More than 40% of marketing professionals said voice assistant applications were the top priority trend for them to implement, the 2022 Voice Branding Trends Report from Voices, the #1 voice marketplace, found. Voice Assistant Apps
More than 35% said social audio was a priority for them; while a little over 20% identified podcasting as their priority in 2022.
“Every industry is now being touched and are beginning to use sonic branding in relevant ways to their target markets; Automotive, electronics, pharmaceutical, tech, education, tourism, sports and recreation, the list goes on and on,” Voices Vice President of Marketing, Angela Hawkins said.
“With increased interest, we predict a steady increase in spending in voice branding. While you can’t control your marketing budget, you can find the right voice within your budget for your custom voice branding campaigns.”
40 percent of respondents also said they plan on using voice or sonic branding in their 2022 marketing strategy.
2. Cost and budget is a major hurdle for mass adoption
3. Voice branding isn’t a fad
4. Companies are willing to partner up to create voice/sonic brand campaigns
Marketing spending can be broken down into the following categories of business size: Voice Assistant Apps
- Small Business
- Medium-sized business
- Large Enterprise
These three business types view the purpose of their marketing very differently and spend accordingly.
For example, here are the three category’s average marketing spending budgets:
In a Business Development Centre of Canada survey of more than 1,400 businesses, small businesses were spending $30,000 ($23,660 USD) on marketing. While businesses of 20-49 employees spent $60,000 ($47,319 USD). Finally, companies with 50 or more employees tend to spend around $100,000 ($78,865 USD) on marketing efforts.
Meanwhile, the U.S. Small Business Administration suggests that small businesses (revenue less than $5 million annually) spend 7-8% of total revenue for marketing.
Deloitte’s annual CMO Survey suggested that medium-sized businesses are spending around 11.7% of total company-wide budget, as of February 2021.
Gartner has noted that large enterprises’ marketing budgets have been hit hard; suggesting that companies with revenue of more than $2 billion were reporting the lowest average marketing budget at 5.7%.
Typically, a large enterprise should be spending around 11%, according to Hubspot.
For benchmarking, Microsoft spending 16% on marketing, Intel 12% and Google 12%.
Industry Can Dictate
Another thing to note regarding marketing budgets is it varies based on Industry. According to Deloitte’s 2020 CMO Survey, at the high end, the education sector spent 19.4% of its total budget on marketing. On the low end, the Energy industry spent 4% on marketing. Other industries look like this:
- Healthcare: 7%
- Consulting: 13%
- Technology/Software: 12%
2023 Prediction Voice Assistant Apps
Simply put, costs will continue to go down. Customization services will increase; meaning that a variety of price points will be available.
Some market education will need to be done by Voice-first organizations like Voices and others to inform buyers of the affordability of creating custom voices and using creative and cost effective voice branding techniques.
“Cost and budget are the two constant topics that come up in our line of work. And while that may or may not change, the positive news is time of delivery and cost for implementation of custom voice branding campaigns will decrease as the proliferation of new voice tech emerges, report said.