There is no longer talk of a pending recession - the recession has arrived. With its arrival, it brought about hiring freezes, layoffs, rising interest rates, and companies attempting to minimize their overhead. As more and more companies become reactive to the situation, it is clear this will have an impact on the marketing industry and the marketers that make it up. As companies lay off talent, hiring would become easier if it were not for the economic raincloud over the country. Companies are still advertising but doing so with great caution and consideration in regard to their ad budgets. Eventually, we may see a change in the cost per click (CPC) due to potential changes caused by this recession. As with any disruption, companies and marketers alike will need to pivot and implement strategies that will allow for success in difficult times.
In this week's Digital Marketing Mondays, Hans and Devin discuss how digital marketing is being affected by the recession, speculate on what the next few months may look like for the marketing industry, and discuss strategies for navigating what's to come.