However, there seems to be good news on the horizon at last. Almost three-quarters of small businesses (70%) plan to increase their social media investment. As always, it pays to keep a close eye on your customers’ and suppliers’ credit scores, so you can spot late payers and those at risk of defaulting. These include support for dealing with late payments and doubling the threshold on Small Business Rate Relief.3, While 2019 may have been characterised by lower-than-expected growth across the world, it appears the clouds are starting to lift. The fact that the Information Commissioner’s Office (ICO) issued numerous penalties for data breaches in 2019, suggests that some companies and individuals are still not taking their legal obligations seriously. But as with many things for small and medium-sized businesses, growth is often easier said than done. 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. Listing your business on online local directories can also help customers find your location.Â, Local results are more likely to convert into sales, so small businesses should prioritize optimizing for local searches.Â, Social media has a reputation of leading to great success, but actual conversion rates are low.Â, More than a third of businesses (37%) said social media was the most successful channel in achieving their business goals. Not surprisingly, technology is going to be central to the success of any company, from major corporations using deep analytics to inform decision-making, to Small and Medium Enterprises (SMEs) managing their operations using intuitive business apps. Agility and innovation drive success – yet jumping on the latest consumer trends can be costly if they prove to be a flash in the pan. That's a trends, for small business in 2021, but, you know, I love. Here are some of the biggest small business trends for the 21st century. A website is key to a strong online presence.Â, While digital marketing remains a key way to grow your audience on a budget, 25% of small businesses are only planning to begin using it in 2020.Â, Finally, 22% of small businesses want to create an app but these businesses should first figure out what unique value a mobile app gives their clients.Â, Small businesses divide their budget to invest in multiple marketing channels but may need to narrow their focus to truly succeed at one strategy. 5. Here are our top six business trends for 2020.   Nobody can afford to be complacent and with the economic outlook still far from certain, any adverse change could quickly derail your business. Bricks-and-mortar stores have clearly suffered in the face of growing online competition, not to mention costly business rates and wage bills. Sustainability and ethics will also shape business strategies and create new growth opportunities, in line with shifting consumer attitudes and purchasing behaviour. Businesses want to be more engaged and in-touch with their social media audience even though social media doesn't usually result in high conversion rates.Â, Meanwhile, almost a third of small businesses (29%) are just beginning to have an online presence. Businesses should consider the reasons to invest in a mobile app and how that content will be different than the content on their website.Â, Small businesses search for new ways to market their services but forget more long-term solutions.Â, Only 21% of small businesses are planning to increase their SEO investment, which means it will be more difficult for them to rank higher on Google.Â, Meanwhile, 70% of small businesses want to increase their social media spending. 2020’s hottest small business industries Small business continues to thrive across many industries. Many have a hard time with customer follow-up. 2 Being your own boss brings enormous rewards, although most understand the risks, investment and … Consumers too are … Nearly one-third of small businesses (29%) plan to start using a website in 2020. For B2B company content marketing budgets (per CMI B2B): 47% had an annual content marketing budget of less … Small businesses report pain points in areas such as HR, finance, and marketing/advertising. According to the Analyst firm Gartner, the data quality solutions... As the owner of a small business, it’s tempting to try and do... ©2020 Experian Information Solutions, Inc. All rights reserved. Another 29% say their website is the marketing channel that needs the most improvement in 2020. 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. “The Bank of England’s decision to hold interest rates at 0.75% points toward a sense of confidence returning to the UK economy. Our mission is to bring you "Small business success... delivered daily." 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. One-quarter of small businesses (25%) are also hoping to start using digital marketing, which can help businesses stand out amongst competitors.Â, Additionally, 22% of small businesses are looking to invest in mobile apps. Mobile apps can provide an additional channel for companies to reach clients.  Mobile apps are accessible anywhere and at anytime, which makes them a useful tool for growing businesses. Â, Small businesses must decide which channels are best to pursue for their own business success.Â, Small businesses do not focus enough attention on SEO and could be losing valuable customers.Â, Only 21% of businesses plan to increase their SEO investment in 2020. Bolstering the economy further, consumer confidence grew by three points at the end of last year, according to one index.5 As long as you have the right product or service, and keep moving forward, this renewed optimism could pave the way for exciting business growth. These seven trends can help build connection to drive engagement and growth for brands in an unprecedented 2021. One key trend to watch over the coming year is conversational marketing, partly driven by innovations in voice search and the adoption of smart speakers such as Alexa and Google Home.6 Another is using chatbots to deliver personalised marketing messages via a medium many already interact with daily. Social media can create brand awareness but can be less effective at increasing direct sales. But they have also warned of a slow-down if more tariffs are imposed.4. A report from Infusionsoft and Leadpages surveyed more than 1,000 small business owners to find our their goals, priorities, challenges and tactics.  