The 'Voice of the Marketer' report, recently released by WARC, has unveiled some intriguing insights into the minds of marketers worldwide. Based on a survey of over 1,400 marketers, the report delves into marketing thinking on budgets, media channels, measurement, and investment plans.

Despite prevailing economic concerns, 61% of marketers are optimistic about business prospects in 2024. The report forecasts an 8.2% increase in global marketing investment in 2024, pushing the total over the $1 trillion mark for the first time. This optimism is reflected in the fact that 41% of marketers anticipate an increase in marketing budgets next year.

Isabel Cleaver, Senior Analyst at WARC, said: 'The aim of this report is to offer more insight into what is top of mind for marketers moving into 2024, particularly around investment, media channels and measurement.'

However, the report also highlights some significant challenges - 64% of marketers indicated that an economic recession could have the most significant impact on marketing strategies in 2024. Inflation and the cost-of-living crisis were highlighted by 41% of marketers as the biggest challenges they face over the next 12 months.

Grant McKenzie, Chief Marketing Officer - Europe and International at Asahi, warns marketers to tread carefully: 'Having been through a couple of these economically challenging times, you have to be very careful not to try to cut costs to the detriment of value... Marketers at these times have to be very careful not to change the strategy where it doesn't need to change.'

The report also reveals a trend towards increased investment in digital channels, with social media, online video, and mobile leading the way. Platforms like TikTok and YouTube are expected to receive the biggest increases in marketing spend in 2024. However, confidence in the metaverse has waned, with only 11% of marketers expecting to increase investment in 2024.

Measurement remains a top concern for marketers, with 39% globally identifying it as a key issue for 2024. This concern is even more pronounced among North American marketers, at 48%. Surprisingly, 22% of marketers do not use any form of modelling in their evaluation processes, and fewer than one in ten (4%) use all available marketing measurement methods in combination.

The report also shows that over half (54%) of marketers view brand metrics (e.g. awareness, consideration, purchase intent) as having the greatest impact on their marketing strategy, above ROI, sales and market penetration.