10 Stats You Need to Know for Growing Your Business in 2018
What’s it going to take to grow your business this year?
Well, the stats are in! 2017 was a huge year for small businesses across the country, but 2018 can be even bigger.
Whether you’ve had your small business for 25 years or you’re just starting one, here are 10 ginormous statistics you need to know and put in your pocket for reference. Better yet, you can use these statistics to know how to grow your business this year and take an advantage over your competition.
(Oh, by the way, don’t miss out on the free infographic at the bottom of this post).
You ready? Let’s dive into the first BIG stat.
1. 6 out of 10 small business still do not have a website or an established online presence, according to GoDaddy
60% of small businesses are still without a website to be discovered by the masses or an online presence their potential customers notice! Even though more than 99% of employers are small business owners, most of them haven’t taken the jump into one of the most lucrative operations for their business: a strong and established website.
Websites in general are about 30 years old now. So how can this be?
The simple truth is, if your business doesn’t have a website you’re missing out in so many ways that you can’t afford to overlook anymore. It’s no longer a neutral asset -it’s a “must have” asset for your business. The biggest one even. The reality is, it doesn’t have to be big, fancy or fleshed out with tons of content. It just has to be available so you can be discovered by online users.
In a day and age where 85% of customers search the web before making a purchase decision, your website has the best chance of being a prospect’s “first impression” of your company and offerings. (Kinesis Inc.)
Moral of the story: If you don’t have a website, by golly! -go get your business a website!
This leads us right into stat #2!
2. 78% of mobile searches for local businesses result in a purchase, according to Kissmetrics
So maybe you have a website, but do you have one that smartphone users are willing to look at? Statistics show that mobile traffic has now surpassed desktop traffic, and those numbers will continue to rise. 2 out of every 3 minutes spent online come from a mobile device (source: comScore)
The scary thing is, according to eMarketer, 40% of small businesses that have a website are still not yet optimized for mobile devices. This is not only a huge no-no in 2018, it will be a huge loss to those businesses in a mobile consumed world.
Moral of the story: If you want to a surefire way to succeed online, make sure your website looks and works perfectly on mobile devices.
Stat 2 may not have surprised you, but the next one certainly will.
3. Businesses that foster creativity enjoy 1.5x greater market share, according to Adobe
Good branding. Memorable colors. A quality logo. All of these things are more than aesthetics. They are great investments that have a huge return for any business willing to take the time and money to do it right.
Top companies are leading with design. Others that aren’t willing to invest in design because they think it can’t be measured or tied to ROI will fall behind. Business as usual is no longer good enough. Mature industries that have focused on more, better and faster now need to adjust their thinking to include design as a key value differentiator. -John Maeda,
Moral of the story: If you want to succeed in 2018, hire a designer and become a design-led business.
But it’s not just about being a design-led business. Check out what’s next.
4. Almost half of small businesses spend less than 2 hours per week on marketing efforts, according to Statistica.
This is a big issue. Even bigger than you can imagine. Most small businesses are underinvesting in both money, time and effort in marketing. Even more, many small businesses are investing in marketing efforts that don’t even work anymore - at least, efficiently.
Digital marketing, such as Facebook Ads, is no longer something of the future. The future is here, right now. Classic forms of advertising, such as billboards and newspaper ads cost on average $36 per 1,000 people reached.
Did you know that with Facebook advertising you can reach the same amount of people for only 24 cents? Not just that, but Facebook Ads can be targeted to people most likely to buy from you, whereas traditional forms of advertising is more about crossing your fingers and hoping they reach the right people.
Step up your game this year and enter into the world of digital marketing.
Moral of the story: You need to move into digital marketing if you want to survive the business world of 2018
…and the next stat goes right along with this one.
5. 71% of small businesses do not use an expert to handle their digital marketing, according to Linchpin
When we talk about digital marketing, we’re really talking about Facebook Marketing. The statistics don’t lie. Facebook is the place to spend your money on digital ads, because Facebook has the most information about its users than any other platform.
The good news about digital marketing is that there is plenty of information and material out there to teach yourself on how to do it well.
The problem is, most small business owners neither have the time or the patience to mow through hours of research.
It also might take several hundred dollars of testing before you’re confident. So here’s what most small business owners end up doing: they wing it. And that’s a bad idea. A very bad idea!
Because “winging it” never produces good return, and it usually lends itself to a lot of discouragement, frustration and ultimately a sudden halt in doing any digital marketing.
However, small business owners that are willing to leave their digital marketing efforts to an expert, not only discover their money be being used efficiently and proficiently, but see their money producing a huge return on investment. Digital marketing, done the right way, can easily produce a 5 to 1 ROI on your money, if not higher.
