UpSwell Marketing Survey Unveils Small Businesses Are Navigating Economic Challenges with Strategic Confidence

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Apr 30, 2024, 09:03 ET

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.

SOURCE UpSwell Marketing