{"id":163818,"date":"2022-08-15T12:08:52","date_gmt":"2022-08-15T11:08:52","guid":{"rendered":"https:\/\/www.smartinsights.com\/?p=163818"},"modified":"2022-08-23T13:57:41","modified_gmt":"2022-08-23T12:57:41","slug":"how-do-you-plan-manage-and-optimize-inflation-related-change-in-your-business","status":"publish","type":"post","link":"https:\/\/www.smartinsights.com\/digital-marketing-strategy\/how-do-you-plan-manage-and-optimize-inflation-related-change-in-your-business\/","title":{"rendered":"How do you plan, manage, and optimize inflation-related change in your business?"},"content":{"rendered":"

The decision to act, or not to act, can have a knock-on effect on how your company will weather the storm of inflation and change in 2022<\/h2>\n

In our recent LinkedIn poll, 30% of respondents admitted to making no changes to their marketing strategies in light of inflation.<\/p>\n

Suggested changes we gave include making marketing more efficient (majority response at 58%) and reducing spend. Only 7% are adapting their strategy to reduce spend - which shows most of the \u2018adapters\u2019 are doing so with a growth mindset<\/a>.<\/p>\n

But, alarmingly, the same poll showed that 30% are not planning to adjust their strategy, or were not sure. The \u2018not sure\u2019 answer indicated, to me, either slow decision-making or poor management, neither being great for reacting to a global phenomenon. So what can we learn from this?<\/p>\n

\"Marketing<\/a><\/p>\n

65% of marketers are adapting in light of inflation<\/h3>\n

Overall, this is a good response - with close to 2\/3rds of marketers scanning the environment and making adjustments in response to what\u2019s happening in the world around us. Although naturally, polls like this can suffer from selection bias.<\/p>\n

Notably, digital marketers who interact with Smart Insights on LinkedIn are probably more likely to be keeping an eye on their micro and macro digital marketing challenges, and using our marketing tools<\/a> to drive growth.<\/p>\n

For example, our popular SWOT-TOWS matrix<\/a> helps marketers build on external factors in the digital landscape to develop their strengths and overcome weaknesses.<\/p>\n

This is just one part of our data-driven marketing strategy approach covered in our RACE growth system.<\/p>\n

\"SWOT-TOWS\"<\/a><\/p>\n

<\/div>\n

30% of marketers are sticking to out-of-date plans<\/h3>\n

The group I really wanted to turn my attention to is the 30% who selected \u2018No plan\/Not sure\u201d as their plan for inflation. I\u2019ve been exploring some of the reasons for selecting this answer.<\/p>\n

Why might a business not make adjustments to its digital marketing strategy for inflation?<\/h4>\n
    \n
  • Not aware of inflation<\/li>\n
  • Aware of inflation but it\u2019s not having an impact on business<\/li>\n
  • Not making a change because don\u2019t know what to do<\/li>\n
  • Changes are being discussed but not being actioned<\/li>\n
  • Can\u2019t get resources (time\/money) to put changes in place<\/li>\n
  • Can\u2019t get buy-in for changes from key decision makers<\/li>\n
  • Other - please add further reasons you\u2019ve come across in the comments<\/li>\n<\/ul>\n

    What is inflation?<\/h3>\n

    As a marketer, I wouldn\u2019t expect to do a better job of explaining inflation than global economist publishers. This 5-minute video from IMF outlines the basic causes and effects of inflation.<\/p>\n