March 2021: Marketing Budgets Increase in 2021

With many companies still working remotely and live events slowly ramping up later in the year, most companies are increasing digital marketing budgets in 2021 to help drive sales.

As almost 70 percent of the buyer’s journey happens digitally, marketing has an even more critical sales support role than ever. So it’s no surprise that market research company Outsell reports 60 percent of marketers recently surveyed are increasing their marketing budgets this year and only 22 percent decreasing.

And the biggest increases in spending are for digital ads, webcasts, brand marketing and content marketing, with more than 50 percent of respondents saying they are increasing these strategies this year.

Source: Outsell

But this year’s marketing spending is unlike pre-COVID spending. First, Outsell found that 54 percent of marketers are predicting that it won’t be until 2022 or 2023 when their marketing budgets get back to pre-COVID levels. And even when they do, there is a much higher focus on measuring ROI and justifying spend on a regular basis.

One way BenefitsPRO can help: We just rolled out three new high-impact ad units to amp up your messages’ engagement with our audience. Our data shows these units get 3-to-6 times higher CTR than standard ROS ad banners.

And we have other suggestions for improving the ROI you are getting with webcasts, brand marketing and content marketing. Please contact me at [email protected].

Trends Employee Benefits Marketers Need to Know

• Health care reform has been a key part of our coverage for more than a decade. Most recently, the Biden Administration’s recent three-month extension of the ACA enrollment period will have a major impact on both brokers and employers. It is another example of the major shifts that can be expected under President Biden when it comes to health care. Benefits professionals will continue to rely on regular updates, as well as analysis and strategies, as they navigate the always shifting reform landscape, including the ongoing debate about single payer.
• A big picture perspective continues to play a role in the planning and strategies of brokers and their clients, both in the next few years as we enter a post-COVID world and far into future decades. This includes specific industry impacts like shortages and supply chain disruptions in the pharmaceutical sector as well as ongoing issues surrounding rising health care costs and the impact on uninsured Americans.
• With vaccine distribution dominating the headlines, employers and their HR departments are preparing for a shift back to the office, but it won’t be a full return. Rather, many companies are anticipating a hybrid work model going forward, where employees are in the office a couple of days a week and working from home on others. Of course, this will involve rethinking not only space logistics but compliance issues, as well as employee engagement, communication and company culture.