Marketing innovation will receive more investment for marketers this year because majority of them are either staying or adding more funds into the basket. The deal is that they will be investing on the goal for innovation by using only tested channels such as email and they will not be willing to risk their investments by using new and unreliable marketing strategies.
Many businesses are renewing their focus on marketing because it has been proven to stimulate growth in the company. Majority of marketers, around 99 per cent of them, have pledged that they will either retain or increase their allotted budget for this year’s marketing. A large percentage of the budget will be allocated for innovative strategies and technologies.
The goal to innovate is proven by the fact that marketers are willing to spend more of their budget. As a proof, technology innovation has taken the highest spot among options given to service providers of marketing while analytic services take the second spot.
Though they may be centering their attention on innovation, marketers are not expecting something magical to happen thus they have realistic expectations which they plan to make possible with the use of reliable channels only.
Virtual reality and augmented reality is starting to make a name in the industry as well as other latest trend in technology but marketers are still not willing to try these new marketing channels. Currently, only 8 per cent of marketers are tapping into virtual reality while over half of marketers are not sure of the relevance of the technology to their brand.
Instead of taking risk on new untested channels, majority of marketers are developing marketing innovation with the help of reliable channels such as email and social media. Based on a survey, 68 per cent of marketers are willing to invest more attention as well as funding to make use of email for this year. The same survey revealed that almost half or 49 per cent of marketers acknowledges the fact that they have a weak spot when it comes to personalization. One third of them pointed out that they will be focusing more on email personalization for 2017.