PR Newswire
MARIETTA, Ga. , April 30, 2024 /PRNewswire/ -- UpSwell Marketing, a premier direct response marketing agency dedicated to small business growth, today unveiled the findings from its 2024 SMB Owner Sentiment Survey. The survey of 545 businesses paints a picture of cautious optimism and resilience, with a detailed exploration into how small and medium-sized businesses are gearing up to tackle inflation, operating costs, and the evolving market demands.
Key Findings:
- Revenue Growth : A significant majority of businesses, 60.18%, reported an increase in revenue in 2023, with over half anticipating further growth in 2024.
- Operational Challenges on the Rise : Operational costs have surged for 76.09% of businesses in 2023. Inflation emerged as the predominant concern for the next year, cited by 46.06% of the participants, followed by the fear of economic recession and supply chain disruptions.
- Adaptive Strategies : In response to the increasing operating costs, 46.88% of businesses plan to adjust their pricing strategies, while 29.37% will absorb these costs, impacting profit margins.
- Focused Investment : Digital marketing emerges as the top area for increased investment, reflecting a shift towards online platforms and digital opportunities.
- Steady Workforce Plans : Despite the prevailing challenges, the majority of businesses are planning to keep their workforce numbers steady, highlighting a dedication to maintaining stability and fostering growth.
"Reflecting on the survey findings, it's clear that a majority of small businesses, the backbone of the U.S. economy, are looking at the year ahead with optimism," stated Eric Goodstadt , CEO of UpSwell Marketing. "Despite acknowledging various challenges, these businesses are more focused on navigating through them with resilience rather than viewing them as deterrents. This shift in perspective marks a strong belief in the potential for growth and prosperity, indicating a robust confidence in the future."
About UpSwell Marketing
With unparalleled industry expertise, UpSwell specializes in powering the growth of location-based businesses through targeted, direct-response marketing solutions. Its approach, tailored to meet the unique needs of each client, combines deep market insights with a comprehensive suite of marketing services to deliver measurable results. UpSwell is dedicated to driving customer growth and ensuring the success of small to medium-sized businesses.
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SOURCE UpSwell Marketing
