EGC conducted a survey among business owners regarding their predictions for 2023, and uncovered some very interesting conclusions…
The survey—which EGC conducted in partnership with one of its Fintech financial clients—National Business Capital, was sent to more than 250 business owners throughout the nation.
Overall, while many feel that times are bleak, others intend to forge ahead with their plans in anticipation of a better tomorrow. EGC President Nicole Penn observes:
“The survey suggests that many businesses aren’t pressing the panic button, and rather they are doubling down on the future. Many are looking at a potential downturn as opportunity. We also see that the respondents plan to make a greater shift to digital marketing, showing the value of targeting and measurement that digital brings.”
- Nearly half (48%) of business owners regard the business outlook pessimistically.
- One-third (33%) intend to stick to existing plans for expansion and will introduce new products and services to increase revenue.
- 37% stated they will probably increase marketing spend, while 30% intend to maintain current marketing spend.
Social media proved to be the focus of marketing challenges, as Nicole states:
“We’ve certainly seen a shift in social media algorithms, especially Facebook and Instagram. What worked a few years ago may no longer have the same impact. We’ve been advising clients to overcome this trend by diversifying their social media strategy with new channels. We’re also seeing big lifts in social media performance through new and unique content strategies.”
- 36% noted changes in social media algorithms which changes the rules every time the business feels it has finally mastered it.
- 28% find it difficult to stay abreast of the new trends, especially on social media (28%).
Learn more about the EGC Group and how they help support business growth.