Small business owners struggle to get the right marketing mix to attract new customers

New Ideas in MarketingEssential news for marketers, summarised by YouGov
March 02, 2020, 1:53 PM UTC

A Wells Fargo study found a 10-point decrease in overall optimism among small businesses for the Q1 of 2020.

The report based on 600 web interviews of small business owners found that 82% of the surveyed find attracting new customers as the biggest problem. The challenges include finding and retaining new customers, creating the right mix of advertising and marketing, among others.

However, 65% of the small business owners said they would increase networking to attract and retain new customers and obtain customer feedback (52%). 69% of the small business owners also think user reviews are extremely or very important for their businesses.

64% of the business owners expect their revenues over the next 12 months to increase a lot or a little. More than 80% of the owners are positive about their current financial situation.

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