The small and medium sized business scene is quickly gaining speed. With the economy still looking up, bigger brands are loosening the purse strings a little bit, and consumers are starting to spend. All are good signs for the SMBs to have a strong rest of the year.
When it comes to advertising, the SMBs have been towards the back of the pack. Not surprisingly, very few small businesses can afford agencies and digital or traditional advertising campaigns the likes of Under Armour or Apple have at their disposal. Yet, new research from Research and Markets highlights that there are noticeable increases and descreases in SMB ad spending that should be considered.
Yes, these small and mid-sized businesses are making the plunge and are straying away from traditional advertising.
Some of the more interesting numbers in the press release (have to pay for the whole report):
- 82% of the SMBs surveyed have created their own media channel by creating either a website or social media page. From there, 72% of them are purchasing digital services to support the channel
- online spending took the largest piece of the local media ad budget for the very first time; knocking newspaper advertising off the pedestal it had since 1704
What does it all mean? SMBs are trying to level the playing field by finally adopting more digital strategies, creating an even more competitive marketplace. That's great for the consumer. Perhaps we'll be more creative efforts coming from the big guys, now since the little guys will be able to do different things, in a faster manner than the huge businesses.
Only time will tell, but it is always good to hear the little guys are still innovating and moving onward.
Dwayne W. Waite Jr. is partner and principal at JDW: The Charlotte Agency, a marketing and advertising shop in Charlotte, NC. He enjoys consumer behavior, economics, and football.
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