As a small business, our inbound marketing goals differ from large companies with big budgets—but you already knew that. What you might not know, however, are the specific goals of small business (1 to 25 employees) according to the new “State of Inbound” report published by HubSpot.
Out of the 3,957 respondents to this year’s annual survey, 64% were from small businesses. Each participant was asked to rank inbound priorities as they see fit for their business. Here are the five inbound marketing goals and what they mean for small businesses:
1. Converting Contacts and Leads to Customers
71% of small business survey participants ranked converting contacts/leads into customers as their number one priority, which makes sense. Getting new leads are useless if none of them can be converted to customers.
2. Increasing Number of Contacts and Leads
Equally important to gaining new customers is attracting more leads, at least according to 71% participants. The same number of respondents stated that increasing contacts and leads is their number one priority. Again, common sense—without leads, there would be no new clients.
The research revealed overwhelmingly, increasing volume at the top of the sales funnel (attracting leads and converting leads to customers) is top priority for small businesses.
But what about nurturing and retaining existing customers?
3. Increasing Revenue Derived from Existing Customers
When it came to the importance of retaining existing customers, the stats dropped; only 43% of contributors felt that increasing revenue from current clients was the highest priority.
4. Proving the ROI of our Marketing Activities
Showing a positive ROI to the “people who write the checks” makes it 9 times easier to get a larger inbound marketing budget for the following year. Why is it then, that only 33% of respondents consider proving ROI to be top priority?
The answer may be, in part, because of the analytics involved in proving that ROI. If you don’t know how to properly extract and dissect all the data that is collected from your inbound marketing efforts (the HubSpot platform offers excellent, easy-to-read, easy-to-understand data reporting), it’s kind of hard to show the success of those efforts to someone who understands even less about the whole “inbound” concept.
5. Reducing the Cost of Contact/Lead/Customer Acquisition
Only 20% of small business participants consider reducing cost of inbound efforts to acquire new leads and customers to be a top priority, a result that follows suit with the other statistics reported.
So, in a nutshell:
- Small businesses with limited marketing budgets view inbound marketing as instrumental to increasing the number of new leads and customers.
- Gaining new leads and customers is viewed more important than getting more revenue from existing clients.
- While determining ROI and cutting costs are important, they understand the worth of inbound marketing in filling the top of that sales funnel.
Most small business marketers recognize that while marketing budgets are smaller and cost is important, leads generate customers, and customers generate profit!
Are you part of a small business? Do you agree with these statistics? Tell us in the comments!