Marketing budgets continued to grow in the second quarter of this year, despite a darkening outlook for the global economy, the latest reading from the IPA Bellwether survey has shown.
The IPA, though, has reduced its forecast for 2022 adspend overall by 1.6% and has cut its 2023 forecast from 1.8% to just 0.8%.
It’s brilliant to see that total marketing budget growth has stayed resilient in Q2. While the latest report shows that audio investment has decreased, audio is still the fastest-growing form of advertising and we remain confident that this channel will continue to grow over the next year.”
With lots of innovations happening in the audio space right now, brands should be capitalising on this to build closer connections with target audiences. An effective way to do this is by utilising 3D immersive audio advertising.
Designed to pan sound three-dimensionally around the listener, it can take them on a sensory journey. Combined with contextual data points such as the time of day, weather or location, brands can develop the personalised 3D audio experience further.
To succeed in the months ahead, it is vital for brands to utilise these innovations in audio advertising to help create more effective ads.
In turn this allows brands to make their marketing budgets go further while connecting with their target audiences on a more personal level.