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THE BUSINESS
JOURNALS
A DIVISION OF ACBJ
INSIGHTS
2016
MS B
A MARKET IN TRANSITION
The 14th Annual, Nationally Representat...
EXECUTIVE SUMMARY
2	
  
THE BUSINESS
JOURNALS
A DIVISION OF ACBJ
1 Women & Minority-owned businesses are increasing substa...
3	
  
INSIGHTS2016
MS B
THE BIG PICTURE


FOLLOWED BY: •  SMB SNAPSHOT!
•  NEW & NOTABLE SHIFTS !
•  PURCHASE DYNAMIC THEM...
Sole
Proprietors
1-4
5-19
20-49
50-99
100-999
SMALL & MID-SIZED COMPANIES
NUMBER 7.6M
4	
  
THE BUSINESS
JOURNALS
A DIVISI...
GROWTH IN THE NUMBER OF
BUSINESSES IS GREATEST AMONG
LARGER COMPANIES
5	
  
THE BUSINESS
JOURNALS
A DIVISION OF ACBJ
0.64%...
THE NUMBER OF WOMEN & MINORITY
OWNED BUSINESSES HAS INCREASED
SUBSTANTIALLY
6	
  
7.8
9.9
12.5
2.3
3.3
4.8
5.6
7.9
10.9
20...
MILLENNIALS ACCOUNT FOR 16% OF
SMB OWNERS & ARE THE LARGEST
LABOR FORCE
7	
  
Millennials’ Share of SMB Business Owners & ...
8	
  
78%
56%
32%
35%
52%
65%
77% 77% 76%
73% 73%
81%
78%
Jan 08 Aug 08 Oct 08 Mar 09 Aug 09 Nov 09 Dec 09 Dec 10 Dec 11 D...
SMB SALES GROWTH HAS REMAINED
FLAT OVER THE PAST YEAR
9	
  
37%
27%
21% 24% 26% 29% 31%
36% 33%
37%
34%
21%
20%
24%
30%
34...
KEY CHARACTERISTICS OF SMALL
AND MID-SIZED BUSINESS OWNERS
10	
  
68% men | 32% women
$185K household income (average)
52....
SMB OWNERS RUN COMPANIES THAT
ENCOMPASS AN ARRAY OF BUSINESS
LIFE STAGES
11	
  
Start Ups
3%
Growing
29%
Maturing
36%
Re-i...
SMBs ARE MOST ENGAGED IN WHITE
COLLAR INDUSTRIES, ESPECIALLY
SERVICES
12	
  
1% 1%
8%
13%
4% 3%
7%
12%
9%
37%
1%
5%
Total ...
SMB OWNERS THINK & ACT LOCALLY
13	
  
THE BUSINESS
JOURNALS
A DIVISION OF ACBJ
% Generating Sales:
Locally 92%
Nationally ...
14	
  
INSIGHTS
2016 MS B
NEW & NOTABLE
THE U.S. ECONOMY HAS RE-SURFACED
AS A TOP CONCERN AMONG SMB
OWNERS
15	
  
1! Cost of health insurance & other employee
ben...
REPUBLICANS ARE WORRIED ABOUT
THE UPCOMING PRESIDENTIAL
ELECTION & ITS IMPACT ON BUSINESS
16	
  
33% 31%
42%
30%
37%
31%
3...
WITH DECREASED UNEMPLOYMENT
RATES, THE SKILLS SHORTAGE HAS
INCREASED AS AN ISSUE
17	
  
5.1%
4.6% 4.6%
5.8%
9.3%
8.1%
5.5%...
50%
40%
38%
37% 37% 38%
25%
28%
37%
52%
75%
74%
2007 2009 2011 2013 2015 2016
SMARTPHONES HAVE LESSENED TIME
CONCERNS RESU...
PLANNED SMB RETIREMENTS ARE
BEING PUT OFF; 70 IS THE NEW 60
19	
  
3%
6%
8%
24%
26%
32%
64%
69%
Don't know who would
sell/...
54%
46% 46%
47%
50%
40% 40%
41%
48%
47%
46%
52%
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
ENVIRONMENTALLY NOT CONS...
SMARTPHONE USAGE IS GAINING
DEPTH AMONG SMB OWNERS
21	
  
“In lieu of of paper, I often use my SmartPhone for boarding
pas...
MOBILITY PRODUCTS BRING REVENUE
AND INCREASED PRODUCTIVITY TO
SMBs
22	
  
