1/2 of Small Businesses don’t have a marketing plan for their small business.
“According to a survey of 350 small and medium business (SMB) owners, 50% do not have a marketing plan for 2019.” A marketing plan is the engine that drives demand. Your car wouldn’t get that far without an engine. The same principle applies to your small business.Search Engine Journal
Let’s talk about why that is a problem.
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Why is it shocking not to have a marketing plan?
A marketing plan is the engine that drives demand. Your car wouldn’t get that far without an engine. The same principle applies to your small business. You may say, “yeah, but I’m doing fine”. Then, I would say, “But, you could be doing better if you had a small business marketing plan”.
Why don’t small businesses have a marketing plan?
For one, small business owners are more stressed about their business. “62% of small business owners are stressed about their business”, which leads to the marketing plan falling to the wayside:
According to Search Engine Journal:
- 25% of respondents are unsure of how they plan to grow their businesses in 2019.
- 55% of small business owners spend less than 5% of annual revenue on marketing.
- Over 58% of small business owners spend five hours or fewer on marketing every week.
- 86% of respondents would rather spend their time on other business activities than spending time on marketing.
This makes sense. Small business owners didn’t start their businesses to be marketers. They did because the love what they do.
Why having it matters?
However, if you want to grow, the impact of a small business marketing plan is clear.
- 81% percent of respondents who invested between 5% and 10% of annual revenue in marketing said they experienced revenue growth in 2018.
- By comparison, only 50% of respondents who invested less than 5% of revenue into marketing experienced revenue growth.
Let’s face it. A dentist didn’t start his or her practice because they love positioning, value propositions, or writing small business marketing plans. He or she did it because they wanted to help people keep their mouths healthy. Many others are the same.