Broad Media Unveils 2023 Report Revealing Digital Advertising as the Unanimous Champion for South African Businesses. Broad Media has just published its anticipated 2023 Marketing Budget and ROI Report, revealing that digital advertising is the undisputed frontrunner in marketing investments for businesses in South Africa. The report is built upon a survey carried out in May 2023.
Click here to download the complete 2023 Marketing Budget and ROI Report
The survey garnered responses from 1,757 participants, all of whom either work in the marketing departments of their respective companies or play an active role in the marketing endeavors of their organizations.
Quintessential Takeaways
The report is rich with intriguing insights. One of the most notable revelations is the nearly equal division among marketers regarding the adequacy of their marketing budgets.
A slight majority, 54%, believed that their yearly marketing budget is well-aligned with their needs. Conversely, 43% felt that their marketing budgets are insufficient, while a mere 3% opined that their budget is more than ample.
However, when the focus shifted to the marketing channels and the corresponding ROI (return on investment), there was no contest – digital advertising reigned supreme.
This dominance of digital advertising is vividly illustrated in the report’s graphs.
Budget Allocation Trends
The report sheds light on the trend that South African businesses predominantly earmark a substantial portion of their marketing budgets for digital advertising.
The ROI King
Among the various marketing channels, digital advertising stands head and shoulders above the rest in terms of ROI for South African enterprises, and by a wide margin.
A Closer Look at the High Rollers
An interesting consistency was observed when the report analyzed companies that allocate more than R1 million annually to marketing. Digital advertising still emerged as the unrivaled victor. It not only secured the lion’s share of the budget but also proved to be the most lucrative in terms of ROI for these companies.
In summary, Broad Media’s 2023 Marketing Budget and ROI Report underscores the indisputable dominance of digital advertising as a preferred marketing channel for South African businesses. Whether it’s budget allocation or ROI, digital advertising is the clear leader across the board.
