Why brand visibility is critical for a bumper 2024
UK SMEs have optimistic outlook as they make marketing their number one priority in 2024.
According to recent research, companies plan to spend big on increasing their brand visibility. Data published in The Ambition Index, where Censuswide surveyed more than a 1000 UK businesses, reveals that SMEs will collectively invest £252 billion in growth while spending a staggering £35.1 billion on marketing as they prioritise it ahead of any other part of their business.
SMEs are looking ahead with a renewed sense of confidence and ambition, with 7 in 10 feeling optimistic about the prospects for their business in the year ahead and the same amount saying that growth is the priority for 2024.
This is backed by supplementary research that surveyed independent retailers specifically, which found that these small business owners are remarkably upbeat about their growth prospects with 89% expecting to grow over the next 12 months and 93% feeling confident about the future of their business.
What are the key marketing channels that UK SMEs are set to explore?
In The 2024 State of B2B Pipeline report 80% of marketers said getting new qualified leads is mission critical or an urgent priority.
Content creation and syndication were cited by 61% of brands who said they expect to rely on these channels to reach their goals.
More than 2 in 5 companies (43%) use digital marketing channels and content syndication to reach different or a new set of prospects while more than 1 in 5 (23%) use these channels to replace less effective lead generation methods.
Although SMEs across all regions of the UK are planning to invest billions of pounds in growth, data reveals that London leads the way on investment followed by the Southeast and East of England.
When it comes to marketing spend, Northern Ireland and Scotland are the regions planning to prioritise marketing the most with 42% placing it at the top of their plans.
Investment by sector
Sector-wise, the banking and financial services (84%) sector leads the way in terms of optimism and investment, followed by engineering and building (84%), architecture (83%), IT (83%) and manufacturing (83%).
Alongside the desire to invest big on marketing, 21% of SME business leaders point to creativity as being the most important factor in unlocking growth.
However, there are myriad of challenges that SMEs are expecting to experience over the course of the year. SME leaders are particularly worried about the cost-of-living implications on customers (30%), the resulting impact of the rising cost of living crisis on their business (25%), high interest rates (25%) as well as rises in business rates (19%).
In light of these challenges it has never been more important to invest in marketing your brand and organisation to set yourself apart from the competition.
Further Reading
The Ambition Index Three Business
The UK’s small retailers make investment in tech a top priority for 2024 American Express
