Executive Overview: SMB Online Marketing Outlook for the Current Year

Small and medium-sized enterprises (SMBs) contribute to economies worldwide. In the United States, for instance, SMBs constitute 99% of the nation’s businesses, with a significant portion of these enterprises attributing their success to online marketing efforts.

To fully leverage digital marketing for your expanding business, staying abreast of the latest opportunities, obstacles, and advancements in online marketing is crucial. This guide is designed to assist you by providing insights into SMB online marketing.

As you continue reading, you’ll discover:

The present landscape of SMBs and digital marketing.
The hurdles encountered in SMB online marketing.
Effective strategies tailored for SMB online marketing.

Embark on your exploration of SMBs and digital marketing today! Alternatively, if you seek professional assistance crafting, launching, and managing your SMB online marketing strategy, please contact our SMB marketing firm.

What constitutes SMB digital marketing?

SMB digital marketing, also recognized as SMB online marketing, refers to the promotion and advertising of small-to-midsized businesses in the online sphere. It encompasses a variety of strategies and platforms, such as email, search engines, and social media, tailored to meet the specific requirements of small and emerging enterprises.

SMBs and their interaction with Internet marketing

Before delving into the diverse challenges and prospects for SMBs in online marketing today, it’s beneficial to assess the current state of SMBs and their relationship with Internet marketing. For instance, is the Internet the primary source through which people discover SMBs? Let’s find out!

How do consumers discover SMBs online?

Research indicates that the Internet is crucial in aiding individuals in discovering SMBs. Consider these statistics:

71% of business purchasers initiate their product research online using a search engine.
80% of consumers conduct product research online, utilizing search engines, social media, and other platforms.
70-80% of individuals research companies online before making a purchase.

The key online channels facilitating the discovery and engagement with SMBs include:

Search engines
Social media platforms
Video content
Paid advertising
Email marketing

For substantiation, review the following research findings for each channel:

Search engines
93% of online experiences commence with a search engine.
89% of marketers regard search engine optimization (SEO) as successful.
51% of individuals discover a new company after utilizing a search engine.
50% of people visit a company’s physical store within a day of conducting a local search.
61% of users employ search engines to explore product information.

Social media platforms

97% of marketers employ social media to reach their target audience.
78% of individuals claim that a company’s social media posts influence their purchase decisions.
74% of people utilize social media during the purchase decision-making process.
71% of individuals are more inclined to purchase a product based on social media recommendations.

Email marketing

80% of professionals attribute email to increased client retention.
59% of marketers believe email provides the highest return.
59% of people assert that email influences their purchase decisions.
61% of users appreciate receiving weekly promotional emails.
The average return for email marketing is $4 for every $1 spent.

Video content

Product videos can enhance purchase intent by up to 144%.
90% of people express that video assists them in making purchase decisions.
80% of individuals research future purchases using search engines and video content.
40% of shoppers have purchased products they discovered on video platforms like YouTube.

Paid advertising

The average return for pay-per-click (PPC) advertising is $2 for every $1 spent.
49% of users click on paid text advertisements.
45% of small businesses utilize PPC advertising to expand their operations.
65% of ad clicks originate from users with purchase intent.

If your objective is to expand your SMB in the current year (and beyond), exploring these channels is imperative. Each offers distinct advantages and can aid you in catering to consumers and business buyers at every stage of their journey, from awareness to purchase.

What strategies do SMBs employ in their online marketing endeavors?

Although paid advertising, search engine optimization (SEO), social media marketing, email marketing, and video marketing all offer significant value, their utilization in SMB online marketing varies. These discrepancies in adoption rates stem from several factors, ranging from constrained advertising budgets to tight schedules.

The Top 5 Challenges in SMB Online Marketing Today

While digital marketing presents significant opportunities for SMBs, it also poses challenges. Compared to larger organizations, SMBs often grapple with constraints such as limited time, manpower, and resources. However, understanding these challenges and devising effective strategies can be transformative.

Explore the five most prominent challenges facing SMB online marketing today and discover how to tackle them:

Generating Brand Awareness

Online marketing empowers SMBs to compete with industry giants, leveraging strategies like paid online advertising and search engine optimization to enhance brand visibility and reach. Nonetheless, establishing brand awareness remains a formidable hurdle for SMBs due to several factors:

Time Constraints: Many SMBs lack the resources to commit to full-time marketing efforts. Hiring additional staff can seem daunting with a limited workforce, particularly during gradual growth.
Market Noise: In the bustling digital landscape, cutting through the clutter to capture audience attention is daunting for SMBs. Standing out amid fierce competition poses a significant challenge.
Lack of Expertise: For SMBs without prior experience in online marketing, navigating the digital realm can be intimidating. Acquiring the necessary skills and knowledge to execute successful marketing strategies may appear overwhelming.

However, SMBs can overcome these obstacles through various means:

Utilizing Micro-Influencers: Collaborating with micro-influencers, who boast follower counts ranging from 1,000 to 100,000 on social media platforms, can offer SMBs a cost-effective method of engaging with their target audience. Leveraging the trust and influence wielded by these individuals can facilitate effective audience outreach.
Leveraging Google Skillshop: Google Skillshop is a valuable resource, providing SMBs with access to many educational materials and exercises. While investing time in reviewing these courses is necessary, the insights and guidance they offer are invaluable.
Engaging Digital Marketing Consultants: SMBs can benefit from the expertise of digital marketing consultants who offer guidance and services on a per-hour or per-project basis. Collaborating with consultants enables SMBs to develop and execute tailored strategies suited to their unique requirements.
Implementing Remarketing Campaigns: Leveraging remarketing campaigns allows SMBs to re-engage with individuals who have previously visited their website. This strategy effectively reinforces brand awareness and facilitates customer acquisition.
Partnering with Digital Marketing Agencies: Entrusting digital marketing responsibilities to agencies such as WebFX grants SMBs access to a team of seasoned professionals capable of devising and managing comprehensive marketing strategies at a competitive rate, surpassing the cost of maintaining an in-house team.

