Marietta, Georgia, April 30, 2024 /PRNewswire/ — UpSwell Marketing, a leading direct response marketing agency specializing in small business growth, today announced the results of its 2024 SMB Owner Sentiment Survey. The survey of 545 businesses takes a closer look at how small businesses are grappling with inflation, operating costs and evolving market demands, highlighting cautious optimism and resilience. .
Key findings:
- increase in revenue: A majority of companies (60.18%) will report revenue growth in 2023, with more than half expecting further growth in 2024.
- Growing operational challenges: In 2023, 76.09% of businesses experienced a sharp increase in operating costs. Inflation emerged as the main concern for next year, cited by 46.06% of participants, followed by concerns about economic recession and supply chain disruption.
- adaptation strategy: In response to increased operating costs, 46.88% of companies plan to adjust their pricing strategies, while 29.37% plan to absorb these costs, which will impact profit margins.
- concentrated investment: Digital marketing has emerged as a top area for increased investment, reflecting the shift to online platforms and digital opportunities.
- Stable workforce planning: Despite the prevailing challenges, the majority of companies plan to maintain stable employee numbers, highlighting a commitment to maintaining stability and promoting growth.
“Looking back at our survey results, it's clear that the majority of small businesses, the backbone of the U.S. economy, are optimistic about the year ahead.” Eric Goodstadt, CEO of Upswell Marketing. “Despite recognizing the various challenges, these companies are focused on navigating through them with resilience rather than viewing them as deterrents. It shows a strong belief in the potential for prosperity and a firm confidence in the future.”
About Upswell Marketing
With unparalleled industry expertise, UpSwell specializes in driving the growth of location-based businesses through targeted direct response marketing solutions. Its approach is tailored to meet each client's unique needs, combining deep market insight with a comprehensive suite of marketing services to deliver measurable results. UpSwell is dedicated to driving growth for our customers and ensuring success for small businesses.
SOURCE UpSwell Marketing
