At the height of the pandemic, UK marketing budgets sustained their biggest cuts in more than 20 years. Now, with soaring inflation and many businesses reporting slow consumer demand as wages fail to keep pace, we are once again facing recession and uncertainty.
And is it any wonder that marketing spend is an easy target? Digital costs are rising.
FanFinders’ LinkedIn poll last year found that Facebook advertising costs have increased substantially for 87% of marketers since the start of the pandemic.
When you add the context of complicated privacy wars (which many point towards as the reason for digital media becoming more expensive), more people bidding against your cost-per-click (CPC) campaigns on over-saturated platforms and IOS changes meaning Facebook has access to less data, the result is rising, unsustainable acquisition costs.
For companies and their financial decision makers, this picture can make it tempting to pull the plug on your marketing. Instead, it’s time to assess your existing goals and make smart marketing decisions, seizing a huge opportunity for growth…