New findings of PNC’s biannual survey reveal a decline of optimism among small business owners compared to six months ago. Twenty-two percent of respondents are optimistic about their companies’ prospects during the next six months. Only 16 percent of business owners surveyed intend to add full-time employees; 8 percent plan to reduce staff. The remainder indicated they plan to make no changes. Sixty-three percent of executives surveyed plan to spend money on capital investments in 2014. Technology equipment remains the top priority.
Almost half of the companies surveyed said the $85 billion of federal spending cuts had no impact on the U.S. economic recovery in 2013, and 78 percent say the Affordable Care Act has had no impact on their hiring plans.
Short-term interest rates will remain low through 2014, largely because core inflation remains below 2 percent, and an anticipated increase of economic growth late this year and into 2014 will be modest. There’s little sign price pressures are building, and inflation is likely to remain tame well into 2014.
The marketing outlook
More businesses are publishing original content successfully instead of allocating additional dollars to online advertising. The top B2B content marketing strategies are social media, articles on a business’ website, e-newsletters and videos, according to the Content Marketing Institute. It’s better to concentrate on inbound marketing by producing valuable, engaging content designed for a specific audience.
The next year will require a broadened social media perspective. Sites such as Pinterest, Google+, Tumblr and Instagram have surged in popularity, partly because they provide businesses with options and opportunities to produce engaging content in various media forms. Incorporating images is beneficial to any online marketing campaign. Blog posts that receive the most attention and interaction usually have a common characteristic: well-placed pictures to break up content and emphasize certain points.
Keep your message short and to the point. Because of the widespread use of smartphones and tablets, it’s necessary for companies to create content that’s accessible to mobile technology users.
While it’s difficult to predict how algorithms will evolve, there’s a reasonable chance social shares will match or even outweigh traditional inbound links by the end of 2014. The more people who share content, the higher its quality is likely to be; therefore, its position should increase within the pages of search-engine results.
What to do
Allocate 6 to 9 percent of your projected revenue to your advertising budget for 2014. As online marketing budgets continue to increase, offline directory advertising budgets should continue to decrease. A minimum of 25 percent of your marketing and advertising budget should be allocated to sustain and develop your existing customer base. Referral production, selling add-on services, cross-selling existing services and customer retention also deserve your time and attention.
Expect modest growth in the pest management industry in 2014. Strategic planning, tracking, accountability and execution remain the hallmarks of success for the industry. The bundling, expansion and marketing of services will provide new opportunities for savvy entrepreneurs. Are you prepared?
You can reach Goldglantz, president of Pest Control Marketing Co. and author of “Marketing Matters,” at hgpcmcinc@aol.com.
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