The advertising dollars are likely to see a spurt next year, believe Indian marketers.
According to a survey by DCMN that defines itself as a growth marketing partner for digital businesses and start-ups, 71 percent of Indian marketers surveyed expect their budgets will increase in 2022.
The research, conducted by Censuswide on behalf of DCMN, covered 600 in-house marketers in the US, UK, France, Netherlands, Germany and India. The results show how the marketing landscape has changed in the last few years and how brands are heading for 2022.
The study noted that 93 percent marketers are planning to hike their budget for agencies in the next 12 months.
Outside of digital advertising, Indian marketers are bullish on mobile advertising, podcasts and linear TV. The research also shows that 62 percent of Indian marketers are more focused on long-term branding efforts, while 33 percent on performance-oriented goals. This is in-line with global figures of 65 percent versus 31 percent.
"We’re seeing that branding efforts remain top-of-the-mind for marketers. It’s also clear that brands still have huge faith in linear TV, with mobile advertising and TV set to be some of the most popular channels for marketers to invest in next year,” said Bindu Balakrishnan, Country Head for India at DCMN.
Ad spends in 2020 fell 21.5 percent and India’s position in the global ad market fell from ninth spot in 2019 to tenth in 2020, according to a report by GroupM India, a marketing services conglomerate.
The overall advertising expenditure fell from Rs 87,800 billion in 2019 to Rs 62,300 billion in 2020, according to an EY 2021 report. TV advertising revenues dropped to Rs 25,100 billion last year from Rs 32,000 billion in 2019.
The segments that saw a sharp drop last year included cinema, outdoor, audio and print that saw a decline of 83 percent, 73 percent, 49 percent, and 43 percent, respectively.
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