Four out of five (81%) of Australian businesses are planning to maximise their brand revenue in 2023 via retail, while 52% said via media, acording to research from Bazaarvoice, a provider of product reviews and user-generated content (UGC) solutions.
Based on a survey of more than 500 budget holders and decision-makers from brands, retailers, and agencies, the Bazaarvoice Channel Mix Study explores how brands and retailers are increasingly evaluating their channel mix, especially as recession looms.
57% are considering moving their budget away from paid advertising efforts to owned and earned content creation, while 21% are already doing so; 88% believe that more authentic UGC in their paid and owned media would improve the performance of their ads and content.
55% said their budget will be impacted by the recession, 85% said they will be expected to reduce marketing dollar spend and 31% said they will be expected to reduce headcount within their team.
Zarina Stanford, Bazaarvoice CMO, said: "For years, brands have always leaned on paid channels to amplify branded content, tactics, and offers. In fact, more than $700B was spent on paid advertising alone in 2022.
"Now we are seeing a rebalancing to optimize the marketing mix modeling (MMM) as consumers are yearning for organic content from other shoppers i.e. earned and shared content and channels."
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.