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SMBs plan to decrease traditional media spend

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Abhigna
New Update

KETTERING, USA: Thrive Analytics, a research and analytics consulting firm, has released a new report titled, "2013 Small Business Economic & Advertising Outlook," offering a detailed look into the Small and Medium Sized Business space.

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The report highlights SMBs attitudes about the economy over the next 12 months, the planned changes in their promotional/marketing budgets, the biggest challenges they face with online/digital advertising, and what current providers can start and stop doing to better serve them.

Some of the report's highlights are:

* SMBs expect some improvements in the economy and their businesses, however marketing budgets will remain flat or decline over the next 12 months

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* SMBs plan to decrease traditional media spend 3X more than online media over the next 12 Months.

* The average SMB plans to reduce their current Yellow Pages budget by 20-25 per cent, Magazines by 5-10 per cent, Traditional Newspapers by 10-15 per cent, Internet Yellow Pages by 10-15per cent, and Radio by 5-10 per cent over the next twelve months.

* The average SMB plans to increase their current Website budget by 10-15 per cent, Paid Search by 15-20 per cent, Social Media by 20-25 per cent, and Online Video by 5-10 per cent.

* Nearly half of SMBs stated their biggest challenge with digital media is not having enough knowledge or expertise.

* Fifty-six percent of SMBs currently work with 2-5 providers; however 75 per cent would prefer to work with one trusted source as they want someone that will better support their needs.

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