The other day, I was having a discussion with one of my clients, and he asked me – what about the good old print and radio advertising, ain’t nobody got time for them? This got me curious, and after digging the internet for a while; I stumbled upon a survey by Gordon Borrell, in which he surveyed 7,500 small & medium sized businesses (SMB’s) only to find out that:
• 90% of the small businesses now have a social media page.
• 62% are advertising on Facebook this year, and this is more than the advertising on Google, Twitter and LinkedIn combined, and double the percentage for Facebook a year ago.
• 90% of those who use Facebook are satisfied with its effectiveness. Social media now rates high in generating new customers, lagging only companies’ own websites and referrals.
• 40% of the small businesses are increasing their digital spending, but only 15% have increased over all marketing budgets.
I guess, I have an answer for my client now. It is the print media and radio advertisements, which are taking the biggest blow.There are number of factors as to why SMB’s like social media platforms in general, and Facebook in particular:
• A lot of data in terms of who they are reaching or who they want to reach.
• It’s easy to buy, track and understand.
• It works better than other types of advertising that they have used.
• They have more control on the budget, timelines, and creative.
• It is inexpensive.
Borrell also pointed out that the small & medium businesses are inundated with sales calls, and which tend to increase from an average of 14.7 a month to 23.7 a month just in the last year in case of traditional print media. Surprisingly, once a relationship has been established, nearly 80% of the owners of these small businesses said that they prefer to be pitched and place orders via email. This came as a pleasant surprise for companies like ours. From the very beginning, we at Solomofy pay utmost importance to the convenience of our clients – our user friendly interface makes sure that our clients can enquire or post their requirements without getting bombarded with annoying sales calls.
One more finding, which was also very interesting for us was that digital marketing agencies will continue to reign as a lot many small businesses need a medium that can understand their problems and help them in conveying their stories to their target audience with minimum fuss.
With the realm of technology changing at an unstoppable pace, it is imperative for every business to understand it’s customers and target audience in order to stay relevant. In addition, it is equally important for customers to adapt and immerse themselves in this change.