A recent study uncovers sales promotions’ profound impact on crypto marketing budgets.
Amid rising inflation and a challenging economy, marketers are recalibrating their approaches, pivoting from traditional long-term strategies to address immediate needs.
The Economic Climate for Crypto Marketers
The first half of 2023 witnessed a challenging economic environment. High inflation rates, interest rate hikes, and general economic uncertainty characterized it.
Many companies, keen to protect their bottom lines, took the decision to curtail their marketing investments. Meanwhile, others like Binance and Coinbase decided to lay off entire teams.
The Institute of Practitioners in Advertising (IPA) disclosed in its Q2 2023 Bellwether Report that a significant 12.6% of senior marketers surveyed were pessimistic about the financial outlook of their industries.
“Sentiment towards industry-wide financial prospects moved deeper into negative territory. The 28.8% of survey respondents expressing a downbeat assessment for their industry in the coming 12 months more than offset the 16.2% who registered optimism,” reads the report.
Read more: 6 Best Web3 Marketing Agencies To Support Your Crypto Project
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Author: Bary Rahma
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