April 2, 2023
As you all know, we're in the midst of a recession (or are we? insert eye roll). But hey, don't take our word for it, 78% of marketers say we're already in it. So, you know it must be true! :)
Anyway, as usual, marketers & local businesses are the first to get hit with budget cuts during economic downturns. Surprise, surprise.
- The recession is already impacting marketers, with 78% of them believing that it is already here.
- Marketers are facing challenges such as consumers spending less, inflation making everything more expensive, and budget cuts.
- To navigate the recession, marketers should prepare strategic plans for different company outcomes, be creative with their marketing channels, and stay up-to-date with credible sources, data, and experts.
Basically, consumers are being tight with their cash, which isn't totally shocking, considering everything that's been going on lately. Inflation has made everything more expensive, which is leading to some serious misalignment between consumers and businesses. And to top it all off, 37% of marketers have already seen budget cuts. Woohoo!
But don't worry, we've got some tips for you. For starters, you can follow the 80% of established marketing leaders who have already planned or prepared for a recession. Or, if you're a smaller fish in a big pond, you can at least make pivot or backup plans for how you'll adjust your content, schedules, or other aspects of your work if something unexpected happens.
We'll keep you posted on how things continue to impact marketers & local businesses in the coming year, but in the meantime, check back with us to keep up with everything else that's going on in our quickly-changing field.