Canadian small businesses recognize the importance of branding, but don’t look for help from brand experts, according to a report from American Express Canada.
The online survey of 529 owners of businesses with fewer than 100 employees found that 84% of those small business owners say branding is important to overall business success, and 73% said they need to constantly monitor brand perception — but fewer than half review and refine their brand on an annual basis, and only 14% hire third-party experts to help with branding. Twenty nine per cent said they had developed their brands completely on their own.
“It is surprising to see that the majority of [small businesses] aren’t investing in the necessary third party resources to help them develop and refine their brand, yet they are willing to invest in other areas, such as accounting, legal or payroll,” Athena Varmazis, American Express Canada’s vice-president of small business services, said in a release.
The lack of interest may be due to worsening economic perceptions among small business owners. A significantly smaller percentage than last year said they are hopeful about their financial future (down 12%), that their current financial position is improving (down 21%), and that they are willing to take big risks (down 38%).
“Now, more than ever, business owners are mitigating risks and are carefully planning for the future,” Varmazis said.
The survey was conducted by Rogers Connect Market Research. Results were regionally weighted to better reflect national perceptions.
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