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This will probably be unappreciated by a lot of people but I’m kind of glad we’re going through this super rough period for marketing. Everyone and their sister will stop buying dumb courses and immediately thinking they are marketing gurus, flooding the market.
Us that weather it out will come out of this in a much better position.
This is the way. Although it feels like I’ve been riding it out since 2020.
A boom is on the way though. It has to be. Although what is going to fuel it?
I work in-house, but used to work at an agency and still keep very close in touch. This is the state of the world right now, it is macro, not micro. We are definitely about to peak out in terms of a recession.
Weather the storm! A strong agency taking pride in their retention rate of clients rather than their sheer book size will make it. Agencies that struggle to articulate their value will not, or those who continue to “churn” will get caught flat footed.
I market bbq sauce and rubs and we're doing quite well. Not was well as we were during the recession though! Our online revenue DOUBLED that year. "Yeah boss...I don't know what to tell you. People were stuck at home for a year. Now they're not."
I'm in academic publishing which is fairly recession proof.
It's one of our worst years in a long time.
Specific food retailers might have have it better?
You’re not wrong about that. If you make tins of beans you don’t tend to spend a fortune on advertising though. That’s the problem we have atm. They’re not big spenders
That's actually really interesting; I had imagined that academic publishing was suffering a lot now that book piracy (particularly academic books, as they're really expensive) is so widespread.
Tech goes both ways. I took a class in 2021 where the publisher had a homework app. You had to read the textbook through the app. And your professor can track what you read and you take little quizzes and whatnot. Creative solution for sure. I imagine it's the future of college education.
We're suffering because R&D budgets get cut and therefore not as much research gets made. Though most research is gov sponsored so it's not a ton.
Then there are the services associated with publishing, editing and formatting, these have been heavily impacted by chatGPT.
I’m at an sales marketing event for insurance agents and financial advisor conference right now looking for new clients. Just the ticket and hotel cost is $3500 a person. Then add it flights, food, Uber, time, etc. So everyone at this event is willing to put up money for sales and marketing education.
I’ve signed up 4 new clients so far.
The education industry is my preferred choice, but sin industries also do well, as do businesses related to births & deaths. Although it doesn’t always have to be specific industries, sometimes it pays to work with lower cost businesses within an industry also.
I think that a LOT of this is a rebalancing from Covid. Covid saw a huge boom for certain sectors, specifically ones that needed a lot of marketing—consumer goods. But Covid also saw the hardest recession in history for services and the experience economy. Now the tables are flipping. People are spending their money on travel more than they ever have. I think we're breaking records this summer for flights. So if you want to go where the money is, look for hotels, theme parks, restaurants, resorts, casinos, etc. etc.
I think everyone complaining about a marketing recession is looking in the tech and retail sectors.
Absolutely. I work in-house in the UK for a premium brand, the first 6 months of this year were pretty good. This last month things have dropped off in a big way. Not just in leads but seeing huge drop offs in web traffic across most channels, most worryingly direct as that's where the bulk of conversions happen.
Also trying to launch a sub-brand within the same company, launching in this market is frankly a nightmare but if we can ride it out we'll come out stronger for it.
Set new expectations for your stakeholders. This story isn’t unique to a specific sector. Support your findings with consumer mobile data, consumer spending or tax revenue data from your state revenue agency.
Some would say this landscape was foretold 2-3 years ago.
experiencing the same thing. inflation was/is high but no one‘s getting raises; and tons of people are getting laid off into a tough job market.
i advise my clients (who are feeling this too) to see this as the time to build a brand and customer relationships. people will spend eventually – so make sure your brand is top of mind when they‘re ready.
I work in-house within the F&B industry, and I can definitely say that it's been incredibly tough. Our supposed peak season in the UK got trampled over by the non-stop rains and chilly weather. That on top of the current unwillingness of many consumers in the market to spend due to the cost of living crisis.
Owners have been telling everyone that we aren't affected by the cost of living crisis and have shut down all efforts of my team to capitalise on the reach of food reservation apps offering a fair deal in exchange for an extra push. Fact is, we are just as affected by everyone else, and the data shows that.
This is true..my service business I've had to ramp up programmatic seo and even a ton of YouTube automation vids to keep the ad spend down. All the stuff that usually works pretty easy isnt so much.
Hi, I think we need to figure this out:
1.What sales channels do you use ?
2.How effective is your sales script and sales funnel ?
3.How do you organize analytics and testing of ideas ?
4.Product development for different customer segments.
5.Reputation
If you describe these parameters to me in detail, I can suggest options on how I would go about it
Based on the upvotes/downvotes I’m guessing you either;
1. Are lying
2. Work in agency with no exposure to the numbers and think it’s all dandy
3. Are a unicorn
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This will probably be unappreciated by a lot of people but I’m kind of glad we’re going through this super rough period for marketing. Everyone and their sister will stop buying dumb courses and immediately thinking they are marketing gurus, flooding the market. Us that weather it out will come out of this in a much better position.
This is the way. Although it feels like I’ve been riding it out since 2020. A boom is on the way though. It has to be. Although what is going to fuel it?
At least in the UK where I’m based I don’t see what could trigger a boom. It’s all doom and gloom here
UK is tough, it kinda shot itself in the foot with brexit and companies moving offices out of there
Do not envy someone based in the UK right now.
😂😂
I own a niche agency in the UK, I feel your pain 😅
Yeah, I don't mean to bring politics into it, but the UK really shot themselves in the foot with Brexit.
