The contribution of small businesses (‘micros’, start-ups, entrepreneurs) through employment, production of goods, knowledge, innovation, training and income is critical for the success of our world’s economy. So why are the odds stacked against them to survive?
A sector notorious for high failure statistics
In the US, the consistent failure rates for small businesses are 20% fail in their first year, and about 50% in their fifth year and 70% in their tenth year. Source: Bureau of Labor Statistics’ Business Employment Dynamics
In Australia, according to the Australian Bureau of Statistics, the failure rates for small business are higher with 33% of small businesses fail in their first year, and about 50% in their second year and 75% in their fifth year (half the time of businesses in the US).
Small business owners personally responsible for most business functions
A study by Salesforce indicated that almost 60% of small business owners are personally responsible for 4 or more business areas (including operations, finance, sales, marketing, human resources, customer service, product development, IT). (Source: MAY 01, 2018 BY LAURA NORMAN, 10 Stats You Don’t Know About Small Businesses, (Salesforce)
The explosion of digital technology and content
With the explosion of digital technology, has come huge advancements in eCommerce, marketing, digital media channels, data and automation – with 29% of small business owners saying they won’t be using digital marketing and many considered it their biggest challenge in 2019 (Source: https://keap.com/resources/small-business-marketing-trends-report. 2019 Small Business Marketing Trends Report. Besma Bihnam).
And with the digital content explosion, there are eBooks, whitepapers, webinars, blogs, vlogs, articles, infographics, videos, reviews, testimonials, case studies, how-to’s, live events, stories…the list goes on.
And, everyone’s an expert!
A daunting quagmire for a seasoned digital marketer to wade through, let alone a small business owner.
The ever growing digital marketing channels
Integrating the right channels at the right time can mean make or break for a small business. These digital marketing channels have a magnitude of brands and offerings within them – a digital labyrinth for any small business to navigate.
Whilst micro’s, start-ups and small businesses are often considered to be the backbone of many economies, it’s a brutal environment and small businesses shouldn’t have to go it alone. The traditional agency model and marketing consultancy does not work for small business.
For small businesses to survive and thrive in the evolving digital landscape they need an affordable, simplified eCommerce marketing roadmap with OnDemand eCommerce marketing advice that drives sustainable, effective growth.