New Study Reveals SMB Companies Are Increasing Adoption of Modern Marketing Techniques
Survey Highlights Business Value of Modern Marketing Techniques and Factors Driving Increased Adoption
Redwood Shores, Calif. – October 10, 2013
Small-to-medium (SMB) size companies are faced with a complex set of marketing challenges as they look to drive the best customer experience, understand and engage their audiences, accelerate sales cycles, and deliver the fastest time to revenue. To understand how SMBs are addressing these challenges and implementing modern marketing techniques, Oracle Eloqua partnered with BtoB magazine to survey 204 executives from companies with revenues of $25 million to $200 million. The findings suggest SMB marketers are quickly adopting modern-marketing techniques to engage customers, drive revenue, and demonstrate value to the business.
To show how SMB marketers are implementing modern marketing techniques, Oracle Eloqua today announced the results of the study highlighted in a sponsored white paper by BtoB magazine titled “SMBs: Maximizing Synergies in Technology, Branding, Customer Interaction.”
The global study surveyed 204 executives from SMBs and is the second part of a series that aims to define modern marketing for enterprises and SMBs. The first study, “Defining the Modern Marketer: From Real to Ideal”, was released in April 2013.
Overall, the study revealed that SMB marketers need to implement modern marketing practices to demonstrate the value of their marketing activities and drive revenue for their businesses.
The business value of modern marketing techniques: 72 percent of SMB marketers believe modern marketing solutions that facilitate targeting, engagement, conversions, analysis, and marketing technology will result in better sales.
Tracking marketing ROI is driving a shift to modern marketing: When asked about the most important changes that have contributed to the formation of the modern marketer, 64 percent of SMB marketers identified the ability to track ROI. The maturation of digital demand generation and lead nurturing (53 percent) and the emergence of social media (52 percent) also are prominently noted.
SMB marketers rely on vendors to support the transition to modern marketing: 55 percent of SMB marketers believe that the most important benefit that vendors can provide is communicating the value of their investment in technology. This critical element was followed by the importance of easy-to-use software (51 percent), and the need to reduce red tape and make it easy to do business (41 percent).
SMB companies are accelerating their transition to modern-marketing practices: In assessing the marketing state of their companies in 2012, 30 percent of SMB marketers indicated they were “strong” or “complete” adopters of modern marketing capabilities. For 2013, that estimation rises to 49 percent, and in 2014 to 74 percent of SMB marketers.
“Modern marketing techniques are enabling SMB companies to improve targeting, engagement, conversions, and analysis across digital, social and mobile channels through the use of technology,” said Andrea Ward, VP of Marketing at Oracle Eloqua. “As this survey showed, the majority of SMBs are in the process of accelerating their transition to modern-marketing practices. At Oracle we are committed to helping our customers drive the best customer experience, understand and engage their audiences, accelerate sales cycles, and deliver the fastest time to revenue.”