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A brand new examine on small enterprise homeowners within the US finds that many are working with out a advertising and marketing plan.
According to a survey of 350 small and medium enterprise (SMB) homeowners, 50% would not have a advertising and marketing plan for 2019.
The examine from Outbound Engine asks SMB homeowners about income progress, stress, what’s stopping them from reaching their enterprise targets, only advertising and marketing ways, and extra.
Here are some key highlights from the examine.
Factors Affecting Small Business Marketing in 2019
Small enterprise homeowners are burdened, overwhelmed, strapped for time, and have restricted budgets.
According to survey responses, 62% of small enterprise homeowners are as or extra burdened about their enterprise this yr in comparison with final.
As a end result, their advertising and marketing efforts are falling to the wayside, the examine finds:
- 25% of respondents are not sure of how they plan to develop their companies in 2019.
- 55% of SMB homeowners spend lower than 5% of annual income on advertising and marketing.
- Over 58% of SMB homeowners spend 5 hours or fewer on advertising and marketing each week.
- 86% of respondents would somewhat spend their time on different enterprise actions than spending time on advertising and marketing.
Just a little effort goes a great distance
Those who really feel overwhelmed by the concept of investing effort and time into advertising and marketing ought to take note of these subsequent stats.
The examine says that SMB homeowners would not have to spend considerably extra time or cash to get higher outcomes.
A small enhance in advertising and marketing funding led SMBs to see extra income progress in 2018 than those that invested much less of their advertising and marketing.
Data reveals that point funding as little as 5 % can affect income progress.
81% % of respondents who invested between 5% and 10% of annual income in advertising and marketing stated they skilled income progress in 2018
By comparability, solely 50% of respondents who invested lower than 5% of income into advertising and marketing skilled income price.
For extra info, see the total examine right here (PDF hyperlink).