In 2024, content marketers are facing more pressure than ever to deliver results. With increased competition and constant algorithm changes, it‘s crucial to have a solid strategy and budget in place.
To help you plan, we surveyed over 600 content marketers and media planners to find out exactly how they‘re allocating their content budgets this year. We‘ll share the key findings and provide expert advice for optimizing your own spend.
Content Marketing Budget Trends for 2024
Our research found that content marketing budgets continue to rise, with the average company allocating 32% of their total marketing budget to content in 2024. This is up from 26% in 2023.
| Year | % of Marketing Budget |
|---|---|
| 2023 | 26% |
| 2024 | 32% |
Additionally, 52% of content marketers expect their budget to increase further over the next 12 months. Only 3% anticipate a decrease.
So where is this extra budget coming from? According to our survey:
- 35% is being reallocated from other areas of marketing
- 30% is incremental budget based on new revenue
- 20% is shifting from traditional advertising (print, TV, radio)
- 15% is coming from other areas such as IT or sales
Actionable Takeaway
If you haven‘t already, now is the time to make a strong case for increasing your content marketing budget. Use data to show the ROI of your past efforts and the potential for even greater results with more resources.
Top Goals for Content Marketing in 2024
We also asked content planners what their primary goals are for this year. The top responses were:
- Generating leads (74%)
- Increasing brand awareness (67%)
- Improving customer engagement (58%)
- Driving website traffic (54%)
- Supporting new product launches (46%)
Other objectives included increasing sales, establishing thought leadership, improving customer retention, and reducing customer acquisition costs.
Actionable Takeaway
Ensure your content strategy and budget are aligned with your most important goals. Don‘t try to achieve everything at once. Focus on the 1-2 objectives that will have the biggest impact on your business and allocate the bulk of your resources there.
Where Content Budgets are Being Spent in 2024
Next, we asked content planners how they‘re dividing up their budgets across different tactics and channels. Here‘s the breakdown:
- Content creation and production: 40%
- Paid content distribution: 26%
- Content technology and software: 18%
- In-house content team: 12%
- Agency/freelancer costs: 4%
Content Creation and Production
The largest share of content budgets (40% on average) is going to actually creating content assets such as blog posts, videos, ebooks, infographics, case studies, and more.
Marketers said the top content types they‘re investing in this year are:
- Blog posts/articles (78%)
- Videos (72%)
- Social media content (69%)
- Ebooks/whitepapers (48%)
- Case studies (39%)
- Infographics (35%)
Investments in audio content such as podcasts are also on the rise, with 28% of content marketers planning to add this to their mix in 2024.
Actionable Takeaway
Prioritize quality over quantity in your content creation. Invest in creating standout, valuable content that will differentiate your brand. Determine which 1-2 content types perform best for your audience and double down there.
Paid Content Distribution
With the decline of organic reach, content marketers are investing more in paid promotion to get their content seen. On average, 26% of content budgets are being allocated to paid distribution in 2024, up from 20% last year.
The most popular paid content distribution channels are:
- Social media advertising (81%)
- Search engine marketing (63%)
- Sponsored content/native ads (42%)
- Industry publications & blogs (36%)
- Influencer marketing (28%)
Actionable Takeaway
Organic promotion should still be your foundation, but incorporate paid strategically to boost your top-performing content. Keep a close eye on your data to monitor ROI and don‘t be afraid to experiment with new paid channels.
Content Technology
Content marketers are also recognizing the importance of having the right tools to plan, create, distribute, and measure their content. The average content team is allocating 18% of their budget to technology and software.
The most critical content tech investments this year are:
- Analytics & reporting (83%)
- Content management system (71%)
- SEO tools (65%)
- Email marketing platform (62%)
- Social media management (59%)
Other rising categories include content collaboration tools, AI writing assistants, and personalization software.
Actionable Takeaway
Assess your current content tech stack and identify any gaps or outdated tools that are hindering your efficiency. Prioritize investments that will have the greatest impact on your team‘s productivity and performance.
Measuring Content Marketing ROI in 2024
Finally, we asked content marketers how they‘re planning to measure the return on their content investments this year. The top metrics and KPIs they‘ll be tracking are:
- Leads generated (73%)
- Website traffic (68%)
- Engagement rate (61%)
- Conversion rate (54%)
- Brand awareness/reach (42%)
- SEO rankings (37%)
- Subscriber/follower growth (31%)
Actionable Takeaway
Go beyond just measuring output metrics like content volume and focus on the outcomes and impact of your content efforts. Tie your metrics directly to your goals and be diligent about monitoring and reporting on them.
Ready to Optimize Your 2024 Content Budget?
Armed with these benchmarks and insights, you‘re well on your way to putting together a winning content marketing budget for this year.
Remember to prioritize your goals, invest in quality over quantity, capitalize on the power of paid promotion, and equip your team with the right tools to succeed. Stay focused on the metrics that truly matter.
By following these proven strategies, you‘ll be able to maximize the impact of every dollar and drive meaningful results for your business. Here‘s to your content marketing success in 2024!
