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Looking Into Our Crystal Ball

As you work on planning for 2022, you might be wondering what other businesses are preparing for and what trends are expected in the coming year. So, what’s in the forecast? While the last 18 months have taught us all that flexibility is key, here’s a look at what is expected in 2022:

57%

of business owners surveyed think it’s harder to sustain a business now than it was six months ago.

Borrell Associates surveys small-to-medium sized business owners throughout the year. In their most recent survey from August 2021, 57% of business owners surveyed think it’s harder to sustain a business now than it was six months ago. 23% think there’s been no change, and 18% believe it’s easier now (the remaining 2% had no opinion). When it comes to economic conditions, the majority of business owners (57%) think that economic conditions will either stay the same or get better over the next six months. As a result of that, most of those surveyed (77%) anticipate spending the same or more on advertising.

Local advertising expenditures are projected to increase by 6.4% overall. The bulk of the change is expected to come from streaming audio/radio and video. Spending for yellow page directories, newspapers, and other print is expected to decrease. Due to the unprecedented nature of 2020 (and at least part of 2021), 2019 was used as a base year for these projections, since that was the last ‘normal’ year.

In the long view of local advertising expenditures, digital has far surpassed other media over the last 10 years. From 2019 to 2020, digital share jumped by 6% (up to 63% in 2020 compared to 57% in 2019). 2022 is projected to be at 67%. Two-thirds of every advertising dollar spent by businesses is spent on digital. Paid search, social media and video account for 75% of all digital advertising, and spending on online video is expected to surpass search in 2025. The new year provides new opportunities to refresh your marketing. Take time to regularly review what’s working and what may not be. Think about new strategies you can try and existing strategies you can refine to be successful. We’re happy to help you plan not just for 2022, but for the years to come!

We’d be happy to talk with you more about marketing goals for both now and in the future! 


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