Published on 11 - March - 2010
Firms ramp up marketing to fight recessionNew FPB survey reveals that smaller businesses hope to beat the recession and boost revenue by stepping up their sales and marketing strategies.
After cutting operating costs to the bare minimum, many smaller firms are hiring sales staff, improving their websites and boosting marketing activities in a bid to tackle tough trading conditions, according to the Forum of Private Business (FPB).
Research carried out by the organisation also revealed that many business owners expect their efforts to pay off, with 56% of those surveyed, expecting to increase their turnover in 2010 and 44% expecting to see growth in the year.
The findings are the first of the FPB's new 'economy watch panel' - a body of more than 350 members who are sharing their experiences as the economy moves away from recession.
The panel painted a generally positive picture, with firms expressing a defiant attitude to the downturn and only 13% concentrating on cutting costs.
FPB research manager Thomas Parry said of the results: "These findings are quite encouraging and show there's a healthy amount of fighting spirit among smaller firms. We appear to be seeing an upturn in confidence among SMEs and, by investing in sales and marketing strategies, small business owners are showing determination and entrepreneurial flair."
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