A new survey indicates that traditional marketing is no longer a priority for smaller businesses, with the majority favouring cheaper, online methods to promote their businesses.
The survey found that over 76% of small businesses that took the survey, do all their marketing online, with only 14% still using offline methods such as advertising, events or direct mail. The average spend on marketing ranges from £500-£5000 a year for smaller businesses, with the vast majority spent on online methods.
The survey also suggests smaller businesses are turning to digital marketing because they get a better return on their investment, with 47% of respondents saying online marketing was cheaper than traditional methods. As a proportion of total annual revenue, just over a quarter of respondents said online marketing contributed between 30% and 50% of their annual income, while 10% said it contributed up to 100%.
Other benefits included feeling they have more control over their marketing, finding it easier to target customers and measure success.