By leveraging these strategies, SMBs can formulate effective solutions to address the challenges encountered in online marketing endeavors.

Securing Adequate Funding and Resources for a Competitive Campaign

Despite approximately 60% of SMBs relying on an internal marketing team, many encounter challenges related to resources and funding for online marketing. You’re certainly not alone if you find yourself grappling with budgetary constraints for in-house marketing efforts.

Several factors contribute to the insufficient funding and resources dilemma:

Revenue Limitations: In some cases, businesses may lack the requisite revenue to support extensive marketing initiatives. However, it’s crucial to recognize that marketing investments drive business growth. By allocating resources sensibly, you can facilitate revenue enhancement for your company.
Lack of Support: Inadequate backing from organizational leadership can also impede the funding of marketing campaigns. Marketing teams within SMBs are incumbent upon to educate decision-makers about the value and efficacy of online marketing endeavors.
Performance Concerns: Ineffectual campaign outcomes may result in diminished marketing budgets. This issue is often rooted in a lack of marketing expertise. Without a solid marketing background, executing successful campaigns becomes a daunting task. Therefore, acquiring knowledge and proficiency in marketing is imperative.

To address this challenge in SMB online marketing, consider implementing the following solutions:

Outsourcing: Roughly 40% of SMBs outsource their digital marketing activities to freelancers, agencies, or consultants. Outsourcing provides a cost-effective alternative to in-house marketing, granting access to expertise and resources without incurring substantial internal expenses.
Educating Stakeholders: Marketers within SMBs can be pivotal in enlightening company leaders about digital marketing. A comprehensive understanding of strategies such as SEO is essential for decision-makers to grasp their value. Take proactive steps to elucidate these tactics and address any inquiries or uncertainties.
Performance Measurement: Rigorous tracking of the return on investment (ROI) from marketing endeavors can enhance cost-effectiveness. Identifying underperforming strategies, such as ad campaigns, enables thorough audits and necessary modifications to optimize their efficacy. Adopt a proactive stance towards refining strategies rather than reacting to issues retroactively.

Given that resource allocation and budgetary constraints pose significant challenges in SMB online marketing, assessing how these factors impact your business and its digital marketing initiatives is imperative. Promptly addressing this issue can empower you to capitalize on the potential of Internet marketing.

CreaRank stands out as a reputable choice for SMBs if you’re contemplating outsourcing as a solution. Our seasoned team of over 200 online marketers is committed to delivering exceptional results. Our cutting-edge artificial intelligence software, MarketingCloudFX, also automates ROI measurement and enhances digital marketing performance, streamlining your workflow and elevating marketing effectiveness.

Selecting a Dependable Partner for SMB Online Marketing

Despite the prevalence of outsourcing SMB online marketing, many businesses struggle to identify a reliable partner. For instance, only 30% of businesses would recommend their SEO service provider, indicating a widespread challenge in finding a trustworthy agency, consultant, or freelancer.

Several factors contribute to this difficulty, including:

Budgetary Constraints: In their quest for an online marketing provider, many SMBs are enticed by agencies, consultants, or freelancers offering ostensibly “affordable” services. However, in digital marketing, quality often correlates with cost. Opting for budget-friendly solutions may result in subpar service and negligible results.
Knowledge Gap: Digital marketing may be uncharted territory for some SMBs. Lacking familiarity with online marketing concepts, businesses may inadvertently opt for providers offering substandard services. Such providers are unlikely to deliver the desired outcomes, wasting time and financial resources.
Insufficient Research: In their haste to engage a digital marketing service provider, many SMBs forego thorough research and comparison of potential candidates. Conducting comprehensive due diligence, including reviewing portfolio testimonials and scheduling meetings, is essential for selecting the most suitable provider for your business.

To address this challenge of outsourcing SMB online marketing, consider adopting the following strategies:

Thorough Research: Before engaging an agency, freelancer, or consultant, invest time in research to gain insights into service offerings and associated costs. Solicit quotes and proposals from multiple candidates to ensure informed decision-making.
Personal Interaction: In person or via virtual platforms, direct communication with potential service providers can offer valuable insights. Assess their level of engagement and interest in your business during interactions, as these indicators can inform their commitment to your success.
Inquisitive Approach: Prepare a list of pertinent questions to pose to service providers during the evaluation process. Inquire about their industry experience, approach to failure, and other relevant aspects to gauge compatibility with your business requirements.

By adhering to these guidelines, you can streamline the selection process, optimize resource allocation, and position your company for growth with the support of a trusted and competent provider such as CreaRank.

[H2] Explore more about SMB digital marketing

[P] Are you eager to delve deeper into SMB digital marketing? Dive into some of our top articles focusing on this subject:

Understanding SMB Marketing: 10 Highly Effective Strategies
Unlocking Success: 8 Innovative Ideas for Small Business Advertising
Optimizing Your Approach: A 5-Step SMB Marketing Checklist
Staying Ahead: 8 Proven Marketing Strategies for SMBs
Leveling the Playing Field: How Small Enterprises Can Compete Online
Maximizing Potential: 6 Leading Ecommerce Platforms for Small Businesses
Streamlining Operations: A Guide to Selecting the Right SMB Marketing Automation Tool

Enhance the outcomes of your SMB online marketing endeavors

The world of online marketing presents boundless opportunities for your burgeoning business.

With influential platforms like Google and Facebook, your enterprise can elevate its offerings, services, and brand presence. However, to realize this potential, you must cultivate a robust and competitive online marketing strategy tailored specifically for your SMB.