AdRoll’s Q2 2023 State of Digital Marketing Report reveals actionable marketing insights amid economic uncertainty
SAN FRANCISCO, May 23, 2023 (GLOBE NEWSWIRE) — AdRollthe leading marketing and advertising platform that helps direct-to-consumer brands of all sizes grow their businesses, today released its Q2 2023 edition Report on the state of digital marketinga comprehensive summary providing invaluable insights into the changing digital marketing landscape in the first quarter of 2023. The report provides a deeper understanding of overall marketing trends and offers strategic ideas to further improve marketing return on investment (ROI) in these dynamic economic times.
“As we entered 2023, businesses were challenged by consumer post-holiday blues, resulting in lower advertising costs and reduced conversion volume due to fatigue and recession concerns,” said Vibhor Kapoor, President of AdRoll. “However, over the course of the year, we noticed a shift in mindset that resulted in a gradual improvement in conversion volume over the course of the first quarter. In these circumstances, marketing leaders need to optimize ROI across all marketing channels to be successful.”
AdRoll analyzed data from 2,000 online businesses in North America across finance, beauty and fashion, fitness, technology, travel and other industries and produced these key findings:
Businesses spent less on advertising but were still successful. Advertising expenses in the first quarter were at their lowest in two years, even as online conversions increased. Consumer sentiment has improved and remains stable. Advertising costs are expected to remain below the level of the last two years through the summer.
Retargeting allows marketers to make the most of their budget. Even more important for marketers than dealing with shrinking budgets is how to use those funds. Retargeting will become a key lever as advertising budgets continue to shrink and return on ad spend (ROAS) becomes paramount.
Integrated marketing strategies are necessary for effective marketing. Businesses should prioritize conversion-enhancing campaigns by focusing on optimizing multi-channel retargeting. By identifying cost-effective channels and leveraging email, businesses can target visitors who have left their site without taking any action. Exploring and experimenting with paid media platforms like display and social media advertising can expand businesses’ reach among their audiences by using tailored messages to increase the chance of conversion.
There are two sides to media channels and you should know the difference between seizing opportunities and overcoming challenges. The sheer volume of media channels available presents both a marketing opportunity and a challenge. Businesses should rely on digital management tools to help them run multi-channel campaigns effectively and optimize performance.
The AdRoll State of Digital Marketing Report is updated quarterly.
AdRoll is a marketing and advertising platform that helps ecommerce brands increase sales and save time on a streamlined platform. Make web ads, social ads, and email work together to deliver, measure, and optimize your marketing efforts more effectively. Powered by industry-leading automation and personalization, the AdRoll platform’s machine learning analyzes advertising data in real-time to drive traffic and sales. AdRoll helps clients generate more than $246 billion in sales annually and has been used by over 140,000 brands since 2006. AdRoll, a division of NextRoll, Inc., is a remote-friendly company with offices in San Francisco, Dublin, New York City, and Sydney. Learn more about the AdRoll marketing and advertising platform.
Public Relations for AdRoll