How is the UK economy?
The U.K. is the only country in the G-7 major economies that has yet to fully recover from the Covid-19 pandemic.
Is inflation falling?
- The year-on-year price comparisons, that we use to measure inflation, will show little movement as things stabilise at the current higher levels.
- As global wholesale gas and fuel prices fall, domestic and commercial energy costs will follow.
- In addition, the global supply chain pressures that were involved in driving up imported goods prices have and are easing.
- The Bank of England forecasts that inflation will fall to 4% by the end of 2023.
- In short, it’s tough at present, but it will get better.
What does this mean for marketing?
In the short term, it feels like shouting in a vacuum, no-one is responding.
You do what you have done before, and nothing happens.
You try harder and still nothing happens.
Because there has been no reaction it doesn’t mean that your marketing has gone unnoticed.
It just means that people are not in a position currently to react to you.
Companies are waiting.
In circumstances like the current economic environment, companies freeze budgets and wait for the green shoots of recovery in the economy.
That’s when you’ll start to get reactions.
So don’t think that all your efforts have been wasted, far from it, they are simply dormant waiting for the economic recovery, possibly this autumn.
In the Meantime
We must keep on marketing and maintain the company’s profile in the marketplace, so that when the economy does ease in the final quarter of 2023 and into 2024 your business’ name will be out there and the conversations can begin.
Times are tough, and we must all hunker down and wait it out.
However, as I have often said to clients, don’t wait until you’re ready to market and think that people will react immediately because they won’t.
You have to maintain a steady drip, drip, strategy and keep your name out there so that people will remember when they are finally ready to spend money.
We have been in marketing since 1981 and have seen how recessions work, and this one will be no different.
You just have to be there for when it all gets better.