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SMALL BUSINESS STATISTICS TO HELP YOUR DIGITAL MARKETING STRATEGY (2018)

General Small Business Statistics

In honor of Small Business Week, a yearly event that began with a presidential proclamation in 1963, we compiled a list of more than 50 compelling small business statistics available in 2018.

Two-thirds of all businesses survive at least two years, half of all businesses survive at least five years, and one-third of all businesses will survive at least 10 years (Fundera, 2017). 82% of small business failures are due to issues with cash flow (VisualCapitalist, 2017)

  • 42% of small businesses fail because there’s no market for their product or service and 14% fail because they ignore their customers (VisualCapitalist, 2017)
  • 83% of employers say retaining employees is their top benefits objective (VisualCapitalist, 2017)
  • Microbusinesses (those that employ fewer than 10 employees) make up 75.3% of private-sector employers and employ 10.5% of all employees (SBA, 2017)
  • Small businesses create about 2 out of 3 new jobs in the U.S. each year
  • 66% of SMB owners are personally responsible for three or more of the following areas of their business: operations, finance, sales, marketing, human resources, customer service, product development, or IT (Salesforce, 2017)
  • While only 11% of SMBs currently use AI, 51% believe AI is an important factor when choosing new technologies (Salesforce, 2017)
  • The average SBA 7(a) loan is $371,628. The maximum loan amount is $5 million. There is no minimum (SBA, 2017)

SMBs + Digital Marketing: Did You Know…

  • Less than 8% of total B2B product sales are closed directly through the Internet, versus 15% for B2C products
  • Studies show that between 70-80% of people research a company online BEFORE visiting the small business or making a purchase with them
  • 72% small businesses focus on increasing revenue, but they also see great value in establishing new customer relationships (60%), and marketing and advertising (46%) (Business Insider, 2017)
  • 43% of SMBs says that improving customer experience and retention is their top strategy to improve revenue growth
  • 30% say that keeping up with technology advances is a major concern of small business owners
  • Driving sales (51.3%) and building brand awareness (48.4%) are the two top digital marketing priorities for small businesses(Leadpages, 2017)
  • Mobile usage per B2B worker is expected to increase from two hours a day to three by 2020, driven by millennials, Gen Z, and the increasing use of smartphones by older workers (Google, 2017)
  • Mobile drives or influences an average of more than 40% of revenue in leading B2B organizations (Google, 2017)
  • 50% of B2B search queries today are made on smartphones, and this percentage will grow to 70% by 2020
  • Mobile marketing can accelerate time to B2B purchase by 20% (BCG, 2017)

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