THE BUSINESS
JOURNALS
A DIVISION OF ACBJ
Top Thr...
SMBs WILL CONTINUE TO LEVERAGE
TRADITIONAL MEDIA WHILE ADOPTING
NEW CHANNELS – IT’S ADDITIVE
23	
  
31%
24%
19%
21%
18% 19...
24	
  
INSIGHTS
2016 MS B
PURCHASE DYNAMICS
“We would like to get your overall impressions of several major industries in the US. For each, please give your overall v...
THE MAJORITY OF SMB OWNERS
WILL BE MAKING BRAND/VENDOR
CHANGES IN THE NEXT TWO YEARS
26	
  
Making
Changes
61%
Not Making
...
31%
52%
48%
36%
47%
42%
32%
49%
31%
37%
48%
40%
49%
58%
Marketing
Travel
Business Services
Insurance
Financial
Telecom
Tec...
SOURCES OF ADVICE VARY BY
INDUSTRY…PEERS & COLLEAGUES
ARE OFTEN CONSULTED
36%
34% 34%
29%
35%
41% 41%
30% 29%
21%
19%
28%
...
TRUST IS A CRUCIAL COMPONENT OF
THE BRAND SELECTION PROCESS
29	
  
27%
29%
33%
35%
38%
40%
57%
60%
Offers cutting edge sol...
30	
  
INSIGHTS
2016 MS B
BUSINESS OF BRANDS
BRAND EVALUATION CRITERIA
31	
  
KEY
MEASURES
Leadership!
Differentiation!
Value!
Ethics!
Customer Service!
Momentum!
Rele...
6
7
8
9
10
1
2
3
4
5
TOP TEN BRANDS
32	
  
Business
Credit Card
EIGHT NEW BRANDS ENTERED INTO
THE TOP 25 IN 2016
33	
  
THE BUSINESS
JOURNALS
A DIVISION OF ACBJ
Vs. 2015
3 1 Amazon.com
1...
ABOUT THE BUSINESS JOURNALS
34
For more than three decades, American City Business Journals has been the nation’s largest
...
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2016 SMB Insights

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On an annual basis, The Business Journals gathers data from a national sample of small and mid-size business owners to compile key learnings and insights into the state of the SMB market. Within the proprietary report, we're sharing the big picture, new and notable market shifts, purchase dynamic themes and the most trusted brands.

