Then vs. Now Small Businesses

How Running a Small Business THEN VS Has Changed in Five Years NOW Constant Contact asked small business owners how running a small business today (NOW) differs from five years ago (THEN) LET'S SET THE STAGE Need a refresher on what was going on five years ago (THEN)? Take a trip down memory lane* Top political event: Top financial collapse: Lehman Barack Obama elected President Top movie: Wall-E of the United States Top sports moment: Tiger Woods' U.S. Open Victory Top buzzword: Change NOT AN FASY GIG It's no secret that running a small business can be tough... and it hasn't gotten any easier! THEN VS NOW 59% say it's harder to run a business NOW 12% 30% 30% say it's the same 12% say it was 59% harder THEN Small businesses who think The 3 biggest differences in doing it's harder point to: business THEN vs. NOW 84% Use more online marketing tools The economy 55% Say economic uncertainty Keeping pace with technology 49% 59% More competition 40% Use more 27% automated = business solutions Is being locally owned important to customers? More small businesses SUPPORTING LOCAL BUSINESS are saying yes! THEN (VS NOW Volume of customers THEN vs. NOW: 42% 51% 55% 26% Say volume increased Say volume decreased Importance of being locally owned THE MORE THINGS CHANGE, THE MORE THEY STAY THE SAME The top concerns of small businesses: THEN VS NOW ///// 78% 61% 49% 75% 65% 58% New Low on Low on Keeping customers New Keeping customers customers time customers time THE RIGHT TOOL FOR THE The top RIGHT MARKETING JOB tools used by small businesses: / THEN VS NOW ///// 64% Email 98% Email marketing marketing 21% Online 36% Online directories directories 20% Event marketing 44% Event marketing 10% Social media 87% Social media marketing marketing The growing importance of word-of-mouth can't be overshadowed: It's no coincidence that the rise in social media coincides with a rise in importance of word-of-mouth. THEN (VS NOW WHY? Social media is 32% 40% amplitying word-of-mouth referrals! THE NOW CUSTOMER Small businesses are seeing a difference! 55% | 49% So how have their customers 63% changed NOW vs. THEN? 71% 52% 48% Business is good: Customers increased Spend more money It's harder to serve customers now: Higher expectations Expect more value Expect more discounts Expect better service THE FUTURE NOW: CAUTIOUS OPTIMISM REIGNS Expect revenues Do not plan to BUT 56% increase hire in the next in 2013 6 months NOW HII||||| 5 YEARS Where do small businesses 58% see their business five Thriving 26% years from NOW? Steady 8% Closed NOW 4I1115 YEARS What will have the 55% biggest impact on small business five Economy 18% years from NOW? Mobile search/ marketing technologies Constant Contact Source: May 2013 Constant Contact "Small Businesses: Then and Now" Survey *"The Top 10 Everything of 2008" TIME Magazine, November 2008 http://www.time.com/time/specials/packages/0,28757,1855948,00.html