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Sales Cycle Influencers

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SMB Sales Cycle Influencers

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Sales Cycle Influencers

  1. 1. January 2020 Sales Cycle Influencers
  2. 2. INCREASING SALES TO SMBS 2
  3. 3. Output INSIGHT Topics Methods • Qualitative • Live / online focus groups • In-depth interviews • Quantitative • Custom online • SMB Pulse omnibus • Snap Poll Insight for CE / product / marketing strategy Data for PR / content / social / collateral programs 3 • Attitudes and usage • Buyer identification • Competitive perceptions • Market segmentation • Media behaviors / preferences • Message / positioning testing • Net promoter score • Persona / buyer journey • Purchase intent, behaviors, channels and preferences
  4. 4. OUTREACH Video Email Newsletters Checklists / Worksheets Case StudiesArticles Blog Posts White Papers Podcasts eBooks PR Surveys Social Media Handbooks / Guides Webcasts Slideshows Infographics Interactive Tools • Survey data • Creative brief • Editorial calendar • Content development • Content audit • Analytics Contribution • Expert • Actionable • Relevant • Easy to understand • Professional • Brand-building • Custom Principles Direct Mail Event Collateral Brochures / Sell Sheets Custom Pubs 4
  5. 5. 5 METHODOLOGY ONLINE SURVEY VIA THE BREDIN.COM/SMBPULSE 500 SMB PRINCIPALS AT U.S. COMPANIES <500 EMPLOYEES (+/- 4% CI) Company Size Quotas 250 VSBs <20 employees (97.7% weighting) 150 SBs 20-99 employees (2% weighting) 100 MBs 100-500 employees (.3% weighting) NOVEMBER 11-27, 2019WHEN HOW WHO % Indicates highest % in a given column (A) / (B) / (C) Indicates statistically significant difference between columns Note: The SMB Pulse is open to marketer participation. Some charts in this deck do not total to 100% due to rounding.
  6. 6. 6 RESPONDENT CHARACTERISTICS Principal (e.g., owner, founder, partner, CEO, president, etc.) Male Female 64% 36% Respondent Age Company Age Business Outlook Title / Role Company Size Gender 50% 30% 20% VSBs (<20) SBs (20-99) MBs (100-500) n=500 UNWEIGHTED 5% 30% 28% 37% Less than 2 years 2-9 years 10-19 years 20 years or more 11% 40% 21% 22% 6% Up more than 100% Up 10% to 100% Up less than 10% Same as 2018 Down compared to 2018 3% 22% 23% 45% 6% Gen Z (18 to 22) Millennials (23 to 38) Gen X (39 to 54) Boomers (55 to 73) Silent Generation (74+) 100%
  7. 7. 7 RESPONDENT CHARACTERISTICS West 22% South 36% Midwest 17% Northeast 25% Geography 34% 53% 13% Population Density Urban Suburban Rural 28% 11% 9% 13% 21% 9% 9% Less than $100K $100K to $249K $250K to $499K $500K to $999K $1M to $4.9M $5M to $10M More than $10M Company Revenue 39% 23% 22% 15% Manufacturing Construction/Mining/Contracting/El ectrical/Landscape/Plumbing/etc. 10% Manufacturing/Transportation and Warehousing 6% Computer Hardware/Electronic Equipment 2% Pharmaceutical/Medical Devices/Biotechnology 2% Automotive 1% Telecommunications 1% Energy/Utilities 1% Other Personal Services 10% Education/Training 5% Industry Professional Services Computer Software/Internet 8% Advertising/Consulting/Design/ Marketing Services 6% Legal 5% Medical 5% Computer Services/Consulting 4% Architect/Engineering 4% Financial Services/Accounting/Bookkeeping 3% Banking/Insurance/Mortgage 3% Publishing/Printing/Media 1% Retail/Wholesale Retail 8% Real Estate 6% Food/Beverage/Restaurants 4% Wholesale 3% Entertainment/Recreation 2% Travel/Hotel/Hospitality 2% n=500 UNWEIGHTED
  8. 8. DETAILED FINDINGS
