Well over half of SMBs believe their revenue will grow in 2017. To make that growth a reality, 49% of SMBs will shift additional funds into their advertising and marketing efforts. That’s the bottom line from Clutch’s 2017 Small Business Digital Marketing Survey. The details of the survey reveal how media sellers can find opportunity in the SMB market.
Clutch’s survey encompassed about 350 businesses, each of which employs fewer than 500 people. The majority of these SMBs, 72%, have revenue of under $5 million a year. Four out of ten of these businesses are working with ad budgets of less than $10,000. SMB owners try to be careful with their ad money, because one mistake can seriously impact the bottom line.
Many operators see digital as a cost-effective way to spend ad money, and the following percentages of SMBs will increase spending in these categories:
- Social media 58%
- Website 56%
- Email marketing 39%
- SEO 35%
- Mobile app 33%
- Content marketing 30%
- Video 29%
- Pay-per-click ad 28%
- Virtual/augmented reality 17%
- None 5%
Clutch analysts note that social media may be the darling of digital, however, it’s workhorses like SEO which really drive business. Consumers are still using tools like Google to find local restaurants, hair salons and hardware stores, so SMBs that use SEO effectively can significantly impact foot traffic.
The interest in virtual reality and augmented reality is noteworthy. Up to 17% of SMBs want to explore the technology, regardless of their cautious attitude about how to spend ad money. For many business owners, the existing AI applications will prove too expensive to deploy. But using simple tools on a video destined to be uploaded to YouTube could be a start.
The best news from this survey is that 80% of small businesses are using outside help for digital projects. Regardless of the type of services you’re selling, meeting the needs of the SMB community could be rewarding.