CHICAGO–(BUSINESS WIRE)–May 10, 2022–
According to new data released today by ActiveCampaign, the leader in customer experience automation (CXA), 56% of consumers favor buying from small businesses amid high inflation. That’s after just 4% of consumers said they didn’t experience inflation, and 28% said they noticed prices rising faster among small and medium-sized businesses (SMEs) – vs. 20% among major brands and 49% in all companies. Yet consumers want to support SMEs given the many obstacles they face every day. In fact, 30% of consumers said they want to support small businesses over big brands because they know they have more difficulties and fewer resources.
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ActiveCampaign surveyed 1,000 consumers to learn more about the impact of inflation and other hurdles on small businesses and consumers, and how businesses can thrive during this time (Graphic: ActiveCampaign)
In recognition of SBA’s National Small Business Week last week, ActiveCampaign surveyed 1,000 consumers to learn more about the impact of inflation and other hurdles on consumers and small businesses, as well as how businesses can thrive during this time.
The survey found that while consumers want to support SMBs, 88% said higher prices are one of their top three barriers, with 69% selecting it as their top barrier. With nearly half (42%) citing not forgetting to research small businesses when researching products and services as one of their top three barriers, it’s more important than ever for businesses to all sizes keep their brand at the top of consumers’ concerns. Companies can make this a reality by collecting, organizing and acting on customer data. From segmenting audiences to sending personalized content to finding customers where they are, data drives better decisions and ultimately improves the customer experience.
Other findings of the report include:
- 1:1 experiences are the answer: Personalized experiences and values aligned at 43% when consumers were asked what would make them prioritize shopping at small businesses despite inflation. There are many ways small business owners can replicate this 1:1 experience through marketing strategies, including through email communications, text messages, and even Slack notifications.
- Entrepreneurship is the new diploma: 45% of consumers surveyed said they had considered starting a small business in the past year. And, breaking it down further, 56% of students surveyed said they had considered starting a business in the past year. Amid the difficulties faced by business owners, many students are eager to try their hand at entrepreneurship.
- Business owners need to create experiences that benefit both in-person and online interactions: 64% of consumers want to interact with small businesses in person, leaving 36% who prefer to interact online. Historically, consumers almost only wanted to interact with businesses in person because that’s how those businesses were set up to deliver a great customer experience. Now, there are solutions for businesses of all sizes to deliver personalized experiences online, giving consumers the one-on-one attention they crave with added convenience.
“Small businesses have been particularly hard hit in recent years, whether it’s supply chain issues, inflation or labor shortages. However, the resilience of the SMBs we work with continues to amaze me and how they use the tools and resources at their disposal to succeed,” said Jason VandeBoom, Founder and CEO of ActiveCampaign. “We look forward to continuing to support growing businesses by helping them act on data specific to their business and helping them deliver amazing experiences to their customers.”
“We certainly felt the effects of inflation. The products we need to run our business are getting more and more expensive,” said Benjamin Woodruff, co-CEO of Woops! “Fortunately, ActiveCampaign has helped us continue to grow during this time with tools like data segmentation and marketing automations. It has allowed us to stay connected with our B2C and B2B customers.”
ActiveCampaign’s Customer Experience Automation (CXA) platform helps more than 150,000 businesses in 170 countries to meaningfully engage with their customers. The platform gives businesses of all sizes access to over 750 prebuilt automations that combine transactional email and email marketing, marketing automation and CRM for powerful segmentation and personalization across social media, e -mails, messaging, chat and text. More than 70% of ActiveCampaign customers use its 870+ integrations, including Microsoft, Shopify, Square, Facebook, and Salesforce. ActiveCampaign scores higher in customer satisfaction than any other marketing automation, CRM and e-commerce personalization solution on G2.com and is the highest rated email marketing software on TrustRadius. Pricing starts at just $9/month. Start a free trial at ActiveCampaign.com.
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CONTACT: Kirsten Welch
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PUBLISHED: 05/10/2022 07:00 AM/DISC: 05/10/2022 07:02 AM
Copyright BusinessWire 2022.