Thoughts about small business marketing at the end of 2022
This past year was the transition period from the Covid era. 2020 was "unprecedented". 2021 felt like the Director's Cut of 2020. Longer but essentially the same.
Then came 2022.
Covid is not over but a return to a type of normalcy prevailed. The great migration wound down. Pajamas were washed. Planes flew at total capacity. Kids were back at school.
I watched our clients thrive (mostly). Some slowed a bit from historic years in 2021 when demand for home improvement exploded. Some put their foot on the gas and took steps to dominate their local markets through higher investments in digital ads. Some had a "best month in history".
What we did not see among our client base was a lack of demand. Demand was typically on tap.
Hiring continued to be an issue and slowed growth.
Static budgets and cautiousness slowed growth.
Opening locations in new markets continued to be a slog as brand equity needed to be built before the lead generation flywheel would spin.
But, across the board, the economy supported growth through the demand for products and services.
We've been told that a recession is coming in 2023. It's likely, I guess.
But I think it's important to separate the stock market from the economy. Stocks were terrible in 2022. Tech stocks got hammered. There were some of the first layoffs and hiring freezes in the history of some tech companies (looking at your "Meta").
But in the SMB space where we reside, I see stability. I see high employment rates. I see demand. I don't see a cataclysmic event on the horizon (I reserve the right to be wrong but let's hope I'm not).
The transition that started in 2022 is going to continue into this next year. We're moving from a post-pandemic world into an endemic reality.
What's changed?
What's new?
Most people work from home now. Crypto is going back into the shadows. E-commerce didn't destroy brick and mortar. No one wants to live in a legless metaverse. Everything is more expensive. Almost everyone has a job.
My crystal ball predicts a settling in 2023. The people who moved have moved. The burst of travelers has traveled. The scammers have scammed. The suckers are licking their wounds.
It has been cataclysmic. Some of that will bleed into the new year. I don't think it will stay so volatile. I think everyone is going to retreat to their corners and towel off.
I think there will be some chop in the waters in 2023. We're still in transition. Growing pains can be expected. But I see opportunity everywhere. If you want to grow your business this coming year, I believe you'll have every opportunity to do so. And if you're looking for an agency with actual ethics that has helped generate hundreds of millions in revenue for our clients, schedule a call with us. IMA is dedicated to helping our clients achieve their growth goals.
Have a wonderful New Year and cheers to a healthy and prosperous 2023.
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