June 23, 2024

The British Chamber of Commerce’s Quarterly Financial Survey has revealed an increase in enterprise confidence in 2024, as nearly half (47%) of companies anticipate a rise in earnings.

Nonetheless, a survey by PR and Advertising and marketing company Wild PR discovered that 52% of UK companies shouldn’t have a advertising funds to extend model consciousness and help income in 2024.

Following a difficult monetary local weather final yr, Wild PR surveyed UK enterprise house owners to disclose the outlook on advertising budgets, the most well-liked advertising companies and underrated techniques.

25% of UK Companies Plan to Minimize Advertising and marketing Budgets

The survey questioned 200 UK enterprise house owners from numerous industries, together with skilled companies, manufacturing, eCommerce, hospitality, know-how and building.

Worryingly, the examine discovered {that a} quarter (25%) of UK companies plan to chop advertising prices, whereas 18% plan to scale back PR expenditures in 2024. Moreover, the examine reveals that over half (52%) of companies don’t have any annual advertising funds, which means they both lack a transparent advertising plan or have but to grasp the significance of investing in advertising and PR strategies.

READ MORE: What’s Oblique Promoting in Advertising and marketing?

Based on the survey outcomes, probably the most generally used advertising methods in 2023 had been:

  1. Social media (34%)

  2. Electronic mail advertising (26%)

  3. Search Engine Advertising and marketing (19%)

  4. Content material advertising (16%)

  5. Public Relations (PR) (12%)

  6. Print advertising (9%)

  7. Junk mail (7%)

  8. Influencer advertising (3%)

business marketing budgets

Supply: Survey outcomes

34% of UK Companies Use Social Media

Social media advertising topped the record, with over a 3rd of UK companies (34%) utilising this tactic. This doesn’t come as a shock, as there are over 62 million customers on social media, which varieties an intensive assortment of potential clients inside simple attain by way of focused natural and paid posts.

READ MORE: 5 core pillars for efficient social media advertising

Surprisingly, PR ranked fifth on the record as nearly 9 in 10 UK companies (88%) don’t use PR as a advertising tactic. Which means that the majority companies are lacking out on the facility PR has in elevating their model consciousness whereas rising their Search engine marketing profile and on-line visibility within the course of.

Public relations covers a variety of actions, from print protection to digital PR campaigns and disaster communications, and total, helps to craft a optimistic model picture. With this tactic slipping low on enterprise house owners’ priorities for 2024, corporations may lose out to their rivals with a better model status and stronger presence in key publications.

Specifically, digital PR campaigns are much more efficient when coupled with specialised techniques, similar to Search Engine Optimisation (Search engine marketing), to assist companies rank excessive on engines like google like Google. Producing Search engine marketing-optimised on-site content material, backed up by acquiring backlinks by way of digital PR exercise, can help key phrase enhancements, but lower than one in 5 (19%) companies implement Search engine marketing strategies.

Case Examine: Specialist Glass Merchandise, a PR Success Story

By limiting advertising budgets or exercise, companies scale back the possibility to check totally different strategies and discover probably the most impactful methods to drive future progress, important in an environment of rising insolvencies.

For Andrew Taylor, Managing Director at Specialist Glass Merchandise, sustaining the advertising funds throughout difficult occasions proved pivotal for his glass manufacturing firm: “Growing a complete technique utilizing advertising, social media, and PR allowed us to strengthen our on-line presence and attain a wider viewers, finally increasing our potential gross sales pool.

“Having developed an built-in advertising technique combining a number of PR and advertising instruments, our web site site visitors elevated by over 102% because of large enhancements in key phrase positioning for key services and products. With extra individuals discovering our web site, on-line lead era elevated by 100%. This has been instrumental in supporting us all through the latest pandemic and cost-of-trading disaster, and we’ve been lucky to proceed doing what we do finest.”

READ MORE: Digital Advertising and marketing Suggestions For Inexperienced persons

Katrina Cliffe, Managing Director at Wild PR, feedback on the examine findings: “It’s regarding that so many companies are planning to chop PR and advertising budgets in 2024.

“Whereas lowering advertising prices could be tempting, doing so poses vital dangers to a enterprise’s future progress. If companies had been to scale back PR spending, they threat shedding important key phrase rankings, damaging model consciousness, and making it more durable to construct up the identical momentum once they begin exercise once more.

“What’s necessary to recollect is that enterprise any type of advertising exercise, significantly PR, should not be seen as one thing which delivers a fast win. Constant exercise has been proven to drive long-term outcomes. After challenges companies have confronted over the previous 4 years, PR is an important tactic to undertake to safe the long run success of your corporation.”