This past week Outbound Engine released a shocking statistic: 50 percent of small and medium business (SMB) owners in the United States don’t have a marketing plan for 2019.
The company surveyed 350 SMBs and asked questions about growth of revenue, their stress levels, what they believe are their most effective marketing tactics, and more. Here are some of the highlights from the study:
SMBs Overwhelmed By Marketing Plans
62 percent of SMB owners stated that they were just as or more stressed about their business this year than they were in 2018. 25 percent of were unsure of how they were going to grow their business in 2019.
The study also asked the respondents about what was stopping them from achieving their business objectives. These were the results:
- Not enough money (28.5 percent)
- Not enough time (22.39 percent)
- Not knowing which marketing tactic to use (14.25 percent)
- Not enough staff (11.96 percent)
- Not knowing who their customers were (2.8 percent)
Just over 20 percent of the respondents said that they were accomplishing their business objectives.
Insufficient Marketing Negatively Impacts Business Revenue
A shocking 86 percent of respondents admitted that they would rather spend their time on business activities other than marketing. There were other interesting findings, such as:
- 58 percent of respondents are spending five hours or less on their marketing plans
- 55 percent of respondents are spending less than 5 percent of their annual revenue on marketing
But here’s the thing. The study also found that increasing your marketing investment will probably lead to revenue growth. Their data revealed that spending as little as 5 percent of business revenue on marketing plans can result in a healthy return on your investment.
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