Published in: Business

2016 SMB Insights

  1. 1. THE BUSINESS JOURNALS A DIVISION OF ACBJ INSIGHTS 2016 MS B A MARKET IN TRANSITION The 14th Annual, Nationally Representative!
  2. 2. EXECUTIVE SUMMARY 2   THE BUSINESS JOURNALS A DIVISION OF ACBJ 1 Women & Minority-owned businesses are increasing substantially 2 Millennial numbers are surging; they will become the business owners of the future 3 Economic concerns increase, impacting both confidence and sales growth 4 The presidential outcome & its business impact are top of mind 5 The skills shortage is gaining momentum 6 New order of the day: “work-life blend” 7 70 is the new 60 8 Environmental consciousness has awakened 9 Mobility products & applications gaining greater depth of usage 10 Brand TRUST…a strategic imperative
  3. 3. 3   INSIGHTS2016 MS B THE BIG PICTURE 
 FOLLOWED BY: •  SMB SNAPSHOT! •  NEW & NOTABLE SHIFTS ! •  PURCHASE DYNAMIC THEMES! •  BUSINESS OF BRANDS!
  4. 4. Sole Proprietors 1-4 5-19 20-49 50-99 100-999 SMALL & MID-SIZED COMPANIES NUMBER 7.6M 4   THE BUSINESS JOURNALS A DIVISION OF ACBJ 23.2M 4.11M 2.38M 670K 228K 173K 7.6M Businesses (Without Sole Proprietors) Source: Small Business Research Center, based on Census and Bureau of Labor Statistics data; Q4 2015 projection
  5. 5. GROWTH IN THE NUMBER OF BUSINESSES IS GREATEST AMONG LARGER COMPANIES 5   THE BUSINESS JOURNALS A DIVISION OF ACBJ 0.64% 0.35% 0.61% 2.05% 1.65% 1.73% Sole Proprietors Under 5 Employees 5-19 Employees 20-49 Employees 50-99 Employees 100-999 Employees Growth in Number of SMB Businesses 2015 Versus 2014 Source: Small Business Research Center, based on Census and Bureau of Labor Statistics data; Q4 2015 projection
  6. 6. THE NUMBER OF WOMEN & MINORITY OWNED BUSINESSES HAS INCREASED SUBSTANTIALLY 6   7.8 9.9 12.5 2.3 3.3 4.8 5.6 7.9 10.9 2007 2012 2017 (projected) Women-Owned Hispanic-Owned Minority-Owned Number of Women, Hispanic and Minority-Owned Businesses 
 (In Millions) Source: US Census Bureau, Survey of Business Owners (2012 data published 8/18/15); Base: All US Non-farm businesses operating in the 50 states and District of Columbia. NOTE: 2017 projected using 2012 vs. 2007 growth rates. Minority-Owned businesses include Black/African American, American Indian, Asian, Asian Indian, Chinese, Filipino, Japanese, Korean, Vietnamese, Native Hawaii and other Pacific Islanders. THE BUSINESS JOURNALS A DIVISION OF ACBJ (39%) (56%) (Women-Owned, 36% of all US firms) (Hispanic & Minority-Owned, 41% of all US firms) Projection:
  7. 7. MILLENNIALS ACCOUNT FOR 16% OF SMB OWNERS & ARE THE LARGEST LABOR FORCE 7   Millennials’ Share of SMB Business Owners & Employees Source: U.S. Small Business Administration, Office of Advocacy, from the US Census Bureau, Survey of Income & Program Participation (SIPP); Issue Brief #6, Demographic Characteristics of Business Owners, 2013. Note: Businesses with under 500 employees, includes sole proprietors. THE BUSINESS JOURNALS A DIVISION OF ACBJ 16% 38% 33% 32% 52% 29% Business Owners Employees Millennials, Under 35 Gen X, 35-49 Boomers, 50+
  8. 8. 8   78% 56% 32% 35% 52% 65% 77% 77% 76% 73% 73% 81% 78% Jan 08 Aug 08 Oct 08 Mar 09 Aug 09 Nov 09 Dec 09 Dec 10 Dec 11 Dec 12 Jan 14 Jan 15 Jan 16 Optimism and Confidence in Future Business Prospects “How do you think your company’s prospects will change over the next 12 months? By prospects, we mean the general success of your business.” (2008-2013) “What is your level of confidence in the success of your company (based on revenue, profitability & growth) over the next 24 months?” (2014-2016) THE BUSINESS JOURNALS A DIVISION OF ACBJ BUSINESS CONFIDENCE IS SLIGHTLY DOWN VERSUS YEAR AGO AMONG SMBs
  9. 9. SMB SALES GROWTH HAS REMAINED FLAT OVER THE PAST YEAR 9   37% 27% 21% 24% 26% 29% 31% 36% 33% 37% 34% 21% 20% 24% 30% 34% 35% 37% 2007 2008 2009 2010 2011 2012 2013 2014 2015 1-10% Sales Growth 11%+ Sales Growth SMB Owners Experiencing Sales Growth THE BUSINESS JOURNALS A DIVISION OF ACBJ 74% 42% 71% 70% 61% 44% 50% 59% 65% Actual Year “What would you estimate your company’s average, annual percentage sales growth rate has been over the last three years, that is on a per year basis, from 2013 through 2015?
