Business news and how-to website The Manifest conducted a new survey, and the results say that nearly all small businesses (91% of the respondents) plan to invest more in advertising in 2019. The Manifest’s 2019 Small Business Advertising Survey witnessed participation from 529 small business owners and managers across the US.
56% of the small businesses surveyed said that they will make it a point to prioritize advertising and spending on social media advertising and 41% on other online advertising mediums such as Google Search and Banner Ads.
The report says that annually, about 57% of small businesses spend less than $50,000 on advertising. The increased spending on advertising will help small businesses spread brand awareness and stand out among their competition. About 32% of small businesses say their main goal for advertising is to increase sales and revenue.
“It really is critical to advertise and get your name out there because otherwise, you get lost,” said Tim Smith, Director of Communications and Media Planning at IPNY, an advertising agency based in New York.
The survey also concluded that about 61% of millennial business owners spend more than $50,000 on advertising annually, while 52% of baby boomer business owners spend less than $10,000 on advertising. The report said that millennials grow up with both traditional and digital advertising, and this experience makes them more willing to spend money on advertising.
“Digital advertising reflects the way people shop today, which is online and offers targeting opportunities that weren’t possible before,” said Harry Chapin, CEO, and Founder of Forge Worldwide, a brand-building company based in Boston.
“We’ve tried bus benches, billboards, print, and Yellow Pages, but nothing comes close to the ROI we are able to extract from online advertising,” said Sean Pour, Marketing Manager of SellMax, a company that buys people’s used cars.
“The goal of advertising is to simply create brand recognition for small businesses in order to increase brand engagement and overall sales,” said Les Kollegian, CEO of Jacob Tyler, a brand experience agency based in California.
You can access the full report here.