How do marketers weigh the risks and benefits of trying out unproven marketing strategies?
Use the tried-and-true methods and examples of hundreds of other SMBs in your pitches and case studies.
CallRail polled 601 SMB marketers to find out what obstacles they encounter when lobbying for more money to try out innovative marketing strategies.
In this piece, we’ll discuss how small and medium-sized business owners might benefit from experimenting with new methods of marketing.
Read on to learn more about the report’s highlights, or click here to get the whole report.
The Time Has Come For Small Businesses To Expand Their Marketing Efforts Into New Mediums.
Most small and medium-sized business marketers are open to trying new things in order to stay competitive.
Your company might slip behind the competition if you’re not willing to try new things.
Connecting with new audiences via other mediums is worthwhile, said 98% of respondents.
When asked about the value of keeping up with new trends, 88% of SMB marketers said it was important. Eighty-six percent believe it is worthwhile to run test marketing initiatives.
Considering that social media platforms like TikTok may expand from zero to one billion members in a few of years, this makes perfect sense. A number of small and medium-sized firms have benefited from this marketing trend, especially those aiming their products and services at teenagers and young adults.
What motivates marketing teams at small and medium-sized businesses to try out novel approaches and tools? Sixty-six percent of SMB marketers say they have a lot of success competing against other SMBs on social media.
Sixty-one percent of SMB marketers say it’s simple or very easy to compete with established companies on social media. Although big names have more money to throw about, they aren’t usually as nimble as small shops.
Small and medium-sized businesses that take risks succeed
Small and medium-sized businesses (SMBs) aren’t just contemplating risk; they’re really taking it, and it’s paying off.
Ninety-one percent of those in marketing have tried out a new channel, and eighty percent have conducted a test marketing campaign, all within the past 12 months.
The most profitable channels for small and medium-sized businesses are:
TV. YouTube. Instagram. Facebook. Twitter. TikTok.
In addition to higher earnings, 96% of SMB marketers also report a rise in clientele as a result of their campaigns. A rise in followers can help your small business earn more money, and 86 percent of you have seen this.
Challenges Wary Small and Medium-Sized Businesses Face
When it comes to picking channels and strategies to reach clients, what happens to marketers that err on the side of caution?
Sixty-five percent were concerned that their firm wouldn’t be successful due of poor advertising. Competitors with sound customer-relations management plans will have a leg up on the competition.
Fifty-three percent said they were worried about losing customers to rivals if their brand didn’t appear on emerging platforms. This is often the case when a brand new social media site explodes in popularity among your target audience.
Because to high employee turnover (70%), complicated social media algorithms (78%), and limited resources (69%), many marketers shied away from trying out new channels and launching experimental marketing initiatives.
Small and Medium-Sized Businesses Use Both Old and New Marketing Methods
Even if sponsored content and influencer marketing receive more funding from SMBs than radio or out-of-home advertising, most still favour tried-and-true methods.