Small and medium businesses are optimistic about the value of marketing, and a majority of businesses have started or will continue to invest in new technologies like AI as part of their marketing strategy, according to new research from LinkedIn.
As per the data, 9 in 10 small and medium business (SMB) marketers in India are investing in AI and automation to stay resilient in a challenging economy.
The total sample size was 309 qualified senior decision-makers in small and medium businesses in India. Fieldwork was undertaken between 15-23 March 2023. The survey was conducted online.
The top priorities of businesses are to expand their customer base (44 per cent), increase business revenue and market share (43 per cent), and build brand loyalty (36 per cent) and to achieve this, 90 per cent have started and/ or will continue to invest in new technologies like AI as part of their marketing strategy.
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"With India's SMB sector expanding rapidly, small businesses must effectively balance short-term activations with long-term brand-building solutions to differentiate themselves from competitors and achieve sustainable growth," said Ashutosh Gupta, India Country Manager, LinkedIn.
Indian SMBs are banking on AI technologies to advance business priorities.
"More specifically, nine in ten (90 per cent) are investing in areas, such as marketing automation, AI and online communities as part of their budget, with over nine in ten (93 per cent) agreeing that ChatGPT could help their business with marketing," it said.
On the rise in SMBs using marketing automation, Gupta said, "With AI and automation tools, businesses can free up staff time for higher-level work, deploy creative marketing strategies, optimise ROIs and meet business objectives effectively."
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Despite business challenges, SMBs firmly believe in brand building and connecting with customers through marketing, indicating that they're playing the long game, it said.
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