How Small Business Owners Have Adjusted Spending Habits
SMALL BUSINESS EXPENSES
Small business owners reported that the majority of their spending expense increases since last year have been for
- 26% social media advertising
- 24% e-commerce platforms
- 23% search engine advertising
- 27% of small business owners reported that the majority of their business expense increases this year were related to shipping to customers.
35% of small business owners stated that the pandemic would have forced their business to close without e-commerce.
44% of small business owners who sell products/services online have seen a boost in their e-commerce sales since 2019 and reported an average 37% overall increase.
Almost two-thirds (64%) of small business owners agree that the changes they have made to their business this year will continue into 2021.
19% of small business owners began selling products online or shipping to customers for the first time in 2020.
48% of small business owners say social media has become a more important part of their business this year.
23% of small business owners were promoting their company through digital advertising for the first time this year.
31% of small business owners have increased spending on advertising activities compared to 2019.
26% of small business owners have been spending more on social media advertising.
FOR SMALL BUSINESS OWNERS WHO USE PAID SEARCH ADVERTISING,
52% have seen new customers
39% have had new leads/inquires
36% have experienced increased recognition of their business
62% anticipate advertising on social media in 2021 to drive sales.
52% anticipate using paid search engine advertising in 2021 to drive sales.