Connect with us

Business

Digital Marketing Statistics: Surprising Facts You Need To Know

Published

on

Nowadays, digital marketing statistics soar high as our digital trend continues to evolve. As a result, 2021’s digital marketing landscape has become more competitive than ever. Marketers are eager to stay ahead of the game as they take advantage of the search engine optimization and social marketing perks. However, the majority pays attention to prioritize personalized and a more integrated customer experience. This approach can be complex as consumers express concerns about data privacy. 

Below is a compilation of digital marketing statistics to help you execute your strategies for 2021. 

Digital Marketing Statistics: A Competitive Industry

As digital marketing rises, digital advertising spendings also soar high. This 2021, the overall digital ad spending worldwide will reach more than $389 billion. According to eMarketer: 

  • As we enter 2021, our worldwide digital ad spending will experience 2.4% growth.
  • Experts foresee that our global digital ad spending will bounce back with at least 17% growth throughout the year.  

Due to the ongoing competition between brands, we all know the increase in demand for digital ads will be reflected in its price. Currently, the average CPA or cost per action is worth $49 for every paid search. Meanwhile, the average cost for every display ad is now worth $75.

As for social media ads, the US reached more than $43 billion worth spending last 2020. It shows a 20% increase compared to 2019. Going back, the sudden increase in ad spending is due to the effect of COVID-19 on our eCommerce. Indeed, all of us experience first-hand how businesses scramble to enter the online market.

 As a result, it completely changed the eCommerce industry, closely affecting digital marketing and ad spendings. As businesses managed to establish their footing rapidly, the eCommerce industry continues to evolve. According to the ROI Revolution, it is expected to surpass all our expectations until 2025 and is expected to bring in more than $843 billion worth of sales this year. 

Digital Marketing and Social Media

Facebook

According to Business Insider, US Facebook ads exceeded more than $31 billion worth of ad spending. It represents at least a 5% increase compared to 2019. 

LinkedIn

According to eMarketer, the ad spending in LinkedIn reached more than $1.02 billion. Compared to Facebook’s ad spending growth, LinkedIn experienced a 40% growth since 2016. It shows that LinkedIn proves to be one of the growing advertising channels for professionals worldwide, especially for B2B marketers.  

Mobile Ads

  • In general, mobile display ads generated around $61 billion last 2020. It showcased at least a 22% increase compared to 2019 (eMarketer). 
  • According to Statista, mobile ad spending worldwide will reach more than $247 billion by 2022. 

Digital Marketing Strategies

According to Dialogtech, marketers are using ineffective marketing strategies. Here are a few digital marketing statistics that show marketer’s ineffective approach. 

  • As per HubSpot’s statistics, only 61% of marketers are convinced to have an effective marketing strategy. On the other hand, even though most marketers doubt their approach, they still invest large amounts for digital ad spendings. 
  • Proving the ROI is the number one concern for at least 40% of marketers (HubSpot). 
  • According to Forrester, 58% of marketers find targeting and segmenting their audience as challenging. It shows their frustration to acquire first-party resources. Due to this, marketers fail to deliver a personalized approach for consumer experiences. 
  • Meanwhile, 57% of marketers admit that it’s challenging to optimize marketing decisions. Also, marketers feel that they lack the data they need to guide customers through the marketing funnel. 

It’s evident that marketers still struggle to cope and analyze the data concerning their consumers. The number one reason appears to be the lack of quality data, which results in a barrier in lead generation. At least 42% of B2B marketing professionals admit to their struggles to generate quality data (BrightTALK). 

Omnichannel Marketing Strategy

According to Dialogtech, omnichannel personalization drives better marketing results. Omnichannel is defined as a multi-channel type of sales approach. It provides an integrated and more personal experience for customers. 

This type of approach is immersive and prioritizes the customer at its core instead of your brand’s product. It aims to deliver a seamless experience for the consumer as they shop online through different mediums. According to ClickZ, here are the benefits of utilizing an omnichannel approach: 

  • It generates at least an 18.96% engagement rate. Meanwhile, a single-channel strategy only generates a 5.4% engagement rate.
  • It produces more than a 250% rate of purchase compared to single-channel campaigns. 
  • The customer retention rate is 90% higher when using an omnichannel approach.  
  • According to 80% of consumers, they will engage with a business if it offers a personalized experience. 

