As new and exciting tech emerges, new LinkedIn data shows that Australian SMBs are adopting innovative marketing-tech tools such as AI to support their creative marketing during this tough economic moment.
The research found that despite the economic upheaval most SMBs are feeling optimistic about their marketing budgets, with the average yearly marketing investment in Australia currently sitting at nearly one quarter (23.5%) of annual business revenue. On top of this, just a small 5% plan to reduce their marketing budgets in the next 12 months.
What LinkedIn’s SMB research tells us about the current attitudes of SBDM towards their marketing:
- Seven in 10 (71%) of SMBs are investing in marketing-tech tools such as marketing automation (46%), ChatGPT/AI (32%), creating a TikTok account (29%), measurement tools (26%) and podcasting (19%) as ways to make the most out of their marketing budgets during the current economic conditions.
- Over a third (34%) have shifted their marketing spend towards more digital solutions, compared to five years ago, while three in ten (30%) agree that creative solutions are very important to their marketing strategy and a quarter (26%) agree that investing in building their brand will help ensure long term growth.
- AI tools such as ChatGPT are becoming of greater interest to SMBs, with over 3 in 5 (69%) believing that ChatGPT could help their business with marketing. Meanwhile those who have not/will not invest in such tools are likely driven by unfamiliarity with ChatGPT/AI, as three quarters (76%) of those SBDMs say they do not know enough about ChatGPT.
- When looking at ways of applications of AI tools such as ChatGPT, top mentions are efficiency improvement (47%), creativity enhancement (41%) and support with audience research (37%), followed by creating written content (36%), freeing up staff for more complex work (34%) and community management (31%).
- Brand building and brand awareness remain at the forefront of SMBs’ marketing strategies for differentiating themselves in market, with majority of surveyed SBDMs (88%) confident that they have successfully built brand awareness through their marketing.
- The top priorities of businesses for the rest of 2023 are to expand their customer base (40%), nurture existing customer relationships (39%), build brand loyalty and increase business revenue and market share (30% respectively).
With the help of AI and highly accessible marketing automation tools such as LinkedIn Marketing Solutions, businesses can effectively deploy creative marketing, optimise ROIs, and meet preferred objectives even during times of rising costs and uncertainty.
Also read: 3 Free AI tools to improve your SME’s copywriting
