Have you ever spent money on marketing that you came to regret later?
I think most of us would like to forget those experiences.
Maybe that’s why so many small businesses get stingy with their marketing budgets. When Wasp Barcode surveyed 1,100 small businesses earlier this year, this under-investment really stood out — 34 percent of U.S. small businesses invest less than 3% in their marketing.
Despite the low marketing spend, 43% of small businesses still say they want to increase revenue by “improving existing customer experience and retention,” and 28% of them want to “Invest in new customer acquisition activities and methods.”