The digital marketing industry is flourishing and digital marketing agencies and consultants are reaping the benefits.
In this new infographic, we’ve collated the latest research to look at how agencies in the UK plan to grow in terms of size, budget and services during 2015.
The fact that 77% of companies plan to increase their digital marketing budgets in 2015 is music to the ears of agencies and consultants across the country. Much of this budget is likely to be spent on outsourced marketing activities and, according to a recent report by The Wow Company, the result is that agencies will be hiring more, marketing more and increasing their prices more than at any time in the past three years.
One area seeing significant growth is content marketing. Nearly three-quarters of brands are planning to increase their content marketing budgets and this year content is set to take up 10% of overall digital spend. But organisations are more likely to keep content-orientated activities in-house, with 71% of brands managing email marketing and 70% managing social media themselves.
In contrast, it’s the more technical activities that remain the most outsourced. Only 23% of businesses are managing paid search in-house and it’s even less for display advertising (21%) and SEO (20%).
An interesting question agencies have to consider is whether to specialise in onespecific area of digital marketing or to become a full-service agency. There are arguments for both sides.
From the perspective of SME’s, budget has to be a key consideration. As our ownTamsin Fox-Davies explains:
“Small businesses can’t afford the time to manage multiple marketing partners and need a one-stop-shop that they can go to for support.”
However, digital marketing is a diverse field and different aspects require an increasing level of expertise. A solution advocated by Our Social Times’ CEO, Luke Brynley-Jones, is to specialise in one specific area of marketing and partner up with other specialist agencies when required.
“We’ve always found that by specialising we can offer the highest quality service. If clients need skills we don’t have in-house, we partner up with other specialist agencies, which works really well.”
Are you a digital marketing consultant or agency? As part of our ‘growing your digital marketing agency’ series we’re taking part in a free webinar on May 13th. We’ll be looking at what services you should offer, how to add new services and how to position yourself. You can register here for free.