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Further Reading:
Entrepreneur Passion And Preparedness In Business Plan Presentation
The Curse of Knowledge
Too Much Joy
Power of Powerless Speech
Sharing your Shortcomings
Receptivity in Persuasion
Asking Women Not to Lose
Framing Novel Ideas
Getting the Picture Too Late
Amplifying Voice in Organizations
The Voice Cultivation Process

Macroeconomic Headwinds

Consumer spending on physical goods remains robust in Q1 as service spending rapidly recovers. Forty-year inflation highs, supply chain issues, geopolitics, and a tight labor market contribute to downward pressure on spending. Additionally, Bloomberg Economics estimates that policymakers in the Group of Seven countries will shrink their balance sheets by about $410 billion during the remainder of 2022. It’s a stark turnaround from last year when they added $2.8 trillion — taking the total Quantitative Easing to more than $8 trillion since Covid-19 arrived.

The United States is, by far, the largest advertising market in the world. In 2021, more than 285 billion U.S. dollars was spent on advertising in the United States.

Marketing budgets as a percent of overall budgets rose to 11.8%, resetting to pre-pandemic levels, while marketing budgets as a percent of revenues increase to 10.4%. Yearly growth in marketing spending breaks 10% for only the second time in a decade and is predicted to show further lifts over the next year at 13.6%. Digital marketing spending, which currently accounts for 57.1% of marketing budgets, is expected to grow by 16.2% during the same period.

Increased marketing spending over the next year is expected across all categories, including brand building (+11.8%), customer relationship management (+9.5%), new product introductions (+8.8%), customer experience spending (+8.6%), and new service introductions (+5.3%). Traditional advertising spending (+2.9%) shows positive lifts for the second survey in a row, reversing a decade-long decline in these budgets. 

Customer acquisition budgets are reported to be 14.7% larger than customer retention budgets while companies spend approximately 7% more on R&D than marketing. 

Undervaluing Documentation

Suppose you have single points of failure in your organization that hold critical knowledge or are concerned about the time spent on rework and reverse engineering. Maybe you are just concerned about the cost associated with onboarding new employees and the time it takes getting them up to speed. In all of these cases, you may want to rethink what you are and are not documenting.

Documentation Examples
·Brand Strategy / Brand Style Guide
·Product Briefs
·How Might We Diagrams
·Opportunity Maps, Value Mapping Canvases
·Value Stream Mapping
·Service Blueprinting
·Reference Architectures
·High Level Software Designs
·Architecture Decision Records
·C4 Models for Software Architectures
·Solution Architecture Documents (ARC42)
·Software Requirement Specifications (IEEE 830)
·Software Bill of Materials
·User Personas, Buyer Personas, Market Segmentation Profiles
·Creative Briefs
·User Stories, Use Cases, Jobs to Be Done
·Wireframes, Mockups, Prototypes
·Customer Journey Map, Storyboards
·BPMN or EPC Workflows
·Call Flows/System Flows/UML sequence diagrams
·Data Dictionaries and Transaction Models
·SDK’s and Application Programming Interface specifications
·Component Specifications, Product Spec Sheets
·Release Notes, Method of Procedures, Runbooks
·FAQ, How To, What’s New, Quick Start guides