Third-Party Data and Personalization Issues

  • According to eMarketer, 81% of marketers are worried about using third-party data as it raises their consumer’s privacy concerns. 
  • As per Signal’s statistics, 82% of marketers prioritizes gathering first-party data. It means that marketers are changing their strategies as they tap into internal data. 

First-Party Data Through Consumer Phone Calls

As a solution to third-party data and privacy concerns, marketers opt to leverage first-party data through consumer phone calls. 

  • According to BIA/Kelsey, mobile ads generated more than 162 billion phone calls in 2019.
  • After running Google search inquiries, consumers mostly call brands to inquire about their services (LSA). 
  • At least 28% of internet users perform a local voice search to call a business. (BrightLocal).  
  • Compared to web leads, calls convert ten to fifteen times more revenue (BIA/Kelsey). 
  • According to Forrest, 30% of calls convert more than web leads. 

Although business calls are deemed unimportant because of our digital age, it is a valuable tool for conversion. However, most successful conversion happens as long as consumers are the ones who approach a brand for inquiries.

Conversation Intelligence Data and Revenue

As a strategy to generate first-party data, businesses tap into conversations they receive from consumers. By doing this, it helps marketers to deliver a more personalized experience to their clients. Furthermore, it’s a proven strategy to drive more revenue. Here are some insights from Forrester: 

  • At least 48% of marketers verified an enhanced customer experience after scaling data from their enterprise conversation.  
  • 43% of marketers expect to improve customer retention as they process first-party data from consumers. 

This type of approach shows that it’s essential to pay attention to your consumers and use your internal data. By doing this, you’ll gain valuable insights that will help you mold your digital marketing strategies. 

Conclusion

As we go over the digital marketing statistics and trends, it only proves its evident popularity. The demand for digital ads is higher than ever as marketers try to keep up with the evolving trends. We know for sure that the number one priority is to give consumers a more personal and immersive approach. We’re at the digital age point where all our search queries, link clicks, and emails are closely tracked. It’s no wonder there’s a growing concern about data privacy. 

In the end, COVID-19 left a lasting impact on our eCommerce industry. It completely rules over the rapid change in our digital marketing, content strategy, and digital ad spendings. The effect is expected to completely mold our digital trends into a more personal approach as the competition between brands grows more competitive. 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Kuda Raises $55 Million Series B Funding Quicker Than Most Startups

Published

on

One of the most promising industries to launch a startup is in the digital banking or fintech sector. Untapped markets can become a goldmine for startups that aim to disrupt the banking infrastructure. And that’s what Kuda has experienced over the past couple of months. Read more about Kuda here and how they were able to raise millions for their Series B funding.

Kuda: An Overview

What sparked Babs Ogundeyi and Musty Mustapha to start Kuda? Excessive and inconsistent fees. Fueled to reduce that, they launched the fintech company to develop a savings app. Wanting to make banking easier and more accessible without any charges, the founders aim to change banking for Nigerians all over the world.

Series B Funding and Possible Kuda Expansion

Kuda raised $55M funding for Series B. For Kuda, this funding will be fundamental not only in the creation of new services on their savings app but also in launching it to Africans across the continent. Ogundeyi hopes that their app can become a widely used app for Africans globally. 

Expansion is vital for Ogundeyi and his team. He maintains that Nigeria is still a market crucial to their operations, but the funding will also go to expanding efforts.

Back in March 2021, Kuda raised $25M, all thanks to Valar Ventures. Back then, they had only 650K app users, but they doubled that number in August 2021, with registered users around 1.4 million.

This funding round is once again led by Valar Ventures. But Target Global and SBI have also played a role in helping the fintech startup raise $55 million. Target Global leader Ricardo Schäfer believes in the impact that Ogundeyi and Mustapha will have in Africa. But what excited him the most was the idea that 1 billion users would benefit from their app.

