A new study on small business owners in the US reveals that many are operating without a marketing plan.
According to a survey of 350 small and medium business (SMB) owners, 50% don't have a marketing plan for 2019.
The study from Outbound Engine asks SMB owners about revenue growth, stress, what is preventing them from achieving their business goals, most effective marketing tactics, and more.
Here are a few 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 undecided about how they plan to grow their businesses in 2019.
- 55% of SMB owners spend less than 5% of annual income on marketing.
- Over 58% of SMB owners spend 5 hours or fewer on marketing per 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
Individuals 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 don't 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 a time investment as low as 5% can impact revenue growth.
81% of respondents who invested between 5% and 10% of annual income in marketing reported experiencing revenue growth in 2018.
By comparison, only 50% of respondents who invested less than 5% of income into marketing experienced revenue growth.