Trust Research Advisory’s (TRA) quarterly Marketing Decision report analysing trends in India, indicates revenue optimism and a significant surge in marketing budgets for Q3 2023.
Based on insights from marketing decision makers in 16 cities across India, the report cites a climb in revenue optimism from an index value of 89.37 in Q2 2023 to 92.68 the next quarter.
The projection for marketing budgets has also seen a rise of 8.82 pc from Q2 to Q3 2023, adding up to a 14 pc increase in spends since the start of the year.
According to the report, national TV, trade media ad and OOH are set to garner 12.2 pc each of the marketing budget in the quarter, followed by radio advertising (10.5 pc). Digital advertising, which is rated as the fourth most effective medium in the report, is expected to receive 6.1 pc of the budget.
An addition to this edition of the report is a breakdown of marketing medium strengths by company size. Micro companies are likely to find digital search as the most potent medium, it says, while national TV ranks as the top medium for small and medium-sized advertisers. In contrast, large businesses are set to benefit most from the reach of digital search, informed an official statement..