Article
Growing in Marketing through experimentation
Monday 3rd of June 2024
This article can be found in the in the Voka – Kamer van Koophandel Antwerpen-Waasland magazine of May 2024
The Marketing Pulse 2024 report by Upthrust offers valuable insights into the current marketing landscape. More than 250 marketing leaders shared their experiences and challenges. The main findings emphasize the necessity for companies to adapt to changing consumer behaviors and technological developments. Those who do not evolve risk losing relevance and competitiveness in the market.
1. Companies are experimenting more
In today’s marketing world, continuously testing new approaches is no longer a choice, but a necessity. Upthrust’s research shows that a significant portion of companies (77%) test at least one to ten new marketing initiatives every month. This trend emphasizes the shift towards a culture where boldness and innovation are central. The importance of trying out new strategies, even if they seem unconventional, cannot be overstated in the quest to stay relevant and capture the attention of your target audience.
2. The art of failing
Marketing Pulse 2024 indicates that a success rate of 25% to 50% for marketing experiments is considered optimal. This means that up to 75% of new experiments may fail. Failing quickly ensures that you can manage your marketing budgets more wisely. This way, you learn which channels, messages, and types of advertisements work best for your audience. Thus, you avoid wasting money on campaigns that have no proven impact. A success rate that is too low may indicate a too conservative approach, while a rate that is too high may suggest that not enough new ideas are being tested. Finding the right balance between innovation and effectiveness is crucial.
3. The role of AI in marketing
Artificial intelligence is having an increasing impact on the way marketing is conducted. According to Marketing Pulse 2024, 89% of companies use AI in their marketing process, mainly for content creation (75%), brainstorming (53%), and helping to create additional visual marketing materials (37%). This highlights that the integration of technology into marketing strategies is no longer a thing of the future, but a current development that many companies are actively pursuing.
4. Smart budget allocation
In times of economic fluctuations and market changes, strategically allocating marketing budgets is essential. Nearly 40% of companies foresee an increase in budgets for performance marketing and experiments, while only 9% indicate they will spend less on these areas this year. Besides the marketing actions that have an immediate impact, 74% of Belgian companies also plan to invest more in building their brand in 2024, such as increasing their brand awareness.
5. Creating more creative content
The focus on creating unique and engaging content is more than ever a cornerstone of successful marketing strategies. This importance of creativity is reflected in the numbers: 43% of companies emphasize a growing need for more creative content. Creativity is no longer in the shadow as a nice extra but shines as a crucial element that distinguishes companies and strengthens their message.
Quote
“Three-quarters of Belgian companies indicate that they want to focus more on building their brand.”
Nicholas D’hondt, chief marketing officer Upthrust & Fightclub