I recently conducted a survey of small business owners. The lead question asked what their single biggest challenge is.
Michael Nelson's insight:
I recently conducted a survey of small business owners. The lead question asked what their single biggest challenge is.
In more than 70% of the responses, the owners felt marketing was the challenge vexing them the most. That matches data from the Small Business Administration. The SBA also found that as businesses grow, the number who list marketing as their biggest challenge only drops to around 56%.
They also found that 56% of companies invest less than 1-3% of their revenue on marketing, including infrastructure. Interesting that one of the biggest problems is getting the least fiscal attention!
