Digital Marketing Investments to Fuel 2024 Business Growth

BY Rachel Cagle
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Is your client trying to grow their business but they don’t know which digital marketing investments will make that happen? Here’s your guide to what’s performing well now and what’s set to grow in the future.

Digital Marketing Investments to Fuel 2024 Business Growth

Digital Video

According to a report by IAB, the digital media format that saw the strongest growth in 2023 was digital video. Not only did its revenue increase by 18.9% over 2022, it also accounted for 23.2% of all digital ad revenue. That means digital video brought in $52.1 billion in revenue in 2023.

Why is video so successful? According to a previous SalesFuel blog based on data from Advertiser Perceptions, “50% of marketers state that video is better than other formats when it comes to helping them meet key performance objectives.” Those objectives include increasing:

  • Brand engagement and awareness
  • Customer loyalty
  • Sales

What types of video are worthy of being digital marketing investments? In 2023, digital video ad revenue was divided as such:

  • Video Non-​CTV/​OTT: 58%
  • CTV/​OTT: 42%

According to a SalesFuel blog based on data from Vidyard, the non-​CTV/​OTT videos that marketers invest in the most are:

  • Product Demos: 47% of marketers invest in these types of videos
  • Explainers: 35%
  • Recorded Webinars: 33%
  • How-​To-​Guides: 31%
  • Customer Testimonials: 27%

And of course, your clients can’t sleep on CTV/​OTT ads since, according to Digiday, they:

  • Increase brand awareness: 55% of marketers agree
  • Are engaging and creative: 37%
  • Increase brand engagement: 35%
  • Achieve higher conversion rates: 35%
  • Create more repeat customers: 29%

If your client would rather put their digital marketing investments toward the top digital performer, that would be search. IAB says that in 2023, search made up 39.5% of digital ad revenue. Plus, its total revenue continues to increase year over year.

Search should be part of your client’s marketing strategy since search is how customers find your client to begin with. The more consumers who find your client’s products and services, the more sales they’ll make. For tips on how to boost your client’s SEO rankings for products, check out this blog post.

Digital Display

Ranking between search and digital video in total revenue is digital display. Digital display made up 29.4% of digital ad revenue in 2023 ($66.1 billion). But even though it’s bringing in a lot of revenue, its growth is slowing down.

Digital display’s revenue only grew by 4% between 2022 and 2023. And marketers aren’t sure whether its revenue will continue to increase or decrease in the future.

However, it doesn’t bring in that much revenue for no reason. According to a previous SalesFuel blog based on Nielsen data, display ads are highly effective. In order, the digital marketing channels that marketers say are the most effective are:

  • Social Media: 62% of marketers say social is either extremely effective or very effective
  • Online and Mobile Video: 58%
  • Search: 57%
  • Online and Mobile Display: 57%

So, it’s among one of the safe digital marketing investments for 2024.

Social Media

Nielsen isn’t the only company with data showing that social media ads are effective. IAB says that social media ad growth is picking up. In fact, it reached its highest recorded advertising revenue yet ($35.5 billion) in the second half of 2023.

Of course, social ads only perform well when they end up in front of your client’s target audience. Want to find out which social channels they’re the most active on? Check out their profile on AudienceSCAN on AdMall by SalesFuel.

Plus, you can ensure your client is marketing the most of their social digital marketing investments by following these trends.

Photo by: Towfiqu barbhuiya