It also showed SMEs with advanced levels of digital engagement were 50 per cent more likely to report growth in revenue - and earn 60 per cent more revenue per employee, compared to those with basic engagement levels.
Here’s a case study: Rob Outridge, the owner and operator of IGA Supermarket in Maleny on the Sunshine Coast in Queensland, says “for years I have been scratching my head wondering how much of our trade was local and how much came from elsewhere”.
The business – albeit under a few different owners – has operated in the same location since 1905 and is housed in a beautiful Art Deco building, selling local produce to residents and tourists alike.
Using ANZ’s Business Insights Tool, Outridge learned more than 80 per cent of his business comes from local residents, with the remainder being tourists and people passing through.
“The lessons are numerous,” he said. “Look after your locals and don’t waste money on ‘scattergun’ advertising.”
“We learned the business tends to attract an older demographic, which may be due to the quality and range of gourmet lines, but may also point to marketing efforts not resonating with the younger set.”