  10. 10. KEY CHARACTERISTICS OF SMALL AND MID-SIZED BUSINESS OWNERS 10   68% men | 32% women $185K household income (average) 52.8 average age 74% married; 30% kids at home 68% college graduates+ $8.5M annual sales (average) 28.5 years in operation (average) 25 employees (average) THE BUSINESS JOURNALS A DIVISION OF ACBJ
  11. 11. SMB OWNERS RUN COMPANIES THAT ENCOMPASS AN ARRAY OF BUSINESS LIFE STAGES 11   Start Ups 3% Growing 29% Maturing 36% Re-inventing 15% Surviving 12% Declining 2% Transitioning 3% “Which of the following best represents the business phase your company will be in for the next 3-5 years? Start Ups, Maturing, Re-inventing, Surviving (business is under pressure because of the economy, competition, and/or decreased sales/customers/credit), Declining (closing or preparing to close the company), Transitioning (selling or otherwise exiting the business).” THE BUSINESS JOURNALS A DIVISION OF ACBJ Increasing sales, employees, locations or knowledge Settled, established, stable, business is steady Re-defining the business, or finding a specific niche in the market either from personal desire, or out of necessity to stay competitive & profitable Recently started the business, still learning, getting things in place Current Business Life Stage
  12. 12. SMBs ARE MOST ENGAGED IN WHITE COLLAR INDUSTRIES, ESPECIALLY SERVICES 12   1% 1% 8% 13% 4% 3% 7% 12% 9% 37% 1% 5% Total SMB Owners Any White Collar Services 37% Misc business services 11 Engineering, management services 8 Amusement recreation 3 Health services 3 Miscellaneous services 3 Personal services 2 Social services 2 Hotel, recreational lodging 1 Legal services 1 Educational services 1 Membership organizations 1 Blue Collar 30% | White Collar 65 SMB Industries THE BUSINESS JOURNALS A DIVISION OF ACBJ *FIRE = Financial, insurance and real estate
  13. 13. SMB OWNERS THINK & ACT LOCALLY 13   THE BUSINESS JOURNALS A DIVISION OF ACBJ % Generating Sales: Locally 92% Nationally 61 Internationally 24 58% 63% 64% 70% Our company lives or dies by how much business it generates locally Marketing/selling directly to the local community is a key component of our co's success Our company is actively involved in the local community to promote good will & generate business First & foremost our co tries to do business with other local companies % Agree “Following are a series of statements which may/may not reflect how you think about business, or life in general. Please indicate whether you agree/disagree with each one, using a 0-to-10 scale, where 10 means you ‘strongly agree’ and 0 means you ’strongly disagree.’ Using 100 % points, how would you break down your co’s 2015 sales among the following three geographic categories? ...Within your local area, The rest of the U.S., Outside of the U.S.”
  14. 14. 14   INSIGHTS 2016 MS B NEW & NOTABLE
  15. 15. THE U.S. ECONOMY HAS RE-SURFACED AS A TOP CONCERN AMONG SMB OWNERS 15   1! Cost of health insurance & other employee benefits (rank 2015 #1)! 2! Being able to attract customers (#2)! 3! The U.S. economy (#8)! 4! Rising costs of doing business (#5)! 5! Maintaining our existing customer base (#3)! THE BUSINESS JOURNALS A DIVISION OF ACBJ “What are the issues that you’re most concerned about related to running a business?” Today’s Top Concerns
  16. 16. REPUBLICANS ARE WORRIED ABOUT THE UPCOMING PRESIDENTIAL ELECTION & ITS IMPACT ON BUSINESS 16   33% 31% 42% 30% 37% 31% 38% 51% 21% 31% 38% 38% Total SMBs Republicans Democrats Independents Women Men Very Concerned Somewhat Concerned 69% 61%63% 82% 71% 75% Concern About the Outcome of the Upcoming Presidential Election on Your Business THE BUSINESS JOURNALS A DIVISION OF ACBJ “What are the issues that you’re most concerned about related to running a business?”
  17. 17. WITH DECREASED UNEMPLOYMENT RATES, THE SKILLS SHORTAGE HAS INCREASED AS AN ISSUE 17   5.1% 4.6% 4.6% 5.8% 9.3% 8.1% 5.5% 4.9% Jan 06 Jan 07 Jan 08 Jan 09 Jan 10 Jan 13 Jan 15 Jan 16 Unemployment Rate THE BUSINESS JOURNALS A DIVISION OF ACBJ 50% 58% Jan 15 Jan 16 It is Difficult to Find New Employees with the Skills & Education to Meet the Needs of Our Business (Strongly Agree) Unemployment rates sourced from the Bureau of Labor Statistics “Following are a series of statements which may/may not reflect how you think about business, or life in general. Please indicate whether you agree/disagree with each one, using a 0-to-10 scale, where 10 means you ‘strongly agree’ and 0 means you ’strongly disagree.”
