In a survey conducted by Mediahawk on over 200 SMEs in the UK, it was found that social media plays a huge role in bringing in the highest quality leads and sales to small businesses. Around 62% said that social media was the best form of marketing for them to get the best leads, ultimately pushing their sales. This just shows the importance of social media in the small business sector.
Although social media is becoming increasingly popular, and a lot of marketing has moved online, there are still many businesses that invest in print media. 51% of SME owners reported that the second best leads and sales come from offline media, which includes magazines, flyers, and newspaper ads. SME’s should keep this in mind when allocating their marketing budget and ensure maximum reach and sales for their business by using multiple channels.
One of the biggest differences between these two very popular methods of marketing is the expenses spent on them. Offline media obviously requires a much larger sum to carry out, depending on how often you want to use it. As offline advertising tends to be more expensive than online marketing this could explain why 64% reported that online marketing delivers the best return of investment (ROI).
Businesses will need to consider all marketing options available to them, take time to research where their best leads come from and decide which marketing methods will be most beneficial. SMEs also need to consider if a combination of the top two marketing methods (social media and print media) would be more effective than perhaps using one over the other. A business needs to know how to reach their audience in order to grow and make profits.
The figures from the report show a growing support and use for social media, so it is unsurprising that 55% of businesses want to invest more in social media in the upcoming year. They are creating larger budgets focusing on social media as well as Search Engine Optimisation (SEO), which is an area that 31% of businesses want to invest in. It is also predicted that 2018 will see even more investment in online marketing from social media to SEO.
SME’s use client feedback and analytic tools in order to get the statistics which indicate where their leads are coming from; 69% used customer feedback and 39% used analytic tools. A balance of the two will give accurate results that reflect the true nature of how and where the leads are coming from. You can use this as a guide to what marketing methods are effective for your business.