20 May 2024, 11:12
By Furniture News Feb 01, 2024

Only a third of retail businesses plan for growth, finds new report

A new study of almost 2000 decisionmakers has found that businesses in the retail space are falling short on their growth plans - with just a quarter (24%) on track to achieve their goals for new leads this year.

The Marketing Maturity Report, by The Marketing Centre, asked business leaders from SMEs across the UK to mark themselves against 60 statements, with the results highlighting a growing business and marketing planning gap in the UK.

Despite over two-thirds of retail firms having clear goals for their business (67%), only 36% have a documented business plan that sets out how they will reach said goals.

Furthermore, of the respondents in the retail and wholesale sector, less than one in five (19%) said they follow a marketing plan that produces regular, timely marketing activities, and are essentially “marketing in the dark”.

Other findings from the report for the retail and wholesale industry include: 64% of respondents feel they know which audiences they are targeting in their marketing; only 24% think they are generating enough high-quality leads to achieve their business growth targets this year; and just 8% have clearly defined marketing performance measures.

Overall, the retail industry came 16th in the industry analysis out of 23 sectors, when looking at marketing maturity across all 60 questions, signifying that there is more to be done in the industry to increase the focus on a sound marketing strategy.

Pete Jakob, marketing director at  The Marketing Centre, says: “The lack of strategic business and marketing planning is a huge issue for UK SME leaders - who are essentially marketing in the dark. A well-crafted business and marketing plan is not just a blueprint, but a safeguard against uncertainties, a guide for companies to grow, and a shield for overall business success.

“The saying is true - if you fail to plan, you plan to fail. With more than half of companies in the UK not having a business or marketing plan, there are significant risks, and it’s crucial for business owners to realise that a documented business plan leads the way for marketing success to align with your vision.

“A strategy gives senior leaders the confidence that budgets will be channelled into the right areas, and activity will be measured and optimised to drive brand awareness, positive sentiment and ultimately sales. A strategy helps to steer the ship, and with that comes focus on reporting, CRM systems, tools and lead generation.”

Read the full Marketing Maturity Report here.

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