New Zealand’s small to medium enterprises (SMEs) are most concerned about keeping and satisfying existing customers in 2015, according to a Yellow NZ Business Confidence Survey.
The survey, commissioned by Yellow, and conducted by Colmar Brunton, investigated the biggest concerns for SMEs and found almost eight out of 10, or 77 per cent are concerned about satisfying existing customers. A third said this was something they were ‘very’ or ‘highly’ concerned about.
Overall, SME expectations are positive for the coming year, especially among retail and wholesale businesses. More than half of SMEs across the country expect profit to grow in 2015 and only six per cent anticipate a decrease in profit.
Yellow CEO, Michael Boersen, said the research looks broadly at expectations and concerns, and the results show that things like rising costs, attracting new customers, and new revenue streams remain an ongoing concern.
“We think that business owners are aware of how bombarded consumers are with messages from an ever increasing number of channels. They know that it can be a full time job to maintain the status quo. Competition these days isn’t just a new shop a few streets over, it’s your competitor set online too,” Boersen said.
The Yellow NZ Business Confidence Survey also investigated areas that business owners want to upskill inl. Keeping up with marketing trends was a top concern for 41 per cent of SMEs, however, digital marketing was further down the list at just 34 per cent.
“What this tells us is SMEs are viewing digital marketing as a separate area, as opposed to a core part of their marketing. They might be missing a trick if they’re not prioritising digital, as an online presence can be a cost effective and efficient way to be top of mind with customers,” he said.
The survey looked at how business owners wanted to upskill and found 67 per cent wanted to attend ad hoc events or seminars but almost a third said time was the biggest barrier to attending.
For those outside the main metros, accessibility was an issue, with 25 per cent of SMEs in Northland, the central North Island and Otago citing this as a barrier to learning. Cost was a stumbling block for almost one in five business owners.
