Despite the economic downturn, 38% of small businesses increased their ad spend in 2020.
According to The Manifest, small businesses increased their ad spend last year. As consumers were forced to stay at home, the time spend on digital platforms for adults increased to over 16 hours a day. Businesses used this increased screen time as an opportunity to connect with their potential buyers.
Interestingly, only 22% of small businesses decreased their ad spend in 2020. Though pandemic caused the worst economic downturn since the Great Depression, many companies found the crisis helped them strengthen their connection with customers. As a result, most companies advertised on social platforms.
Around 45% of small businesses plan to increase their social media ad spend in 2021. With 35% of companies planning to increase their digital video platforms' investment this year, video advertising will be a popular choice among advertisers in the current year.
[3 minute read]