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Research provides learning for small businesses on how to navigate changing consumer preferences
Waltham, Massachusetts, October 20, 2022 /PRNewswire/ — Today, constant contactDigital Marketing Platform Trusted by Millions of Small Businesses and Nonprofits, Releases Second Annual Small Business Now Report Exploring Challenges Affecting Small Businesses in America Through Today’s Consumer Lens Did.Conducted by a third-party research company YouGov, this report features insights from over 1,000 consumers and 500 small businesses. The survey results reveal that despite rising inflation and fears of a recession, enthusiasm to support small businesses remains strong heading into the 2022 holiday season.
“Our report offers optimism for small businesses concerned about the impact of the current economic climate on their businesses.” laura goldberg, CMO of Constant Contact. “Inflation certainly forces consumers to choose where they spend their money, but our findings show that supporting small businesses remains a priority for them. Our Small Business Now Report, now in its second year, offers insights on how small businesses are fine-tuning their digital marketing strategies. How can we get closer to our customers, finish 2022 on a positive note, and set ourselves up for success in 2023?”
signs of recession
Small businesses face a challenging future as they navigate a potential recession, labor shortages and historic inflation. Data from the Small Business Now report suggests they’re already feeling the effects, but most don’t expect the recession to go bankrupt.
- Currently, 40% of SMB decision makers are struggling to attract new employees and 21% are concerned that they will not be able to hire/retain staff as the country heads into a potential recession. I’m here.
- Despite these concerns, 84% of SMB decision makers have expressed no concern about their company’s ability to weather a potential downturn.
- When asked what would give them confidence in their business’ ability to weather the recession, 23% said they would hire more staff and 22% said they would have more advertising, marketing or promotional budgets. and 20% want more support from the community.
Consumers are also feeling the pressure of inflation, and many are beginning to shift budget priorities. However, results show that small businesses remain a priority during the recession.
- 85% expect to cut spending in a recession
- Fifty-eight percent expect spending on convenience, lifestyle or entertainment to be the first category they will pull out of in a recession.
- However, more than one in three (36%) believe they will look for opportunities to help small businesses more often during a downturn, and 29% will always pay more to help small businesses. says it’s ready.
- Price sensitivity remains the top concern, however, as 33% feel they want to support small businesses, but it is more cost-effective to do so during a recession compared to buying from big box retailers. is not expensive.
New Year’s Eve Spending Preview
Shoppers are buying holiday gifts early this year, according to a Constant Contact report. In fact, 36% of his consumers started shopping for the holiday season before his October. Conversely, 51% of small business decision makers report not starting holiday preparations before October. This leaves a short window of time to properly market your business and connect with your customers.
Still, 40% of consumers plan to spend less this holiday season than they did in 2021, but the data also shows great enthusiasm for community-based engagement.
- Of those planning holiday shopping, 35% feel it’s important to shop locally and support their communities, and another 44% plan to donate or volunteer to nonprofits is.
- Nearly half (48%) of those who planned to avoid large retailers and major online retailers said they did so because supporting small businesses is important.
- Similarly, 34% of those who plan to avoid large retailers and major online retailers feel that smaller businesses offer a more enjoyable shopping experience, and 25% say that smaller businesses offer a more enjoyable shopping experience. I believe the business is better prepared to help with customer service and returns in case of issues.
change in communication
Environmental setting
Findings from Constant Contact’s report show that email is still the best way to communicate with customers. More than half (55%) of consumers who prefer to use digital channels to contact their businesses agree that email is their preferred method of contact from small businesses, with SMS/text (17 %) follows it. This presents new opportunities for small businesses to activate their customers and drive more business.
- 83% of consumers read texts sent by businesses in the last 12 months and 74% found SMS content helpful, interesting or useful during that period
- 39% of consumers who signed up for an SMS/text message from a business were prompted by a deal the business offered.
- 20% of people who received an SMS or text message from a company in the past year made at least one purchase
Learn more about the findings of Constant Contact’s 2022 Small Business Now Report. This includes further analysis and recommendations for small businesses. here.
How to report
These results are comprised of two separate surveys of small business decision makers and consumers. All figures are from YouGov Plc unless otherwise stated. The total sample size of small business decision makers (heads of teams, groups, or small organizations, 18+) was 507. September 2022 All numbers are weighted and represent decision makers in small businesses with 500 or fewer employees. For consumers, the total sample size was 1,112 adults and the fieldwork was conducted among 16 of his.th – 20th of September 2022Figures are weighted and representative of all US adults (18+).
About regular contact
Constant Contact provides millions of small businesses and nonprofits around the world with powerful tools that simplify and enhance their digital marketing. Whether you’re driving sales, growing your customer base, or capturing audiences, Constant Contact provides performance and guidance to build strong connections and produce strong results. See below for more information. www.constantcontact.com.
SOURCE Constant contact
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