By Sammy Paget
In times of economic uncertainty, it’s easy to get caught up in the daily grind of running your business without taking a moment to check in on the broader industry. If you’re wondering how others in local marketing are holding up—whether they’re feeling the pressure or staying optimistic—you’re in the right place. We’ve done the legwork and gathered insights to help you understand where things stand as we step into 2023.
Here’s the good news: Despite the challenges, most marketers are feeling pretty upbeat about the future.
Key Findings
90% of marketers feel optimistic about their business health over the next 12 months.
76% of marketing agencies and consultants are planning to introduce new services.
Over half of agencies and consultants expect to raise their service prices in the coming year.
54% of small and multi-location businesses plan to increase their marketing budgets despite inflation concerns.
33% of agencies, freelancers, and consultants are finding it harder to win new business due to economic worries.
Business Health and Optimism Is Strong
The headline here? A whopping 90% of respondents feel positive about their business health over the next year. This optimism isn’t just limited to big players; it’s spread across the board, from small businesses to multi-location operations. Sure, the confidence levels vary a bit, but overall, the sentiment is strong.
Take a look at this breakdown:
70% of multi-location businesses are very optimistic.
55% of marketing agencies are feeling good about their future.
56% of small businesses share that confidence.
“Businesses of all types are rolling with the punches,” says one respondent, highlighting how adaptability is key in this unpredictable environment.
Local Businesses Are Boosting Marketing Budgets Amid Inflation
With inflation hitting new highs, businesses are rethinking their strategies, and one surprising trend has emerged: 54% of small and multi-location businesses are increasing their marketing budgets. This is a significant move, especially in an economy where cost-cutting might seem like the safer bet.
On the flip side, over half of agencies and consultants are planning to raise their prices. This aligns with broader trends we've seen, where the cost of doing business is simply getting more expensive.
Agencies and Consultants Face New Challenges
Even with all this optimism, it’s not all smooth sailing. Agencies and consultants report that inflation is making it harder to win new business and retain existing clients. 33% of respondents say clients are becoming more price-sensitive, and the time it takes to close deals is stretching out longer than ever.
“This year, we’ve seen a shift in client expectations,” says another respondent. “They’re looking for more value, and they’re taking their time to make decisions.”
What This Means for You
So, what’s the takeaway? First, keep an eye on your pricing strategy. If you’re planning to raise prices, make sure you’re communicating the added value you’re providing to clients. Second, consider expanding your service offerings—76% of agencies and consultants are already planning to do so. Finally, stay adaptable. As consumer behavior continues to shift, so too will the needs of businesses.
Conclusion
Despite the economic bumps in the road, the local marketing landscape is full of opportunities. Businesses are investing in growth, and agencies are expanding their service offerings to meet new demands. It’s a time of change, but also a time of potential.
In a digital world where visibility is everything, GMB Fox ensures your business isn’t just online—it’s the first choice customers make. Let us handle the complexities of digital marketing, so you can focus on what truly matters: growing your business.
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