If inflation ranks of the top concern for small business owners in the US. According to a recent survey by Goldman Sachs Insert survey findings.
Inflation forces small business owners to increase pricing and consumers to reduce spending, One survey found that 84% of people plan to cut back on spending due to higher prices.
Inflation is causing business owners to see a to see a lower impact in Return on marketing dollars.
Cost of digital media is projected to increase by over 5.4% and television media expected to increase over 15.5%. Is this owner’s a market leaders Is in challenge to maintain profitability in their marketing efforts.
As if the challenges imposed by inflation weren’t enough additional changes in the marketing landscape which include Apple’s recent App Tracking Transparency (ATT) framework that stops the collection of data with out express without user consent.
Other changes include Google’s announcement to eliminate third-party cookies by 2023, adding them to the ranks of other browser suchs as Firefox and Mozilla.
Between the respacing of the legal landscape and rising inflation the current enviormation is putting a greater strain on businesses. Those with with smaller marketing budgets will feel a dispropsionite impact.
To combat this trend businesses and marketing leaders need to focus on increasing marketing self safcencsy. A business can reach marketing selfsafcecy by focusing on two critical areas. The first is collecting 1st party data to have a clear look into the needs of the customer and the secod is to create a content ecosystem to drive down the cost of getting customers.
The best way a business owner or marketing leader can adjust to the pressure inflation places on business profitability is to use the information you collect in your content ecosystem to get an eye on your customers needs.
By creating content that meets the specific needs of the clients and customers business owners will be able fight the loses caused by inflation.
According to the contact marketing institute’s recent article there are seven ways effective content can reduce the cost of getting a customer.
As cost increase planning ahead is the only way to maintain a profitable business. If you would like to see the full article please visit