Originally written by Jaclyn Crocker on Small Business
Since the explosion of social media at the beginning of this century, brands have become increasingly reliant on digital advertising strategies to drive growth. This has inevitably resulted in bigger brands with a bigger advertising budget having an unfair advantage over smaller companies with less cash to burn.
But the tide is turning.
According to a report by internet trend expert, Mary Meeker, cost-per-acquisition has increased by 50 per cent over the last three years alone and is certain to outpace the lifetime value of a customer for many brands in the years ahead. In addition, a new generation of customers is emerging who are far more sceptical than their predecessors and therefore much less receptive to traditional methods of customer acquisition (think social advertising and influencer promotions). Instead, they are looking for more meaning and purpose from the brands they buy from – trust and authenticity have overtaken the need for cut prices and convenience.
>See also: 5 tips to make your small business TikTok marketing a success
And the last year has only accelerated this shift. Businesses that have relied too heavily on a big advertising budget to fuel their growth have inevitably suffered. That’s