The TRA’s Marketing Decision Index's latest quarterly report, a comprehensive analysis of prevailing marketing trends in India, indicates strong revenue optimism and a significant surge in marketing budgets for Q3 2023.
Gleaning insights from marketing decision-makers in 16 cities across India, the report marks a considerable climb in revenue optimism with the index ascending from 89.37 in Q2 2023 to a significantly positive 92.68 in Q3 2023.
In line with this optimism, the projection for marketing budgets has also seen a significant rise, marking an 8.82% growth from Q2 to Q3 2023, which totals to an impressive 14%+ increase in marketing spends since the start of the year. This trend underscores the buoyant market sentiment and eagerness for investment in the forthcoming quarter.
The report delves into budget allocations across various marketing mediums, with National TV ad, Trade Media ad and OOH poised to corner the largest slice of the marketing budget (12.2% each) in Q3 2023, followed by Radio advertising (10.5%). Interestingly, while digital advertising, which is rated as the fourth most effective medium in the report, is expected to receive 6.1% of the budget.
An insightful addition to this edition of the report is a detailed breakdown of marketing medium strengths by company size. Micro companies are likely to find digital search as the most potent medium, whereas national TV advertising ranks as the top medium for small and medium-sized businesses. In contrast, large businesses are set to benefit most from the wide reach of digital search.
Furthermore, the report offers a granular analysis of marketing mediums strengths by zones. It provides an informative guide for businesses to customize their marketing strategies in accordance with specific regional strengths and preferences, optimizing their reach and impact.
The TRA’s Marketing Decision Index Q3 2023 report offers an invaluable resource for businesses across the country, enabling them to navigate the intricacies of the marketing landscape and devise effective strategies for the upcoming quarter.