In two separate marketing trends polls conducted in November 2016, Manta surveyed small business owners about their marketing budgets, whether they have formal marketing plans, their goals for marketing in the new year, and more.
“As our latest Wellness Index shows, small business owners have come a long way in terms of marketing acumen, but they still lack the bandwidth and resources needed to make a true splash in their local markets,” said Sara Oberst, Manta’s VP of Marketing.
“On the other hand, marketing is a vital practice for building a reputable brand and driving leads, so 2017 will be an opportune time for small businesses to develop and execute on more comprehensive marketing strategies.”
Though marketing is key to attracting new customers and retaining loyal business, many small business owners don’t have a formal marketing plan in place.
According to a Manta poll of 1,115 small business owners, less than half (49%) have devised a formal marketing plan—a detailed strategy that can reveal target customers, key marketing channels, and local reach.
When armed with a marketing plan, 70% of small business owners said the main goal is to expand their business while another 62% aim to increase sales through marketing efforts.
Just under half (48%) of small business owners include goals like increase brand awareness, attract new customers, engage with current customers, and launch new products or services in their marketing plans.
How Much Is Spent?
Allocating budget to earned, paid, and owned marketing campaigns is crucial to achieving these goals, and Manta’s poll found that nearly 70% of small business owners have set marketing budgets.
Of those with a budget, many (47%) spent $4,000 or more marketing dollars in 2016. Conversely, another 29% spent less than $1,000 on marketing last year.
At this point, most small business owners have their budgets squared away for 2017, and the same poll found that most don’t have plans to adjust their current marketing budgets this year.
Where Do Marketing Dollars Go?
In a separate Manta poll of 2,773 small business owners, Manta assessed where exactly small businesses devote their marketing budgets.
With just 6% of small business owners using tactics like SEO, PPC and content marketing, many businesses are missing out on differentiating themselves from competitors with digital marketing.
“With 65% of respondents planning to implement social media marketing in 2017, we were thrilled to see that small business owners understand how powerful those platforms can be in expanding their footprints and interacting with customers,” says Oberst.
“This year, small businesses can elevate their presence among potential customers by leveraging digital marketing and social channels.
“As more consumers flock to on-demand apps and social media to engage with businesses, small businesses need to follow suit by stepping up their marketing games.”