Small Business Marketing is the bridge between your business and your customers. Without it, you cannot grow. But, with so many channels to choose from, how do you begin? Here are 19 facts that change the way you approach marketing for your company.
Close, But No Cigar
Many small businesses aren’t bringing their “A” game to their marketing. They may have good intentions but lack the resources (time, budget or know-how) to really succeed.
The Facts:
1. Most small businesses have small budgets, or they have no marketing budgets at all. Forty-seven percent of small businesses spend less than $10,000 on digital marketing.
There are many ways to market with a small budget. We recommend you read 21 Ways To Market Your Small Business on a Shoestring Budget for some ideas.
2. Almost 71% of small businesses do all of their own marketing in-house. However, according to Forbes, the small businesses that are happiest with their marketing performance hired outside agencies.
3. The less-than-stellar results many small businesses see from their in-house marketing efforts are due to a statistic. 58% of the small businesses using in-house help only assign 1-2 employees to handle their digital marketing. Often, this is not enough manpower to get the job done right.
Even if you’re short on people, you can market effectively. You can use psychology to improve business marketing and make sure that your marketing is data-driven.
4. While content marketing continues to dominate as a low-cost, but extremely effective marketing strategy, 80% of small businesses don’t utilize content marketing.
5. A website is essential for every business. Period. In our digital world, customers expect businesses to have a website. However, as of 2015 60% of small businesses did not have a website!
6. 30% of small businesses without a website cite cost as the reason. But, with so many inexpensive options for building a website these days, cost should no longer present a barrier.
7. And, 35% of small businesses without a website feel their operation is too small to warrant a website. Customers will beg to differ. Consumers not only expect businesses to have a website, they view a website as a sign of credibility.
Focus
Many small businesses may be neglecting their marketing, but there are a few things that they agree are important.
These facts reveal many small businesses’ marketing priorities. Do they align with yours?
The Facts:
8. Small businesses put their faith in the power of word-of-mouth. 28% of small businesses believe that word-of-mouth advertising is the most effective way to attract new customers
9. 20% of small businesses claim that search engine optimization is the most effective way to attract new customers.
10. Increasing sales continues to be a top priority for small businesses. At 51%, driving sales is small businesses’ top digital marketing priority.
11. Small businesses are determined to get their name out there, too. In second place, 48% of small businesses cite building brand awareness as their top digital marketing priority.
Branding is extremely important. Successful businesses usually have a strong business name and a professionally designed logo.
To learn more about naming your company, read 10 Tips for Naming Your Startup or Small Business. To learn more about logo design and branding, read Powerful Branding Lessons From The World’s Best Brands (That Actually Work For Your Small Business).
12. If you’re wondering where to focus your social media marketing efforts, Social Media Examiner notes that Facebook, Twitter and Linkedin are the top three social media marketing platforms for small businesses.
Social Media
Social media marketing continues to be an ideal and cost-effective way for small businesses to reach and build relationships with their audiences.
The Facts:
13. Almost all small businesses have realized the value of social media marketing. According to Social Media Examiner, 96% of SMBs say they use social media in their marketing strategy.
14. And, most small businesses agree that social media marketing pays off. Almost 90% of marketers report that social marketing efforts have increased exposure for their business.
15. Social media doesn’t only increase exposure. It has also shown great results in driving online traffic. 75% of marketers claim that social media marketing has helped to increase traffic.
Off-Track Marketing
Many small businesses may be losing their way because they don’t have the data needed to make smart marketing choices, adjust or improve their strategies.
These facts shine a light on small businesses’ ongoing struggle to track their marketing data.
The Facts:
16. Small businesses are having a hard time tracking their marketing ROI (return on investment). Less than 30% of small businesses use website analytics, call tracking or coupon codes. And without knowing what’s working, it’s hard to craft a smart marketing plan.
17. While social media continues to be a very popular marketing platform for small businesses, 6 in 10 small business owners are not able to track ROI from their social media activities.
18. Worse than that… 18% of small businesses admit to not tracking anything.
19. Forty-two percent of marketers cite lack of quality data as their biggest obstacle when implementing successful lead generation campaigns. Prioritize gathering the data your small business needs to plan and execute smart marketing campaigns.
Look Both Ways Before Crossing
We know there’s a lot on your plate. In addition, marketing can feel like just another thing that you’re “supposed” to do. However, marketing your business well is essential to your small business’s success.
We hope you use these facts and statistics as a leaping off point for a more informed, targeted and successful marketing plan for your small business.
