Small businesses are expanding their marketing strategies, with 94% planning to increase their marketing budgets in 2024, according to a Taradel survey. A large focus for these businesses is social media advertising, with 70% allocating a portion of their budget to this channel. Social media advertising is cost-effective and offers easy-to-use analytics tools. Facebook is the preferred platform for 83.26% of small businesses, followed by Instagram (48%), LinkedIn (30%), and TikTok (10.7%). Trust in social media marketing is also growing, with YouTube being the most trusted site, followed by Facebook, Instagram, and LinkedIn.
Key Takeaways:
- Small businesses are broadening their marketing strategies and plan to increase their marketing spending in 2024, moving away from traditional methods like print media and cold calling.
- Social media advertising has become a primary focus for small businesses, with many allocating a significant portion of their advertising budget to platforms like Facebook, Instagram, LinkedIn, and TikTok.
- The trust and acceptance of social media marketing by customers are increasing, with YouTube being the most trusted site, followed by Facebook, Instagram, and LinkedIn.
“Today’s marketing options are much more extensive, and small businesses are increasing how much they spend on them. According to a recent Taradel marketing survey, 94% of small businesses have plans to boost their marketing spending in 2024.”
