The 2024 Q2 IPA Bellwether report shared that UK marketing budgets have increased by the highest levels in a decade, in line with a brightening economy and decreasing levels of inflation. The report revealed a significant uplift in marketing budgets across all main categories, the strongest upward revision since the first quarter of 2014. But the latest Q3 report shared that UK companies hit pause on marketing spend due to Autumn Budget uncertainty. The Q3 findings reveal that the respective net balance of UK companies revising their marketing budgets up (21.6%) vs revising them down (21.6%) has dropped from +15.9% in Q2 to 0.0%.
In times of unpredictability, brands are forced to be resourceful; doing more with less and making every penny count. Now with the stats out the way, let's talk about a few standout brands that are nailing it when it comes to maximising their marketing budgets.
Specsavers’ Prioritising Learning and Development: A Long-term Outlook
Specsavers are doing the most when it comes to thinking long-term with their budget by investing in L&D for their marketing teams. By strengthening the skills and expertise of their in-house talent, Specsavers is setting themselves up for future success. It’s a smart move: upskilling their team now means they can reduce dependency on expensive external agencies and foster a knowledgeable, innovative team that’s ready to tackle new challenges without needing to expand budgets drastically.
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How Aldi are Making the Most of Low Cost Channels
When you think of brands who are smashing their social media game, Aldi is one of the first that comes to mind. Known for their quick wit and ability to connect with their audience on platforms like Twitter and Instagram, Aldi has built a brand personality that resonates. They capitalise on timely, humorous posts that often go viral, demonstrating that a consistent, relatable social media presence can be just as impactful as traditional advertising. Aldi’s recent social posts mocked Moschino’s ‘celery bag’ with a 75p real life bargain, and the internet went wild. This simple and cost effective promotion is so on brand for Aldi.
Aldi’s strategy proves that even with a modest budget, brands can dominate on social media by simply staying authentic and relevant.
Spotify’s Hyper-Targeted Campaigns: Narrowing in on the Right Crowd
Brands are ditching broad reach in favor of super-targeted campaigns. Take Spotify’s “Wrapped” campaign; they use data they already have on users to create fun, personalised playlists and stats. The result? A social media storm that’s personal and engaging, without costing a fortune. It’s a brilliant move: by using what they know about listeners, they keep people hooked and boost loyalty without splashing out on big ad budgets.
Our 2024 Budget Special Mention: Monzo
Yes we’re talking about Monzo again, but we just can’t help it. This year Monzo more than doubled its marketing investment to £58.5m in the year to 31 March, a 167% increase on the £21.7m spent the previous year. The business has “strategically expanded” its marketing investment to grow brand awareness and capture customer growth opportunities.
And it’s definitely paying off. Monzo made a profit before tax of £15.4m, a big leap from its £116.3m loss last year. They’re clearly doing something right when it comes to knowing where to invest their budget, and they clearly see the value of marketing investment.
With the economic forecast remaining unpredictable, these brands prove that an adaptable approach, coupled with smart budgeting, can lead to big wins, even when the financial outlook is uncertain.
So, where should you start to make the most out of your budget, just like all of these amazing brands?
Download our budget pitch toolkit to help you prepare your perfect budget pitch and the purchase funnel one-pager to guide content spending across the funnel stages, ensuring balanced investments that both attract new leads and nurture existing ones. These tools will ensure you’re equipped to make the most of every marketing pound.
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