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Marketing to SMBs in a Downturn
We recently conducted an informal survey of leading SMB marketers to find out how their marketing is affected by the economic downturn. While the results aren't scientific, we were struck by the shift many marketers are making to online tactics. Here are some of the highlights:
- Budgets are being cut. Marketers are being cautious in their spending – 45% of respondents said their budgets have been cut. Half have had no change to their budget, and 5% have had their budgets increased. This is consistent with the findings of a recent survey of marketing executives as reported in eMarketer.
- Retention is a key marketing focus. Two in five respondents are focused on customer retention in light of the downturn. This makes sense – your customers are your greatest asset in a recession. However, roughly 25% each are focused on acquisition (and thus may be well positioned to grow share when the economy rebounds) or have not changed their focus.
- Acquisition efforts shift online. There is a striking difference in plans for use of online versus offline versus online acquisition tactics. More respondents plan to increase than decrease spend on every one of the 13 online acquisition tactics surveyed, with the most enthusiasm for search, email newsletters, blogs and social networking. Compare that to offline acquisition, where only PR will see an increase in spending.
- A moderate downturn is expected. 74% of respondents feel that the downturn will be moderate, with the remainder split: 16% severe and 11% mild. Likewise, 76% feel the downturn will be moderate, 16% long and 5% brief.
Contact us with your comments or questions, or for the complete survey results, which will be available in a few weeks. |
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>> Intel Launches Online Marketplace for SMBs
Intel has launched a site for SMBs to learn about and shop for technology. The Intel Business Exchange provides articles, interactive demonstrations, white papers, case studies, blogs and user-submitted product ratings and reviews. It also enables users to obtain quotes for solutions from Intel partners. A version of Intel Business Exchange is being replicated on AllBusiness as AllBusiness Exchange.
>> Dell Sets Up Small Business Blog
Dell has launched a small business blog as part of its Direct2Dell social media effort. Contributions come from executives in Dell's small business group. Like other Direct2Dell blogs, it actively seeks input and ideas from its community.
>> Intuit Hosts "Growth During Recession" Webinars
As part of its QuickBooks Community, Intuit is presenting a series of webinars to help small businesses weather the economic downturn. They feature columnists Rhonda Abrams on growth, Pam Newman on cash flow and Anita Campbell on online marketing.
>> Advanta Partners with Kiva
Advanta is offering a new card in support of worldwide microlender Kiva. Through the KivaB4B project, Kiva BusinessCard customers can make grants to Kiva entrepreneurs of their choice. Advanta will match each grant, dollar for dollar, up to $200 per month per account.
>> New Online Banking Tool from Key
KeyBank has unveiled Key Business Online, an online banking solution for SMBs. It includes the ability to view multiple accounts, pay bills and transfer funds, and delegate banking tasks to associates. Advanced features enable customers to expedite payments via the ACH network.
>> Yelp Adds Tools for Business Owners
Local business review site Yelp has added Yelp for Business Owners. The new tools allow business owners to message customers who have reviewed their business, see how many visitors their business page has received, update the information on their business page and receive email alerts when new reviews are posted.
>> Yahoo! Promotes Grants to Women Entrepreneurs
Yahoo! has named three winners in its Seeds for Success program for women entrepreneurs. Each finalist receives $20,000 in cash, $5,000 in website consulting, hosting from Yahoo! and mentoring from business celebrities such as former Apprentice star Carolyn Kepcher and cosmetics entrepreneur Bobbi Brown. Over six months, the winners and their mentors will provide updates on their progress via a blog on the Yahoo! site.
>> Office Depot Testing Leasing Option
Office Depot is introducing an office equipment and furniture leasing option for its small business customers. The SmartWayLeasing service, in partnership with ThinkSmart, a B2B leasing business, is currently available in retail store locations in the Tampa-St. Petersburg, FL area, with nationwide expansion slated for later this year.
Send us your news.
>> American Express Small Business Monitor: Optimism in the economy drops for small business owners.
>> FedEx
Kinko's Signs of the Times: 89 percent of small business owners
are concerned about the current economy's impact on their business.
>> SBA Office of Advocacy: Small firms have been hit the hardest by rising energy costs; manufacturing and commercial sectors are the most burdened.
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Refining Product Messaging
To help an online services client refine its go-to-market strategy, we conducted focus groups with SMB customers and prospects to assess product usage, brand perceptions, the purchase decision-making process, and messaging and outreach options. Contact us to learn how we can help you uncover insights to develop effective concepts, new products, advertising strategies and brand positioning.
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