Â, Visual Object surveyed 500 small business owners in the U.S.Â. Meanwhile, small businesses may not be investing enough in SEO. Meeting customer experience expectations, scaling technology, and establishing and All businesses should have a website. Google’s first five search results receive almost 70% of people’s clicks, while the second page of Google search only receives 5% of clicks. Marketing Trends: Brands tap into the power of conversational marketing, Consumer Trends: As consumers become more conscious, business ethics are in the spotlight. It can be hard to grow SEO value for your site in a short period of time and it may take months to see results.Â, Small businesses should take advantage of local SEO results to increase success.Â, A small digital marketing agency may not rank for a general keyword such as “digital marketing agency." However, there were plenty of reasons to be optimistic too. In the 2016 Small Business Marketing Trends Report, we cover: Challenges Trends and predictions Tactics Goals and priorities Opportunities Here’s a sampling of what we found. Surprisingly, however, many small businesses aren’t satisfied with their online presence – or don’t have a presence at all. It’s 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 – and those who fail to uphold workers’ rights or use data responsibly could well face a backlash from consumers. Don’t miss any tips and how-tos on small business marketing. Emily researches and writes about emerging tech and app development trends. The report also found that most small businesses do not use customer relationship management software or keep an email marketing list. It can be hard for small businesses to rank as top choices for high-value keywords. A new year is a chance to look ahead to the economic, societal and industry trends impacting businesses in all sectors. Retail and business services are tied for the most popular small business industry, with both accounting for 13 percent of the total share. You can read more about Making Tax Digital here. Companies that use digital marketing have 2.8 times better revenue growth expectancy than businesses that don’t. The Bank of England’s decision to hold interest rates at 0.75% in January is further evidence of confidence returning to the UK economy. I know tubblog in the UK. Without further ado, here are the top content marketing trends small businesses should try out in 2021. There are more than 30 million small businesses in the U.S. competing for success in different industries.Â, Businesses will explore new marketing channels to impress customers while evaluating past strategies to see what worked.Â. Gaining and retaining clients are the top marketing goals. 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 – and potentially take market share from companies several times their size. I'd love to hear from you. She also supports other content and product marketing efforts. This campaign failed horribly, with zero conversions.”. 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 ’90s, 2.8 times better revenue growth expectancy, 3.5 billion people own a smartphone worldwide, What marketing channels worked and didn’t work for them in 2019, What marketing channels they plan to use in 2020. We just focused all our messaging on our product. Create Content Clusters for Ultimate Topic Authority. While not all respondents answered all questions, we received at least 1,000 responses for each question. Our research reveals that consumers showed up for small businesses. Data Trends: Digital transformation gathers pace – but what safeguards are in place to protect data? SMEs are the backbone of the UK economy, accounting for more than 99% of all private sector businesses.2 Being your own boss brings enormous rewards, although most understand the risks, investment and long working days required to be successful. Of course, there was a raft of new legislation to comply with, including HMRC’s Making Tax Digital, increases to the National and Living Wage and preparing for executive pay gap reporting in 2020. Experian Ltd is registered in England and Wales under company registration number 653331. Business Insider Intelligence examines the key players in the Small Business lending space, their advantages, and how incumbents can improve their offerings to compete. Founded in 2003, Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them. Small businesses gain increased exposure with a website and it is an important channel to increase a customer base. Websites are the starting point for many customers in the buyer’s journey. Almost all people (86%) rely on the internet to find local businesses.Â, “Your website should be your number one salesperson, 365 days a year, 24/7,” said Lauren Williams, founder of Harmony HR Experts, an organizational development agency. 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, Mohammed Chaudhri, Head of UK Macro Forecasting, Experian. 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 – more important…, Outsourcing and how it can work for your…. Digital marketing does not require a big budget because people can create organic content without spending money on ads. The small business outlook from current and aspiring entrepreneurs is pretty high. 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. People who are searching for a clothing store or restaurant near want a convenient place for them to shop close to their location. 