It’s based on empirical evidence collected via a survey undertaken by market research company OpinionMatters in January and February 2013. For the survey, 514 small- and medium-sized enterprises (SMEs) were asked a range of quantitative and qualitative questions. That survey formed the basis for estimates relating to the reported rise in SME sales and value added.
Key findings include:
- SMEs report that they could raise sales by an average of 15.2% if they maximise the impact of their marketing effort
- Taking sales diverted from other SMEs into account, we estimate that this would result in a sales increase of up to 9.2% for the SME sector, a rise of up to £122 billion in 2011 prices
- According to survey results, the rise in sales would be much higher in some sectors than in others – for instance, the ICT sector expects a boost of up to 19.1% compared with just 5.6% in the wholesale & retail trade
- If a stable relationship between value added and turnover still holds under these circumstances, this would result in a rise in value added of £43 billion per year in 2011 prices
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