How big is the market? 5.1 million U.S. companies of less than 1,000 employees
Google and Accenture surveyed 1,500 SMBs, interviewed 30 SMB leaders and analyzed employment data to better understand SMBs.
Small and Medium Business (SMBs) represent a major growth opportunity—but many businesses struggle to understand, segment and target the SMB market.
With the right mindset and an understanding of SMBs’ needs and purchase journeys, companies can prove successful with smaller customers.
SMBs behave more like consumers than large enterprises. That may be why consumer brands often win SMB dollars as these brands appeal to individuals and have already forged relationships across the journey from awareness to loyalty.
79% of SMBs use online advertising and search engines in at least one phase of their buying journey.
Given SMB buyers are typically not experts in every purchase, they highly regard recommendations from trusted experts, friends and family as a form of validation for purchase decisions. This highlights the importance and the opportunity of having influencers advocating for brands that choose to target SMBs.
Selling to small-and medium-sized businesses can be a major growth opportunity. They are vast in number, accessible through digital channels, open to conversation and advice and, once a purchase is made, resistant to switching.
32% of SMBs have no preference of B2B or personal brand when choosing a product or service for their business.
Driving revenue growth is the primary purchase motivator for SMBs. Growth goals span incubating new customer segments, opening new locations, or entering new markets.
63% of SMBs who are purchasing marketing services indicated that new product and service purchases are growth motivated
Loyalty first, second, third and fourth
Most SMB executives do not have the bandwidth to focus on buying processes. SMBs spend the time upfront, discovering and evaluating potential products and services. Once SMBs have decided on a solution or brand, they’re loyal and committed. SMBs will only reflect on their decision in the face of quality challenges or large price increases.
62% of SMBs state they highly likely to renew products or services they purchased.
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