Marketers continue to pour a large portion of their budgets into online advertising, with forecasts showing that within the next few years online advertising spend in the US will be more than twice that of TV ad spend. Nevertheless, about 1 in 5 marketers surveyed for a report [download page] from Ignite Visibility say their biggest online advertising pain point is determining their budget.
While many of the 200 marketers surveyed struggle with determining their budget, it is not the most-cited pain point. Instead, one-quarter (24.6% share) identified their biggest pain point in online advertising as finding proper targeting. This is bound to become even more difficult as third-party cookies are phased out.
Even though marketers are grappling with targeting and budget allocation, they appear to be open to trying out the potential of new networks. About 6 in 10 (59%) dedicate at least 30% of their marketing budget to testing new networks. However, most do not test out new networks for long. The largest share (30%) test for one month before determining effectiveness, while others test for one (13%) or two (25%) weeks.
One such online ad network respondents are excited about testing is TikTok. Per the report, 3 in 10 (29% of) respondents are more excited to test TikTok than they are to test Twitter, Instagram or LinkedIn.
Nevertheless, although the adoption of TikTok continues to grow and engagement with the app is high, TikTok is also the least trusted out of all the major online networks presented to respondents. Marketers instead are far more likely to trust Amazon and Instagram.
The full report can be found here.
About the Data: Findings are based on a survey of 200 marketers.