47% of small businesses spend less than $10,000 on digital marketing. Small businesses invest in different marketing channels to boost their success. Customers are rewarding companies that authentically— and holistically—meet their needs. Even low-effort digital marketing can help small businesses gain a competitive edge. Marketers report digital budgets have increased 25% year over year. A sneak peek inside the report… 79% of small businesses said email marketing is important to their business strategy 65% of small business average open rates between 11% and 50% 54% of small businesses send emails at least once per week The rate of change, whether in technology, consumer attitudes, the economy and regulation, mean that staying ahead of the curve is an ongoing challenge. Consumers, including the powerful Millennial market, are aware of the impact their purchasing decisions have on the environment and may turn to brands whose values match their own. The pandemic has pressed the pause button on all trade shows and live events. At the same time, they provide valuable, organic feedback from customers that enables marketers to track trends and improve decision-making.7. Â. About 70 percentof the shoppers we polled said they have visited a small business (either online or in-store) at least once a month since the COVID-19 pandemic hit. Growing numbers of SMEs have already started to combine easy-to-use and relatively low-cost accounting, HR, email marketing and web development tools to save both money and time, and present a professional image to the world. 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.”. Most aren’t employing non-digital tactics, either: Less than one-third of respondents use print advertising and direct mail or telemarketing and in-person marketing. 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. Their fortunes have not been helped by the fact that many Millennials (and other shoppers) value experiences over things.12. In addition, 70% of small businesses plan to increase their investment in social media in 2020 – the most popular marketing channel by 10%.Â, Small businesses should be wary of the effectiveness of social media for direct sales conversions, though. The result? But less than half of small business owners reported using all other digital channels for marketing—including social media, digital advertising, email marketing, and landing pages. This is a definitive small business trend following the COVID-19 pandemic. The Small Business Revolution The face of entrepreneurship is changing from the white middle-aged college educated male to a new class consisting of immigrants, women, baby boomers , … 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. As long as businesses build sustainability into their brand values and are aware of any unintended consequences (such as increased product prices), they potentially might be able to open their products and services up to new audiences. 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. Find out how Experian Business Assist could help you achieve success in 2020. The fourth edition of the Small and Medium Business Trends Report shares insights from over 2,300 SMB owners and leaders globally. Machine learning and AI are expected to feature in brands’ marketing activities, as the technology becomes more accessible. Even if your business is providing a service, you must have a way to sell it on the internet.”, Without a website, a small business may seem to lack credibility or be hard to find by potential customers. For small businesses with under 100 employees the average budget for content marketing is less than half, at $111,000 annually (CMI B2C). Almost a quarter of small businesses (22%) plan to market with an app to better connect with customers and 8% plan to start using augmented/virtual reality. Â, Small businesses search for new ways to gain a competitive edge over other companies. Google understands the value of having nearby businesses come up first in results. For example, small businesses can use email marketing to promote their services by launching campaigns that regularly alert clients to new updates about their products.Â. SMBs Rise Above Growth Challenges SMBs may aspire to grow into something more. Surprisingly, nearly one-third of small businesses (29%) plan to begin using a website for the first time in 2020. Throughout 2019, the UK high street was dogged with reports of poor performance, Company Voluntary Arrangements (CVAs) and store closures. Small businesses will look for new ways to reach customers. Salesforce Research Small & Medium Business Trends Report / 3 01. Constant technological change and increasing reliance on digital can leave people wanting for human connection. business marketing advice. Visual Objects surveyed 500 small business owners and found that the top small business marketing channels for 2020 are social media and websites. 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. Finally, announcements made in the Queen’s Speech at the end of last year should provide an additional boost for SMEs. 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. 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. 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. 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. 1 goal in 2017, while 23 percent said they need to keep the clients they already have. Mohammed Chaudhri, Head of UK Macro Forecasting at Experian added “The Bank of England’s decision to hold interest rates at 0.75% points toward a sense of confidence returning to the UK economy. This campaign failed horribly, with zero conversions.”, “We didn’t focus on our customers or on their pain points. Small businesses plan to increase spending on social media because it: Creating a social media campaign that stands out among competitors, captures users’ attention, and conveys your brand message can lead to more loyal customers. You can then nurture these customers to more sales using other marketing channels. 4. The top digital marketing trends can propel small business growth. Nearly 31 percent of small business owners identified driving sales as their No. Even if you already have a loyal customer base, 2020 is shaping up to be a golden opportunity to scale your company up sustainably, without being exposed to unnecessary financial risk. No matter what sector they operate in, many businesses are now well on their way to digital transformation, as cloud-based services become even more powerful and cost-effective. Visual Objects surveyed 500 small business owners in the U.S. to learn: We define small businesses as having limited revenue and between 1 and 500 employees, which matches the Small Business Administration’s definition of small business.Â, We found that small business owners are not prioritizing search engine optimization (SEO) and are instead increasing their investment in social media campaigns and websites.Â, Fewer than one-quarter of small businesses (21%) plan to use SEO more in 2020. 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