Peerspace is banging away with instagram ads in my area. I’m seeing more ads than ever before in my feed.
The thing is, bookings are down significantly in our area. Gas is $6-$7 and sometimes even $8 per gallon, food is more expensive, housing is more expensive, interest rates are rising and unemployment has to rise to douse inflation.
We have had one quarter of negative GDP and it looks like this quarter will also be negative: we’re in a recession.
Most of the productions hosts book are funded purely by the disposable income of our clients. If our potential clients no longer have disposable income because gas is outrageous, food is outrageous and interest rates on credit cards are high, then now is a bad time to blow more money in marketing.
Peerspace could spend itself dry trying to pump water from a dry well -which would be bad for all of us.
IG ads are relatively cheap and highly targeted. This means an advertiser’s ad dollars are well spent vs, say… email marketing where an 8% open rate is a good number.
All of our bookings are down from a year ago. There is no demand for photo studios in this current economy. My point is that Peerspace could spend itself dry trying to stir up business during a time when there is no demand. I could even see Peerspace filing Chapter 11 subchapter V if this economic downturn last 1-2 years.
Hi Steven. I appreciate your concern and want to reassure you and other hosts that Peerspace remains focused on driving as much demand as market conditions will allow. As always, we do so through a mix of many channels which may include the use of advertising. We do not intend to spend ourselves dry.
Wishing you a great weekend and healthy business as the year goes on.
