A New Outlook for a New Year
What’s the No. 1 New Year’s resolution among small business owners? Fifty-six percent stated they would be focusing on retaining and growing current customers, according to a study by Intuit, Inc., which polled 1,000 owners across the U.S.
This doesn’t come as much of a surprise as the past few years have been difficult for many business owners. Overall though, it seems as though sentiments may be changing and many are optimistic heading into 2011. According to the survey, 41 percent will look to expand marketing and attract new customers while 30 percent will look to reduce costs and save money. Six percent will hire more employees.
The survey also included a social media focus, where 71 percent of those polled said social media is an effective way to keep customers engaged. Surprisingly though, 46 percent of respondents DO NOT have a website and 67 percent DO NOT use Twitter, Facebook or FourSquare.
It’s great to hear that businesses are looking to expand their marketing efforts while bringing on new staff and customers in 2011. If you are a new business owner or an existing franchisee, keep in mind that a great way to implement affordable marketing is with the Internet and social media. With more than 200 million people around the country using the web, a new website or social media campaign will go a long way—building customer loyalty and brand awareness.
Social media especially is growing at an exponential rate. Newcomers to these platforms, such as Twitter, Facebook and YouTube, should create a social media policy that illustrates and explains how your company’s brand should be represented by all employees and affiliates. This will allow multiple employees to manage various social media efforts at once. And remember, if you make a social media mistake, it’s best to admit it. Be upfront and quick with your correction. If you’re posting to a blog, you may choose to modify an earlier post—just make it clear that you have done so. And if conversing about products or services, use your real name, identify that you are representing your company and be clear with your role.
While 71 percent of small business agreed that social media is an effective way to keep customers engaged, they don’t seem to actually be using it.
The survey found:
- 46 percent of respondents do not have a website.
- 91 percent do not have a blog.
- 67 percent of people do not use Twitter, Facebook or FourSquare.
One of the more interesting parts of the Intuit survey came when they asked small business owners to share their New Year’s resolutions for the upcoming year. It’s always good intel to see where small businesses are looking to go next and what they think will have the biggest impact on their businesses. Here’s where small business owners said they’ll be spending their time in 2011.
- 56 percent: Focus on retaining and growing my current customers
- 41 percent: Expand marketing to attract new customers
- 30 percent: Reduce costs and save money
- 29 percent: Expand products and/or services to make more money
- 10 percent: Invest in expanding operations
- 6 percent: Hire more employees
That’s where they are going. Below is where they would go if they had access to new lines of credit:
- 48 percent: Increase your marking and/or advertising budget
- 42 percent: Expand your range of services and/or offerings
- 32 percent: Invest in new technologies
- 13 percent: Hire more employees
- 11 percent: Increase your social media budget