Faster Funding Rounds and Other Disruptors

It was surprising how quickly Kuda raised funding over the course of a few months, but it’s due to the current market conditions and the numbers presented to investors. A McKinsey report foresaw this growth, wherein digital financial services would become a major market. Plus, with inaccessibility, Kuda knew that they could change the way Africa could do digital banking.

Kuda isn’t the only fintech startup aiming to change the banking infrastructure in Africa. Other Fintechs changing the game are:

  • Airtel Africa
  • Chipper Cash
  • FairMoney

Meanwhile, here are the other fintech and banking companies also competing to stand out in the market:

  • Revolut and N26 (Europe)
  • WeBank (China)
  • Varo and Chime (U.S.)
  • Nubank (Brazil)

However, what makes Kuda stand out from the others is they have a banking license. With this in mind, they can develop services on their own. This will also help them create and develop other products and services and build credibility more than their competitors.

The Future of Kuda

Ogudenyi aims to launch their app to other African countries but won’t say where they’ll launch it. However, Kuda has an ongoing credit service (through an overdraft allowance) that proves the fintech startup is growing and moving forward.

He says that they do a pre-qualification screening for those who can receive credit. In the 2nd quarter of 2021, over 200,000 users were eligible. They gave over $200M in credit. And to ensure they remain with their purpose of creating their app, they do an allocation of overdraft proportion. It’s based on user activities, and they won’t overpay.

Due to Kuda’s promising mission towards banking in Africa, Valar Ventures seems eager to fund the fintech startup once more in the future. Andrew McCormack, a general partner of the investment firm, says that growth and population acceptance towards digital banking are factors in continuing their support.

Continue Reading

Business

Sam Adams Is Brewing Space Beer

Published

on

SpaceX’s Inspiration4 mission was a raving success with the safety of the amateur astronauts confirmed when they touched down this past weekend. The first all-civilian space flight was historic in and of itself, but they did more than just visit. The four civilians also performed scientific experiments, made art, and brought up to 66 pounds of hops. Sam Adams is going to brew that into our very first “space beer.” 

That’s right, space beer. While we’re probably a way off from a space brewery, we’re definitely heading there with hops having visited space. If you’re wondering what they did with the hops in space, you’re not alone.

Far as we can tell, these hops simply made a trip farther into the heavens than any other hops before them. One might imagine a brewer saying, “one small hop for man, one giant hop for mankind.” 

No? Too lame? Anyway…

Booze. In. Spaaace. 

Sam Adams has been in the news lately with their Utopias beer being so strong it’s illegal in 15 states. While we don’t know the strength of this future “space beer” just yet, one University of Colorado research project suggests that beer brewed in space is higher in alcohol than those brewed on Earth. 

This is not the first alcoholic experiment in the heavens. In 1994, Coors participated in a test fermentation in space. In 2006, Sapporo produced a $110 six-pack using barley seeds that made a trip to space. In 2019, Anheuser-Busch sent several barley samples to the International Space Station to determine the effects of microgravity on barley seeds. Also in 2019, 12 bottles of Bordeaux were sent into space, giving them a value of $1 million per bottle. 

Turns out, if we travel somewhere, we want to know if we can get drunk. Take a look at Everest. If we trek, we drink. 

It’s just human nature. 

Space Beer… For the Children

In order to secure the rights to these space hops, Sam Adams made a donation of $100,000 to St. Jude’s Children’s Research Hospital as part of the overall theme to Inspiration4’s mission. Isaacman, the mission leader of Inspiration4, is aiming to raise $200 million for St. Jude’s. Elon Musk has personally pledged $50 million to the hospital. 

By tossing some money to a good cause, Sam Adams is able to secure the rights to brew the first space beer from the world’s first all-civilian space flight. If the motivation to brew space beer is “for the children,” then we’re all about it. 

When Can We Drink This Space Beer?

Sam Adams’ future space beer has yet to be named. All we know now is that it will be a traditional West Coast IPA and will be on sale later this fall. Sam Adams has stated that it is excited to brew with the out-of-this-world hops. 

