The latest IPA Bellwether Report for Q2 2024 reveals a significant boost in UK marketing budgets, reaching a decade high as economic conditions improve. This growth reflects a strong expansion in GDP and a positive economic outlook, with forecasts predicting continued improvement and adspend growth in the coming years.
Paul Bainsfair, IPA Director General, highlights the positive momentum in marketing spend, emphasizing the importance of advertising as a key growth driver. However, he also notes the ongoing financial strains on households, suggesting that companies should focus on communicating value, trust, and reward to consumers.
Joe Hayes, Principal Economist at S&P Global Market Intelligence, adds that despite potential uncertainties, UK companies remain confident, with falling inflation and expected interest rate reductions contributing to this optimism.
At Hunterlodge, we believe that this is an opportune moment to emphasise personal and human contact to help brands build stronger connections and trust with consumers. This approach is further enhanced by well-thought-through customer and nurture journeys. Utilising personas and customer data to ensure tailored services and personalised communications is crucial. These strategies not only build trust but also foster deeper engagement, ensuring long-term growth and success in this evolving market landscape.
Rob Hunter, CEO of Hunterlodge, comments: “We are encouraged to see the upward trend in marketing budgets, reflecting the positive economic climate. Delving deeper into the report, it’s interesting to see across what mediums budgets have been increased. And to this point, Hunterlodge, has always believed in the power of personalised, direct and in person marketing. And this latest report backs up balancing this type of activity within a marketing campaign in terms of driving ultimate effectiveness. It’s also a big reason why we won a silver at the Heist awards with one of our clients, Queen Mary University of London, for their Malta campaign – by leveraging detailed customer personas and data-driven insights, we deployed direct marketing activity and in person events that were engaging, informative, and tailored to the exact needs and aspirations of prospective students.”
