By: Fatema Fatakdawala
Do you know which of your advertising techniques generates the highest return on investment for your business?
A November 2012 Ad-ology Research study revealed that 30.5% of small to medium sized businesses (SMBs) plan to spend more money on advertising in 2013. For early stage entrepreneurs, advertising their product is key but any extra cash spent must be asserted for. So what are some of the trends in SMB spending when it comes to their advertising budgets? Based on the study:
- SMBs plan to increase their spending on social media networks such as Facebook, Twitter and LinkedIn; however promoted postings, sponsored tweets and social games/contests are not being widely adopted.
- More than half the SMBs sent out email marketing messages at least once a month in an effort to reach their customers on a 1-on-1 basis. Constant Contact and MailChimp are currently the most popular services for small businesses.
- SMBs will begin to shift towards the use of mobile advertising, apps and/or texting as part of their advertising due in part to its ability to geo-target potential customers.
- Other forms of digital marketing will continue to grow for small businesses such as website development, SEO and online/mobile video marketing
Want a quick way to catch up to the latest and greatest when it comes to advertising and marketing for your small business?
Fatema joins the RIC team as the Communications Officer responsible for marketing, social media, event and web management. She is a graduate student pursuing her final year in the Master of Biotechnology program at the University of Toronto Mississauga.
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