And why shouldn’t they be? Anything with a “genuine” space label should be exciting to produce. While they’re not the first brewery to experiment with space booze, Sam Adams is the latest and therefore the hottest. With our attention spans lately, it pays to be a trending topic. 

Sam Adams isn’t the only thing to come from SpaceX’s Inspiration4 mission. We have a lot to learn from this historic flight. While Sam Adams may be the most fun, there is plenty to look forward to in terms of scientific development. 

What is it that Sam Adams said? 

“If ye love wealth better than liberty, the tranquility of servitude than the animating contest of freedom – go from us in peace.”

No, not that. The other thing. 

“This is Boston. Drink Accordingly.” 

No, that’s their current slogan. 

“America’s World Class Beer.” 

Nevermind. Call me when Sam Adams Space Beer is available.

Continue Reading

Business

Scott Tong Shares Invaluable Product Design Insights and Culture for Startups

Published

on

Many startups are launching their businesses left and right, but some may not have a design plan in mind. This, in turn, could lead to challenges ahead for startups looking to stand out from the crowd. And it’s best that startups learn to value design and development. One such expert in the field is designer Scott Tong. He worked as the head designer for Pinterest and was the co-founder of IFTTT. Currently, he’s an advisor for Designer Fund. Here, we take a look at the advice he has shared for startups.

Scott Tong: Early Stage 2021 Tidbits

TechCrunch held their TC: Early Stage 2021: Marketing and Fundraising Bootcamp for early-stage startup founders from July 8 to 9, 2021. One of their guest speakers was Scott Tong. 

He spoke with Jordan Crook from TechCrunch to discuss early-stage design and its long-term impact on the startup. Plus, he even reveals how to find the right people for product design work. He disclosed two important points on what entrepreneurs should think about when it comes to design: reputation and existing vs. preferred.

For Tong, he considers a brand as the reputation of a company. Here, he examines the following ideas:

  • First impression
  • Repeated long-term behaviors
  • Unique and memorable moments

And the other point he brought up in Early Stage 2021 is “existing vs. preferred.” This means scrutinizing design and understanding how it matters in your company.

User: The Driving Force of a Product

Scott Tong is no stranger to TechCrunch. In his article for Techcrunch around four years ago, he emphasizes that when developing or creating a product, the one thing that matters is the user. He urges startups to ask the question, “what is right for the user?” than “who is right.”

In the article, he branched out three concepts that have value when it comes to developing a product. And finding the best people to understand your users.

The first of his points is about understanding and driving T-shaped people. It’s when you have someone well-versed in their field while collaborating with another person from another field. The best ones are curious, empathetic, and humble.

His second point deals with T-shaped people and user-centered thinking coming together. Your T-shaped people should always have the question of how to solve problems for users. And these T-shaped people will know that they can’t satisfy all of your user’s needs but identify the best solutions for your users.

Lastly, your startup should always know how to craft high-quality decisions. But what counts as one? He lists down what makes a decision, high-quality:

  • User-centric
  • Timely
  • Calculated
  • Communicated
  • Humble
  • Shared
  • Monitored
  • Considered
  • Balanced

Other Speaking Engagements

Early Stage 2021 wasn’t the only time Scott Tong shared his design insights and experiences as a founder. The Designer Fund advisor was a guest in the Startup Grind. In this event, he talked about being a designer for IDEO and Pinterest. At the same time, as a founder, he also touches on the subject of culture. 

He gives his advice for entrepreneurs who have lost their sense of purpose. He says to get in touch with values. Plus, he’s aware that disagreements are ever-present in any business setting. And to reduce friction, trust is key, and understand your team.

One other podcast tapped the ex-Pinterest Head of Design to discuss Design Entrepreneurialism. In this podcast, he talks more about his journey as a designer and working in the new venture: IMO Ventures. 

And the one thing he emphasizes about design is culture, which he also wrote in his TechCrunch article. Here, he says that design is connected to messages, wherein it means one thing to the designer and another to its viewer. That’s one way startups may look when considering product design.

Continue Reading

Trending