Digital marketing has entirely transformed the way businesses reach out to prospective clients. The Internet’s vast reach has enabled companies to not only connect with a higher number of prospects, but do so in a more engaging manner in real time. As a result, marketing spend on digital channels – social media, specifically – has increased significantly over the years.
Citing a Duke University study, The Wall Street Journal recently reported spending on social media advertising, currently represents 9 percent of advertising budgets. That figure is expected to increase to 13 percent by next year and will likely account for 21 percent of the pie in the next five years. Digital marketing spend in general is forecasted to increase 11 percent in the next 12 months, while traditional advertising budgets are expected to contract 3.6 percent.