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