A new study on small business owners in the US finds that many are operating without a marketing plan.
According to a survey of 350 small and medium business (SMB) owners, 50% do not have a marketing plan for 2019.
The study from Outbound Engine asks SMB owners about revenue growth, stress, what is preventing them from reaching their business goals, most effective marketing tactics, and more.
Here are some key highlights from the study.
Factors Affecting Small Business Marketing in 2019
Small business owners are stressed, overwhelmed, strapped for time, and have limited budgets.
According to survey responses, 62% of small business owners are as or more stressed about their business this year compared to last.
As a result, their marketing efforts are falling to the wayside, the study finds:
- 25% of respondents are unsure of how they plan to grow their businesses in 2019.
- 55% of SMB owners spend less than 5% of annual revenue on marketing.
- Over 58% of SMB owners spend five hours or fewer on marketing every week.
- 86% of respondents would rather spend their time on other business activities than spending time on marketing.
A little effort goes a long way
Those who feel overwhelmed by the idea of investing time and effort into marketing should pay attention to these next stats.
The study says that SMB owners do not have to spend significantly more time or money to get better results.
A small increase in marketing investment led SMBs to see more revenue growth in 2018 than those who invested less in their marketing.
Data shows that time investment as low as 5 percent can influence revenue growth.
81% percent of respondents who invested between 5% and 10% of annual revenue in marketing said they experienced revenue growth in 2018
By comparison, only 50% of respondents who invested less than 5% of revenue into marketing experienced revenue worth.
For more information, see the full study here (PDF link).