Last year’s low inflation and continued economic instability have fueled speculation that a recession may be imminent. Therefore, many industries and business leaders are moving forward cautiously. But how do entrepreneurs see this? RRD recently conducted a survey to find out more.
Some of the things that touched the world last year. historical inflation and economic uncertainty has become evident, leading to speculation and concern about a potential recession. While this economic uncertainty has affected different sectors and jobs in different areas in different ways, many businesses and business leaders are moving forward cautiously.
In the midst of these concerns, how are businesspeople responding to this economic downturn, and how are they approaching print and digital strategies this year? RR Donnelley & Sons Company (RRD) recently surveyed 300 in-house marketing decision makers to find out. The bottom line is that entrepreneurs are seeing this economic uncertainty as a catalyst for growth. The following are the detailed findings.
Investors See Economic Uncertainty as a Development Opportunity
About 73% of marketers surveyed said their companies saw the recession or recession as an opportunity to increase their market share by increasing marketing spend.
There has been considerable discussion about budget cuts due to economic uncertainty. According to research and Integrate and Demand Metric, 57% of B2B marketers said their budgets were the same or lower than in 2021. Also, about 20% said they were affected by mid-year budget cuts. Despite all these discussions, about 54% of respondents expect their company’s overall revenue to grow this year.
Marketers Believe Optichannel Approach Delivers Better Interactions
About 66% of the respondents said that their companies use optical channel marketing. Optichannel, in simple terms, can be defined as marketing communications and reaching out using multiple channels that target audiences engage with. Optichannel is often supported by virtual reality.
About 58% of respondents said that one of the benefits of combining digital and print strategies is to enable audience engagement across platforms. However, decision makers face several challenges in visual advertising. The main challenges to the success of optical channel marketing are budget constraints and insufficient technology.
See more: How SMBs Can Improve Marketing Revenue Using Marketing Risk
Marketers Are Refocusing On Print Advertising
About 68% of respondents reported that significant digital and social changes in the past six months had an impact on their marketing strategies. About 71% of marketers have realigned their money from digital channels to direct mail, posters, brochures, and other print media because of the change. Furthermore, 62% said their department’s print equipment usage has remained the same or increased over the past two years. According to those interviewed, print marketing has other advantages.
The main advantages are:
- Ability to share informational documents
- Acting as an offline method for consumers to consider purchasing products, is
- Providing an enjoyable and memorable experience.
The main advantages of digital marketing
Source: Optichannel Opportunity Report
Despite the increase in print advertising, nearly 38% of marketers find it difficult to track their response effectively.
Technologies That Drive Seamless CX Gain Value
According to the survey, campaigning (46%) surpassed cost (25%) as the most important factor when marketers decide which marketing strategies to use. Marketers are also using new methods to support print flexibility. These methods include the use of QR codes, automated messages, and RFID tags.
Marketing channels are using the flexibility of the print media
Source: Optichannel Opportunity Report
About 85% of retailers have access to customer data to help make informed decisions, which means that using new tools and technologies has become more effective than ever.
Use the Economic Downfall as a Leverage
Economic uncertainty will undoubtedly continue to affect the country and businesses. However, it is not a reason to reduce business expenses because they are not profitable. Instead, the solution is to implement smart strategies to reallocate budgets to the right marketing strategies and platforms and create campaigns that engage audiences at different stages of their buying journey. To achieve this, marketers need to invest in the right technology and leverage data wisely.
As can be seen from this research, the ongoing recession can be used as a tool to acquire customers and share market information using the right technology, methods, and data.
How are you using the current economic uncertainty to grow your income? Share with us Facebook, Twitterand LinkedIn.
Image source: Shutterstock
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