We’re just over one month into 2023, and we’ve already seen a lot: Changes and layoffs in big tech, ChatGPT and a gathering storm of economic uncertainty. There’s no doubt that inflation is an overarching player here. Forty-seven percent of business owners believe that inflation will be their biggest business challenge in 2023. Despite this, a new study concluded that over one-third of business owners and entrepreneurs (perhaps surprisingly) still plan on increasing their marketing budgets. Economic uncertainty will nevertheless drive marketing innovation — with an eye towards efficiency and increased profitability — as brands and marketers adjust their marketing approaches to the current climate.
