Most small business owners—62%—are more worried about their business this year when compared to last year. Because of the stress and anxiety of running a small to medium-sized business or SMB, many owners are placing marketing on the back burner.
A new study on small businesses within the U.S. shows that many don’t have an active marketing plan. According to the study by Outbound Engine that includes the responses of 350 small to medium-sized business owners, 50% don’t have a marketing plan for this year.
- 25% of respondents don’t know how they plan to grow their business
- Around 55% spend less than 5% of their annual revenue on marketing
- Over 58% of respondents spend less than five hours a week on marketing their business
For these SMBs, the key is to understand that even the smallest increase in time spent on marketing can make all the difference. According to the study data, a new time investment of only 5% can influence positive revenue growth for the future.
To learn more, read the study here.