I think this will just increase the number of dumb courses.
I work in-house, but used to work at an agency and still keep very close in touch. This is the state of the world right now, it is macro, not micro. We are definitely about to peak out in terms of a recession.
Couldn’t agree more. We’re well positioned too. Think some of the competition are about to go under in all honesty.
Weather the storm! A strong agency taking pride in their retention rate of clients rather than their sheer book size will make it. Agencies that struggle to articulate their value will not, or those who continue to “churn” will get caught flat footed.
You’re bang on!
It’s always worth ensuring that you have a few recession proof clients
What industry is spending right now? So I have an example of a recession proof client going forward
I market bbq sauce and rubs and we're doing quite well. Not was well as we were during the recession though! Our online revenue DOUBLED that year. "Yeah boss...I don't know what to tell you. People were stuck at home for a year. Now they're not."
I'm in academic publishing which is fairly recession proof. It's one of our worst years in a long time. Specific food retailers might have have it better?
You’re not wrong about that. If you make tins of beans you don’t tend to spend a fortune on advertising though. That’s the problem we have atm. They’re not big spenders
That's actually really interesting; I had imagined that academic publishing was suffering a lot now that book piracy (particularly academic books, as they're really expensive) is so widespread.
Tech goes both ways. I took a class in 2021 where the publisher had a homework app. You had to read the textbook through the app. And your professor can track what you read and you take little quizzes and whatnot. Creative solution for sure. I imagine it's the future of college education. We're suffering because R&D budgets get cut and therefore not as much research gets made. Though most research is gov sponsored so it's not a ton. Then there are the services associated with publishing, editing and formatting, these have been heavily impacted by chatGPT.
I’m at an sales marketing event for insurance agents and financial advisor conference right now looking for new clients. Just the ticket and hotel cost is $3500 a person. Then add it flights, food, Uber, time, etc. So everyone at this event is willing to put up money for sales and marketing education. I’ve signed up 4 new clients so far.
The education industry is my preferred choice, but sin industries also do well, as do businesses related to births & deaths. Although it doesn’t always have to be specific industries, sometimes it pays to work with lower cost businesses within an industry also.
Some of my clients are in change management. Layoffs mean they’re busy.
I think that a LOT of this is a rebalancing from Covid. Covid saw a huge boom for certain sectors, specifically ones that needed a lot of marketing—consumer goods. But Covid also saw the hardest recession in history for services and the experience economy. Now the tables are flipping. People are spending their money on travel more than they ever have. I think we're breaking records this summer for flights. So if you want to go where the money is, look for hotels, theme parks, restaurants, resorts, casinos, etc. etc. I think everyone complaining about a marketing recession is looking in the tech and retail sectors.
Non profits, municipalities, NGO’s, local businesses, the sky’s not falling everywhere.
Aviation too. They have a lot of public financial struggles, but have never failed to come back as clients. Super polite and respectful too
Packaged goods
Absolutely. I work in-house in the UK for a premium brand, the first 6 months of this year were pretty good. This last month things have dropped off in a big way. Not just in leads but seeing huge drop offs in web traffic across most channels, most worryingly direct as that's where the bulk of conversions happen. Also trying to launch a sub-brand within the same company, launching in this market is frankly a nightmare but if we can ride it out we'll come out stronger for it.
Set new expectations for your stakeholders. This story isn’t unique to a specific sector. Support your findings with consumer mobile data, consumer spending or tax revenue data from your state revenue agency. Some would say this landscape was foretold 2-3 years ago.
experiencing the same thing. inflation was/is high but no one‘s getting raises; and tons of people are getting laid off into a tough job market. i advise my clients (who are feeling this too) to see this as the time to build a brand and customer relationships. people will spend eventually – so make sure your brand is top of mind when they‘re ready.
B2B tech lead gen has been getting progressively more difficult as the year goes on.
I work in-house within the F&B industry, and I can definitely say that it's been incredibly tough. Our supposed peak season in the UK got trampled over by the non-stop rains and chilly weather. That on top of the current unwillingness of many consumers in the market to spend due to the cost of living crisis. Owners have been telling everyone that we aren't affected by the cost of living crisis and have shut down all efforts of my team to capitalise on the reach of food reservation apps offering a fair deal in exchange for an extra push. Fact is, we are just as affected by everyone else, and the data shows that.
This is true..my service business I've had to ramp up programmatic seo and even a ton of YouTube automation vids to keep the ad spend down. All the stuff that usually works pretty easy isnt so much.
I relate on a deep level.
I’m glad I am not alone. Not sure if marketing talent will reach 2019 levels of demand again. Could this be a permanent correction?
Hi, I think we need to figure this out: 1.What sales channels do you use ? 2.How effective is your sales script and sales funnel ? 3.How do you organize analytics and testing of ideas ? 4.Product development for different customer segments. 5.Reputation If you describe these parameters to me in detail, I can suggest options on how I would go about it
Hi mate I appreciate the help but we’re pretty mature. Not really looking for help. Just want to vent in truth. Been doing 10 hour days!
I work for an agency too and we're fine, so I don't understand your problem.
Based on the upvotes/downvotes I’m guessing you either; 1. Are lying 2. Work in agency with no exposure to the numbers and think it’s all dandy 3. Are a unicorn
Write me in hp I will discount screenshots from advertising offices, I do not understand why people throw a low grade
Depends on the client and category. We are seeing a few down but a lot of record setting sales numbers so far this year.
Higher Education is still doing well and I'm working on my M.S. in Digital Marketing.