More than half of companies with revenue under $50 million already spend the majority of their marketing dollars online. And roughly 70% plan to increase the share of budget devoted to digital marketing over the next two years.
But the channels they focus on change as their companies grow. Understanding where your competitors are allocating their spending and how your efforts should evolve as your firm’s revenue increases is vital to your marketing success.
Those are among the findings in 300 Marketers Reveal Disruptive Shift in Digital Strategy, a new report from Ignite Visibility. The reports breaks down digital marketing practices and plans for small to midsized businesses in six ranges. Among the high-level findings:
- Businesses under $1 million in revenue invest the most in social media, while businesses between $1 million and $5 million invest the most in search engine optimization (SEO); businesses with $5-10 million invest most in online advertising; companies in the $10-20 million revenue range invest most in email marketing, and firms over $50 million invest roughly evenly between all channels.