  18. 18. 50% 40% 38% 37% 37% 38% 25% 28% 37% 52% 75% 74% 2007 2009 2011 2013 2015 2016 SMARTPHONES HAVE LESSENED TIME CONCERNS RESULTING IN A NEW TYPE OF ‘WORK-LIFE BLEND’ 18   “Which of the following products or services have you used in the past year for your business?” “What are the issues that you’re most concerned about related to running a business?” Very Concerned about Demands on Your Time Use SmartPhone for Business THE BUSINESS JOURNALS A DIVISION OF ACBJ
  19. 19. PLANNED SMB RETIREMENTS ARE BEING PUT OFF; 70 IS THE NEW 60 19   3% 6% 8% 24% 26% 32% 64% 69% Don't know who would sell/transfer business to Want to try a different career Want to start another business Need money to make ends meet Keep health insurance/ other benefits Want money to buy extras Enjoy working Want to stay active & involved THE BUSINESS JOURNALS A DIVISION OF ACBJ Under 60 12% 60-64 19% 65 12% 66-69 25% 70+ 19% Never 13% Planned Retirement Age Over 65 57% 65 or Younger 43% Reasons to Continue Working “At what age are you expecting to retire?” “What are your reasons for wanting to continue working later in life? Please select all that apply.”
  20. 20. 54% 46% 46% 47% 50% 40% 40% 41% 48% 47% 46% 52% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 ENVIRONMENTALLY NOT CONSCIOUS Our company respects ‘green’ values & is conscious of the environment Environmental Issues … Agree Strongly SUSTAINABILITY EFFORTS & ENVIRONMENTAL CONCERNS ARE ON THE RISE AMONG SMBs THE BUSINESS JOURNALS A DIVISION OF ACBJ 20   Businesses today have a responsibility to address key social & environmental issues Working to make ‘sustainability’ an integral part of our products/services “Following are a series of statements which may/may not reflect how you think about business, or life in general. Please indicate whether you agree/disagree with each one, using a 0-to-10 scale, where 10 means you ‘strongly agree’ and 0 means you ’strongly disagree.’
  21. 21. SMARTPHONE USAGE IS GAINING DEPTH AMONG SMB OWNERS 21   “In lieu of of paper, I often use my SmartPhone for boarding passes, tickets, other payments and receipts” “How much do you agree or disagree with each of the following statements about technology?” “What percentage of your total weekly time taking in business news or information is accessed via smartphone, tablet, computer or a print publication itself?” “For each social network, please click whether it is used for business purposes, personal reasons or both.” THE BUSINESS JOURNALS A DIVISION OF ACBJ % Agree Completely/Mostly Use SmartPhone to Access Business News/Information 57% 75% 2015 2016 53% 44% 25% 10% Facebook LinkedIn Twitter Instagram Use for Business Purposes 33% 44% 2014 2016
  22. 22. MOBILITY PRODUCTS BRING REVENUE AND INCREASED PRODUCTIVITY TO SMBs 22   THE BUSINESS JOURNALS A DIVISION OF ACBJ Top Three Values Mobility Products & Service Provide the Business 18% 30% 32% 44% 48% 55% 73% Decrease IT costs Gain competitive advantage Higher employee satisfaction Improve/maintain existing competitive advantage Improve field service operations Increase sales/revenue Increase employee productivity “Please rank the top three values that mobility products and services provide for your organization.”
  23. 23. SMBs WILL CONTINUE TO LEVERAGE TRADITIONAL MEDIA WHILE ADOPTING NEW CHANNELS – IT’S ADDITIVE 23   31% 24% 19% 21% 18% 19% 16% 13% 9% 9% 4% 5% 7% 3% 35% 28% 25% 25% 23% 20% 18% 12% 11% 9% 9% 7% 6% 3% 2015 2016 “Which of the following will your company use more of in the next 1-2 years?” Marketing and Advertising Vehicles Plan to Use More of Next 1-2 Years THE BUSINESS JOURNALS A DIVISION OF ACBJ
  24. 24. 24   INSIGHTS 2016 MS B PURCHASE DYNAMICS
  25. 25. “We would like to get your overall impressions of several major industries in the US. For each, please give your overall view of it.” Very/Somewhat Positive 19% 20% 20% 17% 54% 28% 71% 26% 44% 44% 46% 50% 58% 73% Health Insurance Banking Credit Cards Financial, Investment Telecom Travel Technology Hardware 2016 2009 THE BUSINESS JOURNALS A DIVISION OF ACBJ INDUSTRY PERCEPTIONS HAVE REBOUNDED VS. THE RECESSIONARY LOWS OF 2009 25  
