Small and medium-sized businesses say they are laser focused on retaining current customers or growing their customer base next year, according to the latest SMB Business Barometer released by Borrell Associates on Tuesday.
According to Borrell, 37 percent of SMBs said their ad and marketing priorities for 2023 were to maintain or grow their customer base, while 18 percent said they were focused on cost-effective ads and another 11 percent said digital marketing was a priority.
As to whether SMBs plan to grow or shrink their ad budgets in the future, Borrell’s barometer showed the majority of surveyed business owners plan to maintain their marketing budgets from prior years, while only 19 percent said they intend to spend more.
The report offered interesting insight into how SMB owners view the chances of a recession heading into next year, and whether their ad and marketing budgets will be impacted, accordingly.
Watch the full video from Borrell below:
