing budget to digital marketing.”
That’s a significant chunk. This goes to show that digital marketing has already usurped traditional offline techniques for many law firms.
On top of that, “Almost every business (99 percent) plans to increase its investment in at least one digital marketing channel in the next year.” So these numbers clearly show the potency of modern online marketing and the positive impact it can have on ROI.
Digital Channels with the Biggest Investments
Now for the specifics. According to The Manifest’s findings, brands plan on investing more in the following channels:
- Social media marketing – 64 percent
- Website – 55 percent
- Email marketing – 43 percent
- Mobile app – 40 percent
- Content marketing – 39 percent
- SEO – 36 percent
By these numbers, it’s evident that social media is the number one focus for most companies at the moment. And this makes sense considering that 77 percent of the US population had a social media profile in 2018. When a social media campaign is executed correctly, you can connect with high value leads and effectively build up the equity of your law firm.
It’s also apparent that having a professional website is important to a large number of brands. With sites becoming more sophisticated and robust, you need to keep up with the competition. Not to mention user expectations are growing, and most people expect a fast, fluid and seamless experience.
Continued investments in email marketing, content marketing and SEO isn’t really surprising given their level of popularity. But the fact that 40 percent of companies are planning to invest in mobile app development is interesting and means that your law firm may want to at least consider creating its own mobile app.
Where Brands are Planning to Spend Less
But what about where marketers plan to invest less?
The Manifest found that there are two key channels that will be noticeably less popular in 2019 and beyond—display/banner advertisements and paid search advertisements.
What’s the reason for this?
Experts believe that it’s mainly because many businesses view the costs as being too high, they can’t control where the marketing message goes and they have difficult tracking the results. When you combine all of this, it’s easy to see why the popularity is waning. Instead, many prefer a more organic route where there’s a higher level of control, which is certainly understandable.
It’s always interesting to see what the priorities of other brands are. The data from this study is very telling and should provide your law firm with guidance on where your digital marketing money will be best spent in 2019 and beyond.