Marketing teams with bigger budgets have pushed the boundaries of data analytics, in a bid to better understand their customers and the path to purchase. We just focused all our messaging on our product. Technology, as we have seen, levels the playing field for SMEs, who can attract customers via relatively low-cost pay-per-click and email marketing campaigns. At the other end of the scale, major firms are likely to invest resources in real-time and predictive analytics, Internet of Things (IoT) and data automation.9 Big data has already transformed manufacturing, logistics, retail and banking, so expect to see it being used more widely in everything from tackling climate change and predicting natural disasters to clamping down on fraud.10.  Â, Visual Object surveyed 500 small business owners in the U.S.Â. In the 2016 Small Business Marketing Trends Report, we cover: Challenges Trends and predictions Tactics Goals and priorities Opportunities Hereâs a sampling of what we found. Michael Alexis, owner and director of marketing at Museum Hack, a museum touring company, said thinking outside of the box helped his business create a successful social media campaign: âOur most successful social media campaign was a museum-inspired âMarch Madness,ââ Alexis said. Tools such as Experian Business Express help you do this, you can then decide who to work with and what credit limits to set. 2 Being your own boss brings enormous rewards, although most understand the risks, investment and ⦠Twenty-nine percent of small businesses plan to begin using a website in 2020 as they try to connect with customers digitally. âEach day we would post two competing images [of famous paintings] on Facebook and let followers vote with a like or heart. According to the Analyst firm Gartner, the data quality solutions... As the owner of a small business, itâs tempting to try and do... ©2020 Experian Information Solutions, Inc. All rights reserved. Consumers too are ⦠The fourth edition of the Small and Medium Business Trends Report shares insights from over 2,300 SMB owners and leaders globally. All that has started to change in recent years, as technology continues to break down traditional barriers. Click on the button below and fill in your contact details and someone will be in touch with you shortly. Digital marketing is far from universal in the small business world: Nearly 1 in 5 small business owners do not plan to use digital marketing at all in 2016. Omnichannel retail is here to stay, as businesses leverage data from multiple sources to personalise shopping experiences and influence purchasing behaviour. Visual Objects surveyed 500 small business owners and found that the top small business marketing channels for 2020 are social media and websites. Small business trends: Levelling the playing field for SMEs SMEs are the backbone of the UK economy, accounting for more than 99% of all private sector businesses. If the potential cost and time-saving benefits were not enough of an incentive, new regulations like Making Tax Digital could prompt more smaller firms to move towards cloud-based business software. Marketers report digital budgets have increased 25% year over year. Discover how Experian Business Assist could help you achieve success in 2020. Construction and contracting closely follows at 12 percent of the share. Many seem too risky or cost-prohibitive. The Promo.com Small Business Video Marketing Trends study showcases the direct feedback of more than 500 marketers and small business owners from all over the world. All businesses should have a website. As well as launching new products and diversifying their services, many are well on the way to digital transformation, following investment in cloud-based applications, Artificial Intelligence (AI) and robotics, and Internet of Things (IoT). Another 29% say their website is the marketing channel that needs the most improvement in 2020. Itâs no surprise that 2020 has been referred to as the year of sustainability, something that goes beyond environmentalism and fair trade.8 Business ethics are now firmly in the spotlight â and those who fail to uphold workersâ rights or use data responsibly could well face a backlash from consumers. Agility and innovation drive success â yet jumping on the latest consumer trends can be costly if they prove to be a flash in the pan. Nearly 31 percent of small business owners identified driving sales as their No. Only 21% of small businesses plan to use SEO more in 2020, which could indicate a loss in customers. The result? 2017 Small Business Marketing Trends Report 2 We asked these small business owners a slate of ten questions, including a screening question to identify small business ownership. The rate of change, whether in technology, consumer attitudes, the economy and regulation, mean that staying ahead of the curve is an ongoing challenge. This campaign failed horribly, with zero conversions.â, âWe didnât focus on our customers or on their pain points. Digital video ad spend continues to climb, according to IABâs 2019 Video Advertising Spend Report. Conversational marketing is clearly a powerful way for brands to interact with their audience, via the same messenger apps they use in their everyday lives. 1. As a business leader, you need the answer to some important questions. Create Content Clusters for Ultimate Topic Authority. Mohammed Chaudhri, Head of UK Macro Forecasting at Experian added âThe Bank of Englandâs decision to hold interest rates at 0.75% points toward a sense of confidence returning to the UK economy. Data-led marketing has been a game-changer over the past decade, enabling even small firms to run targeted and cost-effective online ads. These businesses have missed out on potential sales up to this point.Â, Businesses can grow their brand awareness, connect with customers, and improve their reputation through good digital marketing practices. It can be hard for small businesses to rank as top choices for high-value keywords. Websites are the starting point for many customers in the buyerâs journey. While itâs difficult to predict the rate of change, we can certainly expect growth in social commerce, engaging store experiences and a focus on sustainability. Very few of the respondents to the Small Business Marketing Trends Report keep their customers' contact information to refer to at a later date. Your small business can lay the groundwork for continued growth in 2016 by leveraging these digital marketing trends to create consumer interest and loyalty to your brand, products, and services. Meeting customer experience expectations, scaling technology, and establishing and Small businesses report pain points in areas such as HR, finance, and marketing/advertising. This looks set to continue into 2020 but some will