Entrepreneurship, especially of small businesses have flourished all over the world, vastly owing to the growth of Internet. This medium has revolutionized the functioning of all industries existing on this planet . Internet provided fodder for innovation and growth in all industrial sectors by being instrumental in sharing knowledge about everything under the sun across the globe.
Small businesses have now become an important part of the economy of every country in the world. Their economic might is growing and their voice in the economic policy making process is getting stronger.
Entrepreneurship, especially of small businesses have flourished all over the world, vastly owing to the growth of Internet.
In this backdrop, it would be interesting to note a few revelations derived from a recent survey of Small Businesses held in the United States recently. These disclosures are partially relevant to similar entities all around the world.
In the survey, half of the small businesses responded that the government of the day did not do enough to support them. This is an extreme variable factor between the countries around the world.
Another shocking revelation of this US based survey was that only 62% of small businesses invest 4% or more of their revenue in marketing, while roughly 1 in 10 does not invest at all. This factor could only decrease further in the rest of the world, which is something marketers may want to focus on. There is no doubt that in coming days companies will have to spend more for marketing owing to factors like increase in competition and opening up of newer channels of marketing.
62% of small businesses invest 4% or more of their revenue in marketing, while roughly 1 in 10 does not invest at all
Interesting titbits of this survey from a marketer’s perspective are that in the small businesses sector, Facebook remains the most used social media platform, but its use has decreased since 2015. The survey says, only 80% of small businesses use social media and many continue to under-utilize SEO, blogging, and video. Again, only 34% of small businesses use social media to solicit and respond to customers and use of Twitter, YouTube, Pinterest and Instagram have increased. 45% of small businesses use social media to sell to potential customers.
The survey indicates there is immense scope for more input of money into marketing division of small businesses. One can predict that the revolutionary changes taking place in the world of communication will only catalyze this process.