What's Hot in Small Business – Chris Crum
|Chris Crum has been a featured writer with the WebProNews.com team and the iEntry Network of B2B Publications since 2003. Chris writes for Small Business Resources about social media, search, and what’s new for small business. Hundreds of publications link to Chris’ articles including the Wall Street Journal, USA Today, LA Times and the New York Times.|
Study Finds People Check Facebook before Shopping at Small Businesses
BIA/Kelsey recently revealed that it estimates spending on local media by small to medium-sized businesses (SMBs) to reach $50.4 billion next year. This would represent 35.8% of total local media spending.
The firm believes SMBs will allocate $37.7 billion of their local media spend to traditional media and $12.4 billion of it to digital media.
Interestingly, this would all put SMB spending in the same class as national brands, which are expected to spend $50.5 billion on local media in 2015. That would be 35.9% of their total local media spending. Another $39.8 billion in local media spending is expected from local brands that aren’t SMBs.
The firm’s five-year forecast estimates SMB local media spending to reach $59.7 billion by 2019. SMBs and national brands are expected to increase spending by 18% between 2015 and 2019.
Each of the three local advertiser segments are expected to increase their local media spend by double-digit percentages. In all, local media spending is expected to increase to $163.4 billion in 2019.
BIA/Kelsey has shifted its forecast timing to follow the natural budgeting cycle companies go through each year. It says clients have indicated the info is more valuable at the beginning of the fall when they’re initiating budget planning for the upcoming year.
Beyond local media spending, LocalVox shares some interesting stats about local business marketing.
For one, 66% of small businesses are maintaining or increasing their spend on digital marketing, according to AT&T Small Business. 70% are using social media to improve their SEO, according to SEO.com.
60% of local businesses don’t even have their phone number listed on their websites, according to BIA/Kelsey, while 50% have seen listings for their business that aren’t accurate, according to Constant Contact.
National brands that focus on integrated processes for local marketing are expected to increase revenue 10-15%, according to Gartner.
One thing seems clear from all of this. SMBs will only face greater competition from national brands on their home turf, and that means they can’t afford to not invest more heavily in their own local marketing efforts. Beyond media spending, SMBs need to take care of their digital presence, including making sure all listings are up to date, and that websites have the information potential customers would look for.