The marketing concept has been evolving for many years. Consumer behavior seems to change every day and technology continues to evolve. Small and medium-sized businesses are often slow with their marketing developments. While some of these businesses adopt cutting-edge technologies, most of them wait until there is an indisputable proof that the technology or tactic works.
Based on various small business statistics on marketing and growth marketing strategies, there are different aspects of marketing that can help you understand the state of marketing as far as small and medium-sized businesses are concerned.
Reviews can help or hurt your business
You, a marketer or business owner, understand the power of word of mouth advertising. Unfortunately, most marketers and business owners rarely take reviews seriously. According to a post published on Website Builders, for every star your business gets, there will be an expected 5% to 9% increase in revenue. The post also reveals that internet users are likely to spend 31% more on a company with excellent reviews.
Over 72% of consumers that authentic, positive reviews make them trust businesses more. Besides, business listings with three stars or more take 41 clicks out of every 47 clicks according to Google. And given a similar pricing strategy, travelers and guests are 3.9 times more likely to opt for hotels and restaurants with higher ratings.
A low number of SMBs outsource their marketing
One of the biggest problems facing small business owners is the limited time. But most of these business owners rarely outsource their marketing responsibilities. According to the State of Small Business Report released by WASP Bar Code Technologies in 2017, 54% of SMBs outsource web design and graphic design tasks. Only 14% opt to outsource the public relations, advertising, and marketing tasks.
Other reports such as the Small Business Marketing Trends Report released by InfusionSoft in 2017 reveal that 70.8% of SMBs do their marketing in-house. Most experts believe that in-house marketing rarely outperforms outsourcing.
The customers is always a top priority
Customer acquisition, retention, and customer loyalty have always been the most effective way to grow a business. So, it’s downright heartening to learn that this has been the SMBs’ top strategy for business growth. The WASP Barcode Technologies’ report shows that 40% of SMBs focus on improving customer experience, 32% invest in new customer acquisition, and 36% of SMBs launch new products and services.
Facebook is an important social platform for marketing
While Facebook ‘reach’ seems to be different from what it used to be, that hasn’t scared marketers and small business owners off. It’s by far the most common social network any small business can take advantage of. It’s also a platform where a large number of internet users go to check product and business reviews.
There is lots of good news going on in the SMBs marketing industry. The number of business turning to digital marketing and owning websites keeps on increasing each year. Don’t you think taking advantage of these marketing trends can take your business to the next level?