  26. 26. THE MAJORITY OF SMB OWNERS WILL BE MAKING BRAND/VENDOR CHANGES IN THE NEXT TWO YEARS 26   Making Changes 61% Not Making Changes 39% Health Insurance! 40%! Technology hardware (computers, mobile devices, peripherals)! 36! Business software! 30! Marketing (marketing/media buying co’s, social media co’s, email marketing co’s, PR firms)! 24! Telecom services providers & carriers (cable, phones, internet, cloud providers)! 24! Banking! 19! Property & Casualty insurance! 17! Office supplies! 17! Financial / investment! 15! “For which of the following industries will your company be changing or adding brands/vendors in the next two years?” THE BUSINESS JOURNALS A DIVISION OF ACBJ
  27. 27. 31% 52% 48% 36% 47% 42% 32% 49% 31% 37% 48% 40% 49% 58% Marketing Travel Business Services Insurance Financial Telecom Technology Make Decision Yourself Seek Advice From Others 90% 87% 84% 84% 83% 80% 90% Decision Making Across CategoriesSMB OWNERS DRIVE BRAND CHOICE ACROSS MULTIPLE LINES OF BUSINESS THE BUSINESS JOURNALS A DIVISION OF ACBJ 27   “Your company undoubtedly interacts with and uses the service of many industries. Please indicate how vendor and brand decisions are made by your company for each industry listed below.”
  28. 28. SOURCES OF ADVICE VARY BY INDUSTRY…PEERS & COLLEAGUES ARE OFTEN CONSULTED 36% 34% 34% 29% 35% 41% 41% 30% 29% 21% 19% 28% 21% 25% 19% 21% 29% 22% 20% 22% 23% 26% 19% 16% 37% 12% 11% 20% Technology Telecom Financial Insurance Business Services Travel Marketing Business Colleagues/Peers In-house Expert/Dept Head Other Owner/Partner Outside Consultant THE BUSINESS JOURNALS A DIVISION OF ACBJ 28 Expert/Dept Head Other Owner/Partner Consultant “Listed below are the industries in which you mentioned seeking the advice from others before a final decision is made. For each industry, please indicate the specific sources of that advice.”
  29. 29. TRUST IS A CRUCIAL COMPONENT OF THE BRAND SELECTION PROCESS 29   27% 29% 33% 35% 38% 40% 57% 60% Offers cutting edge solutions Works with our co's business partners/ consultants Recommended by peers in industry A co/brand have worked with in past Is well known & respected Provides a special offer/good pricing Proven track record of strong customer service/support Is a brand or company I trust % Rating Extremely Important Important Criteria When Selecting a Brand or Vendor THE BUSINESS JOURNALS A DIVISION OF ACBJ “How important are each of the following criteria when deciding which brand or vendors to consider?”
  30. 30. 30   INSIGHTS 2016 MS B BUSINESS OF BRANDS
  31. 31. BRAND EVALUATION CRITERIA 31   KEY MEASURES Leadership! Differentiation! Value! Ethics! Customer Service! Momentum! Relevance!
  32. 32. 6 7 8 9 10 1 2 3 4 5 TOP TEN BRANDS 32   Business Credit Card
  33. 33. EIGHT NEW BRANDS ENTERED INTO THE TOP 25 IN 2016 33   THE BUSINESS JOURNALS A DIVISION OF ACBJ Vs. 2015 3 1 Amazon.com 1 2 Apple 2 3 Southwest 4 4 Google 14 5 Dropbox.com 22 6 Visa 33 7 Square 18 8 Visa Business Credit Card 5 9 Citrix GoToMeeting 7 10 Samsung 6 11 UPS 10 12 Microsoft 30 13 Vanguard Vs. 2015 21 14 Intel 46 15 DoubleTree by Hilton 9 16 FedEx 37 17 Hilton 26 18 Courtyard by Marriott 19 19 FedEx Office 8 20 Adobe 27 21 American Express OPEN 16 22 The UPS Store 13 23 LG 28 24 JetBlue 40 25 GEICO Based on the same set brand list for 2016 versus 2015. Products are not included in the overall brand ratings.
  34. 34. ABOUT THE BUSINESS JOURNALS 34 For more than three decades, American City Business Journals has been the nation’s largest publisher of local business news and information in print and online, deploying more than 600 journalists across 43 major U.S. cities. ACBJ serves audiences valuable news and data anytime and anywhere they seek it. THE BUSINESS JOURNALS A DIVISION OF ACBJ Research: Jessie Shaw 212-500-0611 jessieshaw@bizjournals.com Local Advertising: Alex Orfinger, EVP 703-258-0888 aorfinger@bizjournals.com Mike Olivieri, EVP 704-973-1005 molivieri@bizjournals.com National Advertising: Ryan Whittington, SVP 704-973-1839 rwhittington@bizjournals.com

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