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Rising interest rates and inflation still have some advertisers worried—but that could stand to boost connected TV and social media platforms.
They remain the top two channels in which advertisers say they will increase their investment, according to new data from Advertiser Perceptions, a research firm that tracks the attitudes of marketers and agencies.
The reason for their interest is simple: advertisers perceive the channels as more measurable and more affordable than other platforms, and believe that return on investment is growing, Nicole Perrin, Advertiser Perception’s SVP of business intelligence, told Marketing Brew.
“Advertisers are really looking to reach the right people, prove that they did so, and that it worked, and to do both of those things at a price that works for them,” Perrin said.
The details: The data, collected through more than 300 interviews with marketer and agency executives, found that just over half of advertisers planned to increase their spending on social media, and 54% of advertisers said they planned to spend more on connected TV in 2023.
- Agencies were more likely to have plans to increase their spending on connected TV (61%) and on linear TV (36%) than marketers, a dynamic that Perrin said was due to the fact that many CTV channels are managed by broadcasters who have long-standing agency relationships.
Losing ground: As CTV and social remain attractive to advertisers, there are some channels that are being eyed as places to cut back. Namely, print, AM/FM radio, and linear TV were all on the chopping block among many advertisers: 37% of advertisers planned to cut print spend, while 29% of advertisers said they would dial back their spending on AM/FM radio, Perrin said.
But even among those channels, plenty more advertisers are staying the course. For linear TV in particular, half of linear advertisers said they would hold steady, while 30% of linear advertisers said they would increase spend on the channel this year.
“Among the most vulnerable channels, it’s not a mass exodus,” Perrin said.