Marketers are already shifting marketing dollars early in 2023. A survey of marketing professionals by Advertising Perceptions via Marketing Dive showed that nearly two-thirds of marketers said they were moving dollars to higher-performing channels.
That’s not surprising as the number of channels has exploded over the past few years. With linear TV now standing alone as a mass medium — although down substantially — marketers have been forced to expand their number of channels to affect significant reach.
Lori O’Neal, head of global retail and CPG strategy for LiveRamp said advertisers at struggling to manage all of their marketing partners. “They’re going to get to the point where they’re going to have to go with their top 10 or top five,” O’Neal told Marketing Dive.
Moving Dollars from Acquisition to Retention
At the same time, 38% are shifting from customer acquisition to retention, loyalty, and lifetime customer value (CLV) from existing customers.
While marketing dollars had been allocated more to social media and connected TV, spending in both mediums has declined from projections. However, Advertiser Perceptions says a further economic downturn is likely to impact traditional media channels to a greater extent, such as linear TV, print, and out-of-home (OOH).