The data comes from Thrive Analytics’ 2016 Local Pulse Report, which surveyed 1,110 local businesses and combined their responses with historical data from the past six years.
Only 38% of SMBs utilize mobile payments, but 23% say it will have a significant impact on their business in the years to come. The mobile payments market is expected to hit $1.08 trillion by 2019, according to Trendforce. Companies not preparing for this massive influx and change in consumption habits will be left out in the cold.
With the focus on mobile, social media naturally follows as many businesses try to build a social media strategy.
Only 60% of respondents had a Web site, but 80% have a social media presence, either on Facebook, Twitter or Linkedin. Most consider social media a means to build leads more than anything else, and very few (19%) have paid for a social media campaign.
“Many SMBs are now considering social media a standard component of their marketing mix, since many view it as a “free” source of leads. About half of businesses still report that their biggest challenge with social media is the lack of time to manage social channels properly,” stated Peaslee.
75% of respondents said they don’t use technology to track the effectiveness of their advertisements, but they do ask customers directly how they found out about their business.