A new study unveiled that many small business owners across the US are functioning without sound marketing plans. The study was conducted by Outbound Engine and surveyed 350 small to medium-size (SMB) about their online marketing campaigns. Sadly, 50% of SMB owners stated they are operating without any type of marketing.
The study also highlighted the problems business owners are facing – namely lack of effective marketing tools and revenue growth. Similarly, the surveys discussed business owner goals and the obstacles that are preventing them from growing and expanding.
Here are some key points from the survey:
- Most SMB owners are stressed and have limited budgets. They are also pressed for time and simply overwhelmed with daily business processes and protocols.
- 62% of SMB owners are more stressed about their brands this year than last year.
- Many business owners that were surveyed have somewhat given up on their marketing efforts due to the daily grind.
- Several business owners simply do not have the time or knowledge for DIY marketing, nor the expenses for hiring in-house advertising teams.
Can SMB Owners Rebound?
While many small business owners are dealing with problems across the country – there are ways to rebound and get your marketing back on track. In fact, hiring a seasoned and reputable SEO agency is still the best way to put your advertising plans to fruition. From website development and content marketing to social media integration, SMB owners must get back to the basics in order to re-establish brand visibility and awareness.
Here are some more highlights of the survey that show why many SMB owners are in marketing peril:
- 25% of business owners surveyed stated they were unsure on how to grow their businesses in 2019.
- 55% of business owners surveyed spend less than 5% of yearly revenue on marketing.
- Over 58% of SMB owners spend five hours or less on marketing each week.
- 86% of respondents stated they would rather spend time on their businesses than on marketing.
Get the Marketing you Need
Business owners who feel overwhelmed still have cost-effective ways to get the marketing they need. In fact, the study also reported that SMB owners do not have to spend significantly more money or time to achieve desired results. Here are some crucial findings of the survey that SMB owners should pay close attention to:
- SMBs saw more revenue growth in 2018 with small marketing investments.
- Data compiled showed that investments as low as 5 percent was sufficient for influencing lead and profit generation.
- 81% of SMBs surveyed invested between 5% – 10% of annual revenue in marketing for 2018. This helped their respective brands grow and expand – with plans for more investments in 2019.
- Only 50% of respondents who invested less than 5% of yearly revenue into marketing saw some traction and growth.
The last figure should speak volumes about online and digital marketing in general. Essentially, you will get back what you put in for optimal or maximum ROI. Therefore, spending too little may or may not furnish the results you need. In contrast, investing at least 5% of your annual revenue is enough to tap into the current and burgeoning marketing – SEO trends.
If you still struggle with brand validity, visibility, or lack of market share, the solution is simple. SEO companies have the tools and expertise to propel your brands to new heights in any industry or niche. They also monitor your brands’ reputation online, as well as handle content, social media, and mobile optimization so you can concentrate on running your business.