Britain’s small businesses are missing out on £122 billion worth of sales by neglecting to market their product or service as well as they could, according to new research.
A survey by technology services company Pitney Bowes has indicated that small business owners typically only complete 39 per cent of the marketing activity they had planned due to a lack of time or money.
According to freshbusinessthinking.com, it was forecast that this costs a business almost 10 per cent of its profits on average.
The study highlights just how important a solid marketing campaign can be to a small business. Some companies offering franchise services might be able to benefit from investing a bit more time into advertising their product or service.
In an interview with smallbusiness.co.uk, Pitney Bowes digital vice president Ryan Higginson agreed it was important for businesses to maximise their marketing efforts.
He said: “There is a great opportunity for savvy SMEs to grab a slice of the £122 billion but to do so they must look for ways to embrace every sales opportunity and maximise profit.
“Implementing digital marketing is one way of doing this and easy-to-use, low cost online tools can help set up a digital marketing campaign in under a day.”