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Survey: SMBs banking more revenue
Small businesses are in an optimistic pattern, brought on by increased revenues. That is the takeaway from a new SMB survey by Constant Contact which indicates most (81%) of SMBs believe revenues will continue to rise through 2014; just over half (65%) report they've cut back on things because of the tight economy.
"It's encouraging to see that small businesses expect their revenue growth to extend into 2014," said Gail Goodman, CEO of Constant Contact. "This optimistic outlook is not translating into larger staffs, however. Almost half (49 percent) tell us they will not be hiring over the next 12 months, with 27 percent saying they plan to hire, and the balance telling us they're not sure what they will do. On the plus side, only eight percent report having to lay off employees in the last 12 months, which could be viewed as a positive outcome of their conservative hiring approach."
Some interesting takeaways from the survey include:
• 40% of SMBs saw revenue growth in 2013
• 38% expect revenues to increase between 10% and 25% this year
• 15% say revenues will be flat, 20% say revenues will increase less than 10%
• 82% say they're working within multiple channels to push growth
Of those who are pushing multi-channel, most (73%) say multi-channel campaigns improve customer engagement while 57% report multi-channel campaigns bring them new customers. About half say they've improved website traffic or event attendance based on multi-channel marketing efforts. One problem is that SMBs don't know if their customers are using every channel (59%), which could be an indication that they're spending time and effort where their customers will not benefit.
Image via Shutterstock
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