9 Powerful Small Business Marketing Statistics [2023 Updt.]
According to a recent study by the Knight Foundation, 60% of small businesses now consider the online an important tool in marketing and sales efforts.
Small businesses are increasingly generating higher profits through their use of online marketing as latest small business statistics show that 78% of small businesses reported that their websites were successful in generating new leads and customers as well as raise brand awareness and increase sales.
Here is a detailed breakdown of the small business marketing statistics.
Small Business Marketing Statistics & Trends: Key Findings
- About 47% of small business owners do all of their own marketing.
- Small business owners spend 20 hours a week on marketing.
- 60% of small businesses use digital marketing to attract customers and sales.
- Business blogging leads to 55% more website visitors.
- 47% of businesses spent less than $10,000 on digital marketing.
- 73% of small businesses invest in their websites.
- 81% of shoppers research online before purchasing.
- 17% of small businesses invest in search engine optimization.
- 96% of small businesses use social media as part of their marketing strategy.
- 61% of marketers say generating traffic and leads is their most difficult challenge.
Small Business Advertising Statistics
- 85% of women feel that advertising “needs to catch up to the real world when depicting women”
Small Business Marketing Budget Statistics
- On average, a small business spends 8.11% of its total revenue on marketing according to data gathered from multiple studies by SBA, Gartner, Bigcommerce, Hubspot, and Revlocal.
- 47% of small businesses spend $10,000 or less per year on digital marketing.
- B2B enterprises that sell services devote 12% of their revenue to marketing.
Small Business Marketing Alone
At the end of the day, small business owners need to be able to reach customers without being able to afford the cost of traditional marketing.
According to the latest statistics, 47% of small business owners run marketing entirely on their own.[1]
Well established businesses can rely on their reputation and customer loyalty, but smaller businesses that are still establishing themselves need to take a more resourceful approach.
Number of Buyers Research Online.
Nowadays, you have to be online if you want to sell products. More and more consumers are researching online before making purchases. In fact, research suggests that 81% of shoppers conduct online product and service research before making a buying decision (MarketingProfs). That’s why it’s important to optimize your website for the search engines in addition to your customers.
Consumers use social media to make purchases.
Customers want an authentic experience as well as more value from their purchases. Brands can communicate with their customers on social media in ways that improve customer loyalty, brand exposure, and fan engagement.
It is highly important for small businesses to make a strong presence in social media to promote products and services because 74% of consumers are actively looking for social proof before making any purchasing decision [3] according to the Digital Marketing Magazine that is based in the UK.
Small firms claim to use social media for marketing.
Small businesses all over the world are benefiting from social media marketing. In fact, according to Social Media Examiner, 96% use social media to find useful and having success using it.[4]
If you aren’t currently trying to grow your business through social media, now is the time to start marketing your product and service through various social media platforms such as Fcaebook, Twitter, Instagram, TikTok, and many others popular social network platforms.
Small Business with no website.
If you are in the category of 36% who don’t have a website, it’s not too late to start. My recommendation for anyone with a small business is to get a site started immediately, before you lose the business.
The trends of online marketing for businesses looks extremely positive and having a website for small businesses can play a key role to drive new clients or customers to the businesses.
Average Ads Click Through Rate Benchmarks By Industry
CTR is one of the most important metrics for measuring the effectiveness of your online ad campaigns, so it’s no secret that it’s a key element in gauging their success. But what may surprise you is how CTR varies by industry.
| Industry | Average CTR (Search) | Average CTR (GDN) |
|---|---|---|
| Advocacy | 4.41% | 0.59% |
| Auto | 4.00% | 0.60% |
| B2B | 2.41% | 0.46% |
| Consumer Services | 2.41% | 0.51% |
| Dating & Personals | 6.05% | 0.72% |
| E-Commerce | 2.69% | 0.51% |
| Education | 3.78% | 0.53% |
| Employment Services | 2.42% | 0.59% |
| Finance & Insurance | 2.91% | 0.52% |
| Health & Medical | 3.27% | 0.59% |
| Home Goods | 2.44% | 0.49% |
| Industrial Services | 2.61% | 0.50% |
| Legal | 2.93% | 0.59% |
| Real Estate | 3.71% | 1.08% |
| Technology | 2.09% | 0.39% |
| Travel & Hospitality | 4.68% | 0.47% |
Source: WordStream
