We have just released a new report titled, “2013 Small Business Economic & Advertising Outlook,” offering a detailed look into the Small and Medium Sized Business space. The report highlights SMBs attitudes about the economy over the next 12 months, the planned changes in their promotional/marketing budgets, the biggest challenges they face with online/digital advertising, and what current providers can start and stop doing to better serve them.
Some of the report’s highlights are:
- SMBs expect some improvements in the economy and their businesses, however marketing budgets will remain flat or decline over the next 12 months
- SMBs plan to decrease traditional media spend 3X more than online media over the next 12 Months.
- The average SMB plans to reduce their current Yellow Pages budget by 20-25%, Magazines by 5-10%, Traditional Newspapers by 10-15%, Internet Yellow Pages by 10-15%, and Radio by 5-10% over the next twelve months.
- The average SMB plans to increase their current Website budget by 10-15%, Paid Search by 15-20%, Social Media by 20-25%, and Online Video by 5-10%.
- Nearly half of SMBs stated their biggest challenge with digital media is not having enough knowledge or expertise.
- Fifty-six percent of SMBs currently work with 2-5 providers; however 75% would prefer to work with one trusted source as they want someone that will better support their needs.
About “2013 Small Business Economic & Advertising Outlook”
For the past 3 years, Thrive Analytics has been conducting “Local Pulse” surveys on small and medium sized businesses to gauge their attitudes about the economy, what they are doing with their marketing budgets, what role social and digital media are playing in generating leads for them, and how satisfied they are with their providers. Thrive Analytics used findings from the June 2013 “Local Pulse Survey”, fielded to 1,021 Small and Medium Sized Businesses from our Connected Experience Panel™, in the preparation of this report.
The report includes the following charts/figures:
1-1 SMB Outlook on Economy over next 12 Months
1-2 SMB Sales Outlook over next 12 Months
2-1 Mediums used for Promotional/Marketing Efforts
3-1 SMB Promotional/Marketing Budget Changes over next 12 Months
3-2 SMB Planned Change in Media Spend Online vs. Traditional
3-3 SMB Planned Change in Media Spend by Medium
4-1 SMB Planned Areas of Reduction
4-2 SMB Reasons for Reduction
5-1 SMB Planned Areas for Increases
5-2 SMB Reasons for Increase
6-1 Promotional/Marketing Methods that have been Most Effective
6-2 How SMBs Measure the Effectiveness of Current Promotional/Marketing Methods
6-3 Why SMBs Don’t Use Other Tracking Methods
7-1 SMBs Biggest Challenge with Online/Digital Media
7-2 Top Promotional/Marketing Areas in Which SMBs Need the Most Help
8-1 SMBs Preference to Work with Several Marketing Specialists or One Provider
8-2 What Can Promotional/Marketing Providers Start and Stop Doing to Better Serve Them
The report is available to Thive Analytic’s clients, and is also available for purchase ($299 for the report). More information about the report and how to purchase it is available http://www.shop.thriveanalytics.com/2013-Small-Business-Economic-Advertising-Outlook-Report-2013SMB-AdReport.htm