go a step further, using data captured via these applications to make better business decisions, react quickly to change â and potentially take market share from companies several times their size. These can be remedied by leveraging affordable SaaS solutions. One-quarter of small businesses (25%) plan to begin using digital marketing in 2020. As always, it pays to keep a close eye on your customersâ and suppliersâ credit scores, so you can spot late payers and those at risk of defaulting. Marketing Trends: Brands tap into the power of conversational marketing, Consumer Trends: As consumers become more conscious, business ethics are in the spotlight. Experts believe the retail sector could grow by +1% over the next 12 months, bolstered by a recent rise in consumer confidence.13 Brands that have adapted their model during the challenging years look set to benefit from this new-found optimism, although the market remains tough for those who have fallen behind. Top Findings: Small Business Marketing Statistics and Trends Fewer than one-quarter of small businesses (21%) plan to use SEO more in 2020. Small Business Marketing Trends and Tips for 2020 In this report, we share insights from our 12M small business customers to help you stay ahead of the curve in a changing marketing landscape. The still near record low interest rate spells good news for firms looking to borrow in 2020, as is the fact that unemployment is at a 44-year low. The fines and reputational damage alone should be enough to make 2020 the year to make sure their practices â and those of their suppliers â comply with the General Data Protection Regulation (GDPR) and other relevant regulations. Whilst maintaining interest rates at a near record low, the Bank made it clear that it stands ready to cut rates should the economy need it.â. This is a definitive small business trend following the COVID-19 pandemic. Economists have predicted an average of +3.2% global Gross Domestic Product (GDP) growth in 2020, partly as a result of growth in emerging markets. Our mission is to bring you "Small business success... delivered daily." grow SEO value for your site in a short period of time, nearby businesses come up first in results, Local results are more likely to convert into sales, digital marketing has been a buzzword since the â90s, 2.8 times better revenue growth expectancy, 3.5 billion people own a smartphone worldwide, What marketing channels worked and didnât work for them in 2019, What marketing channels they plan to use in 2020. Bricks-and-mortar stores have clearly suffered in the face of growing online competition, not to mention costly business rates and wage bills. A new year is a chance to look ahead to the economic, societal and industry trends impacting businesses in all sectors. Digital marketing does not require a big budget because people can create organic content without spending money on ads. Late or non-payments from customers can seriously damage your cash flow and result in bad business debt, while suppliers could hike their prices to cover rising costs. At the same time, they provide valuable, organic feedback from customers that enables marketers to track trends and improve decision-making.7. Get your 2021 small business content marketing strategy in gear by incorporating these top 7 content marketing trends. Small businesses plan to increase spending on social media because it: Creating a social media campaign that stands out among competitors, captures usersâ attention, and conveys your brand message can lead to more loyal customers. Retail and business services are tied for the most popular small business industry, with both accounting for 13 percent of the total share. Googleâs first five search results receive almost 70% of peopleâs clicks, while the second page of Google search only receives 5% of clicks. Unemployment remains at a record-low, wages have risen to their highest levels in over a decade, consumer confidence is on the up and firms of all sizes are innovating and expanding into new markets. One-fifthhave made it a habit â choosing to shop small at least five times per month. Finally, announcements made in the Queenâs Speech at the end of last year should provide an additional boost for SMEs. Social media may grow customer engagement but can be harder to translate to sales.Â, More than a quarter of small business owners (29%) plan to begin using a website and another 29% plan on improving their website in 2020 so that services are easily understood and products easily accessible. Retail Trends: Opportunities ahead for innovative retailers, https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/853886/Queen_s_Speech_December_2019_-_background_briefing_notes.pdf, www.morganstanley.com/ideas/global-economic-outlook-2020, www.gfk.com/en-gb/insights/press-release/uk-consumer-confidence-increases-by-three-points-to-11-for-december-2019, www.smartinsights.com/managing-digital-marketing/marketing-innovation/6-essential-marketing-trends-for-2020, https://blog.hubspot.com/marketing/conversational-marketing, www.forbes.com/sites/jonquilhackenberg/2019/11/28/2020-will-be-the-year-of-sustainable-business, www.techrepublic.com/article/big-data-predictions-8-analytics-trends-in-2020, www.financesonline.com/big-data-trends/#bigdata, www.ons.gov.uk/businessindustryandtrade/retailindustry/timeseries/j4mc/drsi, www.forbes.com/sites/blakemorgan/2019/01/02/nownership-no-problem-an-updated-look-at-why-millennials-value-experiences-over-owning-things, www.retailgazette.co.uk/blog/2020/01/retail-think-tank-hails-1-retail-industry-growth-2020, An economic review: Six months on – looking…, How geolocation data benefits your business and customers, Trade Payment Performance Data sharing â more important…, Outsourcing and how it can work for your…. Companies that use digital marketing have 2.8 times better revenue growth expectancy than businesses that donât. For B2B company content marketing budgets (per CMI B2B): 47% had an annual content marketing budget of less ⦠Machine learning and AI are expected to feature in brandsâ marketing activities, as the technology becomes more accessible. This was the second-lowest marketing channel ranked in the survey. Only augmented/virtual reality ranked lower.Â, More than half of internet users (61%) will research a product online before purchasing it.Â, A business must rank highly in search engines to appear to most users, though. People who are searching for a clothing store or restaurant near want a convenient place for them to shop close to their location. But less than half of small business owners reported using all other digital channels for marketingâincluding social media, digital advertising, email marketing, and landing pages. 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