Marketing is crucial for a small business since it helps you build your company and bring in new customers. Are you putting enough money into the marketing and digital advertising you do? A survey by BIA Advisory Services has the information needed to help you decide whether you’re on track or you need to make a few changes. Some of the key takeaways are listed below.
Spending Is Increasing Among Small Businesses
On average, a business with up to 19 employees spends just under $6,500 a year on eight types of media. Larger businesses with up to 99 employees tend to spend closer to $48,000 each year across 15 types of media, including digital advertising.
Most of the larger small businesses expect to spend more on advertising in years to come, with mobile and social media marketing being the places where most of the extra budget will go. Smaller small businesses may not increase spending as much. However, focusing money on digital advertising through email, social media, and mobile devices is likely to increase.
A Blend of Directions to Spend a Small Business Advertising Budget
All small businesses use both traditional and digital advertising to bring in new customers. The most popular media for promotion include email marketing, social media advertising, direct-to-home marketing, direct mail advertising, and location-based mobile marketing.
The BIA survey shows that social media is the most commonly used way to reach targeted audiences, with almost two-thirds of businesses using targeted ads for advertising. All of the top advertising choices allow deep targeting, whether on the household or individual level.
A blend of traditional and digital advertising tends to be the best option to keep on top of an audience for a small business. Keeping on top of what the competition is doing is essential to ensure that your campaigns work. It’s always a good idea to be looking toward the future and fine-tuning things as changes happen.