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The EGC Group, a New York-based, full-service, integrated marketing and digital agency, announced today findings from a poll they conducted of over 250 U.S. business owners asking them about their prospects for 2023. The survey was run in partnership with one of the agency’s Fintech financial clients, National Business Capital.
While nearly half (48%) of the business owners polled reported having negative feelings about their business outlook for 2023, a third (33%) revealed that they were sticking with existing plans to expand their businesses, many looking to introduce new products and services to increase revenue. 37% said they are likely to increase their marketing spend and 30% noted they’d maintain their marketing spend.
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 an opportunity,” observed EGC Group President, Nicole Penn. “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.”
What were the biggest marketing challenges cited by business owners?
1) Changes in social media algorithms (36%) which changes the rules every time the business feels they have finally mastered it, and
2) Staying abreast of the new trends, especially on social media (28%).
“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” cited Penn.
To learn more about The EGC Group and how they help support business growth, visit:
About EGC Group
The EGC Group, a full-service integrated marketing and digital agency with offices in Long Island and Manhattan, NY, provides services in advertising, online marketing, web development, data analytics, integrated communications planning, and strategic consulting. EGC’s Craft Beverage Division works with breweries across the world as well as their suppliers. The client roster outside of beverage includes well-known brands such as Brother International, Canon, Kiss Products, and Supercuts, among others. To learn more about how the EGC Group could help your business take off to new heights, visit: www.egcgroup.com or call (516) 935-4944.
