How do marketers determine the potential risk versus the possible reward when experimenting with new marketing channels and tactics?
More importantly, how can you convince leadership to invest in new technology?
Introduce yourself and follow the proven strategies and case studies of hundreds of other small and medium-sized enterprises (SMEs).
CallRail surveyed 601 SMB marketers to learn the challenges marketers face when looking to increase the budget for new marketing channels and tactics.
In this article, we will share some valuable insights from SMB marketers on how to invest in new channel marketing experiments.
Read on to explore the highlights of this report, or download the full report here.
SMBs are ready to take their marketing to the next level and channel
The majority of SMB marketers are willing to experiment to keep up with or stay ahead of the competition.
If you’re not willing to experiment, your business may fall behind.
98% of respondents agree it pays to engage with audiences on new channels.
88% of SMB marketers agree it pays to follow new trends. 86% find it worth running experiential marketing campaigns.
This makes sense considering that social networks like TikTok can grow from launch to 1 billion users in just a few years. For SMBs targeting teenagers and young adults, this is a marketing trend that has helped many companies build brand awareness.
Why are SMB marketing departments so willing to experiment with new channels and tactics? 66% of SMB marketers find it very easy to compete with other SMBs on social media.
Even more impressive, 61% of SMB marketers find it very easy to compete with bigger brands on social media. Big brands may have larger budgets, but they are not always as agile as SMBs.
SMEs that take risks are rewarded
SMEs don’t just want to take risks – they took them, and with profitable results.
91% of marketers surveyed have trialled a new channel, and 80% have run an experimental marketing campaign in the past 12 months.
Channels that have delivered the highest return on investment (ROI) for SMBs include:
- TV.
- youtube.
- Instagram.
- Facebook.
- Twitter.
- tick tock
Aside from an increase in sales, 96% of SMB marketers have seen an increase in customers through their efforts. 86% also saw an increase in followers, which could ultimately lead to more revenue for your SMB.
The disadvantages for cautious SMEs
What happens to marketers who play it safe when choosing channels and campaigns to target customers?
65% felt their company would lose business to the competition because they lacked an effective marketing strategy. Competitors who have the right strategies could reach their target customers more effectively.
53% felt their company would lose business to competitors if they didn’t have a brand presence on new channels. This can be especially the case when a new social platform is very popular with your target audience.
These marketers avoided new channels and experimental marketing campaigns due to unrealistic expectations (70%), complex social media algorithms (78%), and low employee bandwidth (69%).
SMBs combine proven tactics and new channels
While SMBs invest more in sponsored content and influencer marketing than radio or outdoor advertising, most still invest in proven marketing strategies.
