- Only 34% of small businesses are able to make marketing spend a priority
- 46% of small businesses stated that, while they see the value of marketing, they need to prioritise other areas of expenditure
- Almost half (45%) say they would like help marketing their business
Research by Intuit has revealed expenses are forcing small businesses to push marketing down their list of priorities despite realizing its value in delivering business growth.
Despite 80 per cent of small businesses seeing the value in marketing their business, only 34 per cent are prioritising funds in their budget.
The study, conducted by Lightspeed Research, surveyed just over 500 Australian small business owners to discover the majority of small business operators see marketing as a valuable tool to grow their customers (39 per cent) and achieve direct sales (38 per cent).
However, budgetary constraints are forcing almost half of all business owners to focus their spend on other areas of their business.
Only 34 per cent are prioritising budget for marketing, instead, relying on word of mouth to promote sales.
Natira Drayton, Country Manager, Intuit Australia said it’s concerning that so many small business owners in Australia are sacrificing opportunities to grow their business.
“This is a classic trap for small businesses. While day-to-day operational demands can make finding the time and money to invest in marketing difficult, it’s hard to keep cash flow healthy and achieve your business’s potential without it.”
Drayton says, “Our research highlights the importance of business owners reviewing cash flow on a regular basis in order to ensure their finances are healthy and that they can budget for investments (like marketing spend) that can help to grow their business.”
Almost half of SMBs (45 per cent) indicated they need support with marketing their business. SMBs pointed to opportunities to attend networking and self-development events (27 per cent), free advertising space on a local billboard (27 per cent) and toolkits for creating marketing materials (26 per cent) as areas of marketing support they would take up if offered.