How do marketers determine the potential risk versus potential reward of trying new marketing channels and methods?
More importantly, how can you convince leadership to invest in new technologies?
View and follow the proven strategies and case studies of hundreds of other Small and Medium Businesses (SMBs).
CallRail Scan 601 marketers in SMBs to learn about the challenges marketers face when seeking to increase budget for new marketing channels and methods.
In this article, we will share some valuable insights from SME marketers to invest in marketing experiences on new channels.
Read on to explore the highlights of this report, or Download the full report here.
Small and medium businesses are ready to take their marketing to the next level and the next channel
The majority of SME marketers are willing to experiment to keep up or get ahead of the competition.
If you are not ready to experiment, your work may lag behind.
98% Of those surveyed agree that it is beneficial to connect with audiences on new channels.
88% of SME marketers agree that it is beneficial to follow emerging trends. 86% find it helpful to implement test marketing campaigns.
This makes sense, given that social networks like TikTok could go from launch to launch 1 billion users in a few years. For small and medium businesses targeting teens and young adults, it is a marketing trend that has helped a lot of businesses build Brand awareness.
Why are SME marketing departments willing to experiment with new channels and tactics? 66% of SME marketers find it too easy to compete with other SMBs on social media.
Even more impressive is that 61% of SMB marketers find it too easy to compete with big brands on social media. While large brands may have larger budgets, they are not always as flexible as small and medium businesses.
Small and medium-sized businesses that take risks are rewarded
SMEs don’t just want to take risks – they take it and get profitable results.
91% Of the marketers surveyed that tested a new channel, 80% had run a test marketing campaign within the past 12 months.
Channels with the highest return on investment (ROI) for SMEs include:
- television.
- Youtube.
- Instagram.
- Facebook.
- Twitter.
- Tik Tok.
In addition to increased revenue, 96% of SME marketers have seen an increase in the number of customers thanks to their efforts. 86% also saw an increase in followers, which could ultimately lead to increased revenue for SMBs.
Disadvantages of small and medium businesses that be careful
What happens to marketers who miscalculate when choosing channels and campaigns to reach customers?
65% They felt that their company would lose business to the competition because they lacked an effective marketing strategy. Competitors who have the right strategies in place will be able to reach their target customers more effectively.
53% felt their company would lose business to competitors for lack of branding on new channels. This can be especially true if the new social platform is very popular with your target demographic.
These marketers avoided new channels and experimental marketing campaigns due to unrealistic expectations (70%), complex social media algorithms (78%), and low employee bandwidth (69%).
Small and medium businesses combine proven tactics with new channels
While SMEs invest more in sponsored content and influencer marketing than in radio or out of home advertising, most of them still invest in proven marketing strategies.
