In this post-pandemic era, many people and businesses alike hoped they would feel “finally out of the woods.”
In reality, economic uncertainty drags them down.
The supply chain can’t be restored like a light switch, and we’re seeing the effects trickle down.
Many businesses shy away from investing more due to the current cost of capital, and we’re witnessing the economy take time to adjust to the higher rates.
We’re even seeing technology companies, like Meta, Twitter, DocuSign, and more lay off huge portions of their workforce. This also leads smaller companies to scrutinize their spending
But how long will the economy take to restore normalcy? What can you do in the meantime? We discuss this and more in a recent episode of Business Intelligence:
Businesses Shying Away From Outbound Efforts
Many businesses are being less aggressive in the marketplace due to a fear of overspending. They often view advertising as discretionary spending, something that’s not essential to business function.
Advertising is not discretionary spending. There’s a minimum amount of effort you need to stay in touch with existing clients and attract new ones. But we’re seeing businesses straying away from that based on the numbers coming out.
Small to mid-sized businesses we’ve been working with often say they want to budget a set amount and just “do ads”. They’re falling into a trap. Others are doing it, so I might as well do it. But they try to jump in without gauging the effectiveness of campaigns and strategies during a time when you need to be smart about your budget.
The Key: Intelligent Digital Advertising
Instead of shying away from ads, now is the time to come in. But the strategy is vital.
Despite the economic uncertainty, outbound efforts continue to be a core strategy for businesses of all sizes. They help you establish effective funnels, bring in leads, target returning customers, and much more.
To do that effectively in such an uncertain and rapidly changing landscape, you must understand where your return comes from, and hedge ongoing experimentation.
Tracking data and analyzing it to make logical, aggressive moves in the marketplace is important. You never want to end up desperate and hurting for business. Set yourself up for success with careful experimentation on multiple channels.
Understand Your Business Analytics with Business Intelligence
If you’re finding yourself paralyzed by economic uncertainty and unsure where to begin, you’re in the same boat as many other businesses.
The good news is that Business Intelligence offers a powerful solution for understanding your business analytics. Using our intuitive platform, you can schedule content, track performance, and more all from one simple place.
Learn more about Business intelligence and how it can help you understand and leverage your key analytics during this time of economic uncertainty. Schedule your free consultation today!