Small Business Spending on Digital and Social Still Growing

2011 Outlook for Small Business Digital Marketing

Just received some updated statistics on Small Business advertising spend from the 2011 Outlook report from Borrell Associates. Borrell surveyed over 2,800 Small Business owners to find that, of the 84 percent who will spend on digital, 53 percent plan on increasing their budgets in 2011. Money invested in website development, social media and e-mail marketing will grow more than 30 percent in 2011. On the flip-side, local print media, newspapers, directories and radio will continue to get squeezed out of the budget with double-digit cuts across the board from most SMB’s.

According to the report, Small Business represents a huge growth market, and accounted for over 70 percent of all online advertising expenditures last year. Social media is especially interesting for SMB’s and most are interested in Facebook, Twitter, location-based services, and daily deals platforms. I think YouTube also makes sense for the right kind of small business so I’d expect to see some interest and spending there as well. It was interesting that Borrell did not include any data related to YouTube or Mobile marketing strategies. Despite all of the buzz around mobile and video, it seems that small business owners just have not caught-on the way larger brands and retailers have.

Potential Pitfalls

Despite all the data suggesting growth and willingness to spend, the reality is that there is still a lot of confusion as to who to work with to make all of this happen. There is so much noise in the market right now, with average small business owners getting 22 new media advertising pitches a month. These pitches range from local boutique agencies to national solutions like Yodle, ReachLocal and Web.com. It is this noise and shear amount of options that paralyzes decisions makers. With so many so called experts and best-of-breed technology platforms to review and analyze, making a decision alone can take several weeks.

Furthermore, many Small Business owners still lack a real understanding of digital. Website analytics, social media insights and search engine marketing tactics are still fuzzy. Due to this minimal amount of knowledge, SMB’s must trust the provider they partner with to do the right thing. Unfortunately, most of the “big-boys” of SMB marketing are focusing on market share and not the quality of the products or services they provide. This mentality leads to less than stellar results for business owners and a burned relationship for the provider – which ultimately hurts the perception of every SMB marketing company.

Qualities to Look for in a Successful Business Opportunity

There are many business opportunities out there for all different people. But, the problem with that is that not all businesses are successful. Some fail within a very short amount of time. And some fail later. There are ways to tell, though, if a business will succeed or not. Here are some qualities of a successful business opportunity.

Many people jump in on a business that will not work and lose out on the money. This happens all too often with people and with opportunities. They fail for all too many reasons: bad marketing, bad ideas and even bad circumstances. No matter what the reason, businesses fail. There are things to look for, though, to make sure that the business opportunity is one that will make you money and won’t fail.

Look at the idea first of all to see if the business will be a successful opportunity. Use your own judgment and business skills on this. You can see whether a business idea is a good one or not. Decide if a lot of people would want to purchase the service or goods. If only a few would, or even nobody, then you may want to pass on the opportunity because it will just not be a profitable business.

Look especially close at the prices. Too low of prices or too high of prices are a recipe for failure. While you can gain more customers with low prices, too low of them will not give you enough profit to pay yourself and maintain the upkeep of a business, whatever it may be. Simple math will do all that needs to be done on this particular part.

When you encounter a business opportunity, another way to tell if it will be a successful opportunity is to consider how the business can be marketed. Look at the business and consider the potential customer basis. Then, consider how they will be reached to market the business. Also, look at the money available for this type of marketing.

If you can, look at the business plan for the company. Whatever the business is, a good plan is always a good quality of a successful business opportunity. If you are the one creating the business plan, then create a good business plan. A plan will be detailed and thorough, but also easily understood and flexible enough to operate if things don’t go exactly as planned.

The last characteristic of a successful business opportunity is resources. When a business first opens, it will no doubt have some hard times that may drive it into the ground if there are not resources to fall back on when marketing has to be re-created or something has to be done to get customers.

When you are presented with any kind of business opportunity, before making the leap and becoming part of it, consider these options. Judge if the business opportunity will be a successful one. These qualities will tell you what is a successful business opportunity and what is not.

Successful Business Owners Love What They Do

When I use the term successful business owner I mean the person who is not only financially capable, they are all round content with their lives.

If you looking to start your own business the most important factor is not how much money you will make, it is how much will you love running the business. Whether it is an offline or online business it needs to be something you are passionate about, something you get excited about doing daily.

Doing something purely for financial gain the best way to fail, either due to the business folding or you not having the enthusiasm to give it your best. The amount of passion you have will determine the amount of action you take to make your business successful.

What Makes Successful Business Owners Different?

The real successful business owners of the world love what they do because they had a vision before they started the business. This vision is very important, without it you are just trying something out rather then making a success of it. When your just trying things out you will notice the most important thing on your mind will be how much money you can make.

While these times of trying things out can be beneficial in the sense that you learn what isn’t working for you, they will also set your further back from what you are really passionate about. There is always a learning phase we all go through and if you firstly study a few successful business owners who love what they do it will be more beneficial to you in the long run.

Using this learning phrase rather than your need for money you will certainly be armed with the necessary ammunition to start making profits. I guess what I am saying is to be patient in your learning time and do it right from the start by surrounding yourself with people who have been there and already achieved what you want to achieve.

The initial first stage of success does not have dollars signs on it, it has a lot of hard work and passion that gives you the drive to make the money you desire. Without the passion to drive you it will not last, money will only keep you motivated to succeed for a short time.

If your wanting to be a successful business owner start with a vision of you doing what you love and doing it well. This is the first step in the right direction. Always keep it in mind that successful business owners love what they do.

Wishing you much success.

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