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Small businesses risk losing out by not targeting new clients

Small companies are holding back on investing more resources into trying to attract new customers during the recession, according to a survey from data solutions provider Lloyd James Group.

The survey found that only 42% of respondents from businesses with 1-10 employees and 49% of those from companies with 11-50 employees supported the idea of boosting investment in the targeting of new businesses.

This is in contrast to 79% of respondents from companies with 250-1,000 employees and 70% of those businesses with more than 1,000 employees that backed the idea of shifting spending into customer acquisition during the current economic downturn.

"Smaller businesses risk losing out to bigger competitors if they don't keep marketing to new customers despite the economic situation - just hanging onto the current clients is not going to be enough," said Darrel Linehan, Client Services Director at Lloyd James Group.

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Post Date: May 20th, 2009