Marketing challenges are a common conundrum for small business owners: more than three-quarters say they face them. You aren’t alone in dealing with the complexity of modern marketing, so don’t be afraid to reach out for help from experts as you try to build your brand. (Ambir Technology)
The formula for success comes with hiring someone who knows what they’re doing, being patient for your return on investment, and simply trusting Facebook’s platform to do what it does best - finding the people who will buy from you.
Moral of the story: If you want to double or even triple your business in 2018, hire an expert to handle your digital marketing.
It’s not over. Get ready because the next stat is HUGE!
Related: Click here to sign up for our free “5 Day Crash Course” email series on how to grow your small business through proven online tactics.
6. For every $1 you spend on email marketing, you can expect an average return of $38, according to Smart Insights
Okay, okay. So maybe there’s one more area of digital marketing that is super lucrative besides Facebook marketing. It’s email marketing. Email marketing has a 3800% Return on Investment. That’s not a typo.
In fact, some would say that Facebook can’t compete with it.
On a statistical level, it’s true. Facebook will probably never even come close this level of ROI.
But there’s a catch.
Email marketing requires you to already have a list of subscribers who have opted in to receiving your promotions. That’s why the ROI is so big, because you’re marketing to people already familiar and interested in your brand.
Email marketing is something that every small business should be investing in, plus it’s practically free to get started.
However, if you want to get the most out of your email marketing, hiring an expert is always recommended. Not only can an expert build your email list faster and better, but can also run effective campaigns for you almost immediately.
Moral of the story: If you want to stretch your money, invest it into email marketing in 2018.
The next stat coming up may shock you.
7. By 2019, videos will account for 85% of online traffic in the USA according to Cisco
That number is staggering. The way that the everyday online user consumes media is gravitating more and more toward video. The opportunities this provides for small businesses is HUGE. The difference between a successful business and an unsuccessful one could very well be how video content is leveraged.
But it’s not just about video marketing, though that is a big part of it. It’s also about using videos in as many facets of your business as possible. For instance, videos are powerful ways for small businesses to explain a product or service, create a webinar, online training or to thank a new customer for a recent purchase.
In any case, you will want to consider putting some money and effort into video content in 2018. It’s mandatory.
The good news is, with the new powerful cameras that already come equipped on our phones and with a handful of inexpensive apps, you can make and edit videos easily. Or if you want to make it count, hire a professional videographer to explore how they can best bring value to your brand.
Moral of the Story: Video marketing is one of the most guaranteed ways to capture your audience in 2018
It’s not all about video though. Check out the next stat.
8. Small businesses with blogs generate 126% more leads than those that don’t have one, according to WebCom
Video may be all the razzle dazzle, but written content is still one of the most powerful ways to grow your small business. In fact, amongst all other forms of marketing, content marketing still ranks at the top for generating brand value.
According to Smart Insights, 81% of people simply trust the content they read online in blogs.
The best part about content marketing is that it’s super easy, versatile and free. All you have to do is start writing. Spend even an hour a week pushing out written content to your fans and you’ll never regret it.
Moral of the story: Let 2018 be the year you start a blog for your small business. Nothing but good can come out of it.
The next stat is super important.
9. 83% of online shoppers need support or more information before completing a purchase, according to Invesp
Surprisingly, good customer service is still one of those arenas that most small businesses fail to do well at. Did you know, according to Smart Insights, that it’s 7 times more expensive to get a new customer than retain an existing one?
Here are some great ways you can invest in better customer service for your small business:
1) Add online chat to your website: Believe it or not, it’s easier to do than you think. With being able to reply directly on your phone anywhere, it’s almost a must have. Plus, most online chat apps come with an incredibly generous free plan.
2) Add a FAQ page to your website: Online visitors always have questions. You want to make sure you have answers.
3) If you’re an ecommerce business, then offer free shipping and returns. I understand this isn’t always possible, but with most products it really is. Even if you have to bump up your price a little, offering free shipping and returns will actually increase your conversions and improve customer experience.
4) Offer unlimited, prompt, and super friendly email support: When in doubt, what do people do? They contact small businesses via email. If you offer a quick reply in a friendly voice, you’re likely to gain a new customer.
Moral of the story: Do all you can to invest into your customer service. It will keep the money coming in from your most loyal customers.
Don’t miss this last stat. It’s both alarming and motivating.
10. Only half of all small businesses will survive the first 5 years, according to Digital[.]com
I don’t have to tell you that business is getting more and more competitive, especially as new tools, apps and online software become available to help. You just have to make sure you’re staying ahead of the game. Don’t be scared to hire a professional to help you, or pay for a strategic consultation with an expert. Making these kinds of investments now may seem daunting, but in 1 to 10 years it will produce growth and a return on investment you will never regret.
Moral of the story: If you want to be one of those businesses that make it after 5 years, invest in an expert to help you with marketing, branding and online tools.
Go ahead and take your time checking these sources. The research pans out. What are your thoughts?