  9. 9. How important are each of these people in bringing products and services for your business to your attention? AWARENESS INFLUENCERS SMB principals see themselves as leading product research in their companies Very Somewhat N/A / Not Important n=500 RANDOMIZED9 87% 29% 25% 23% 23% 21% 20% 18% 16% 15% 15% 14% 13% 13% 13% 8% 27% 15% 27% 16% 37% 13% 20% 20% 24% 25% 27% 12% 15% 18% 4% 44% 60% 50% 62% 43% 68% 62% 65% 60% 60% 59% 74% 72% 69% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Peers and colleagues Your head of finance Your office manager Your IT consultant / MSP Your business banker Other consultants / agencies, e.g. marketing, advertising etc. Your attorney Your board / investors Your head of HR Your IT staff
  10. 10. How important are each of these people in bringing products and services for your business to your attention? However, the second-most-important awareness influencer varies by company headcount… Very n=500 RANDOMIZED10 87% 29% 25% 23% 23% 21% 20% 18% 16% 15% 15% 14% 13% 13% 13% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Peers and colleagues Your head of finance Your office manager Your IT consultant / MSP Your business banker Other consultants / agencies, e.g. marketing, advertising etc. Your attorney Your board / investors Your head of HR Your IT staff VSBs (A) SBs (B) MBs (C) 88%* (B) 79% 85% 29% 38% 48% (A) 24% 51% (A) 57% (A) 23% 47% (A) 50% (A) 22% 53% (A) 56% (A) 20% 43% (A) 55% (A) 19% 48% (A) 63% (AB) 18% 53% (A) 55% (A) 15% 38% (A) 56% (AB) 15% 39% (A) 55% (AB) 15% 33% (A) 54% (AB) 13% 42% (A) 44% (A) 13% 35% (A) 60% (AB) 12% 47% (A) 54% (A) 12% 44% (A) 58% (AB) AWARENESS INFLUENCERS: COMPANY SIZE 88% (B) 79% 85% Second highest Third highest Highest
  11. 11. How important are each of these people in bringing products and services for your business to your attention? …and revenue Very n=500 RANDOMIZED11 87% 29% 25% 23% 23% 21% 20% 18% 16% 15% 15% 14% 13% 13% 13% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Peers and colleagues Your head of finance Your office manager Your IT consultant / MSP Your business banker Other consultants / agencies, e.g. marketing, advertising etc. Your attorney Your board / investors Your head of HR Your IT staff <$500K (A) $500K to $999K (B) $1M to $4.9M (C) $5M or more (D) 87% 88% 86% 74% 31% 46% (AD) 46% (AD) 28% 25% 54% (A) 46% (A) 56% (A) 25% 46% (A) 47% (A) 42% (A) 23% 46% (A) 51% (A) 56% (A) 27% 39% 35% 48% (A) 23% 55% (A) 45% (A) 48% (A) 21% 49% (A) 47% (A) 50% (A) 21% 33% 37% (A) 44% (A) 22% 39% (A) 41% (A) 33% (A) 23% 34% 31% 36% (A) 18% 37% (A) 38% (A) 36% (A) 21% 36% (A) 29% 46% (AC) 21% 43% (A) 38% (A) 41% (A) 19% 33% (A) 41% (A) 48% (A) AWARENESS INFLUENCERS: COMPANY REVENUE Second highest Third highest Highest 87% (D) 88% (D) 86% 74%
  12. 12. How important are each of these people in bringing products and services for your business to your attention? Fast-growth SMBs are especially reliant on their marketing staff Very n=500 RANDOMIZED12 87% 29% 25% 23% 23% 21% 20% 18% 16% 15% 15% 14% 13% 13% 13% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Peers and colleagues Your head of finance Your office manager Your IT consultant / MSP Your business banker Other consultants / agencies, e.g. marketing, advertising etc. Your attorney Your board / investors Your head of HR Your IT staff No Growth (A) Slow Growth (B) Fast Growth (C) 88% 91% 85% 23% 27% 37% (A) 13% 30% (A) 36% (A) 14% 30% (A) 31% (A) 9% 28% (A) 36% (A) 14% 16% 30% (AB) 6% 28% (A) 31% (A) 5% 28% (A) 30% (A) 10% 15% 24% (A) 5% 21% (A) 25% (A) 5% 18% (A) 27% (A) 6% 28% (AC) 16% (A) 4% 16% (A) 24% (A) 4% 14% (A) 23% (A) 3% 15% (A) 24% (A) AWARENESS INFLUENCERS: BUSINESS OUTLOOK 91% 85% Second highest Third highest Highest 88%
  13. 13. How important are each of these people in bringing products and services for your business to your attention? Startups are especially reliant on consultants… Very n=500 RANDOMIZED13 87% 29% 25% 23% 23% 21% 20% 18% 16% 15% 15% 14% 13% 13% 13% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Peers and colleagues Your head of finance Your office manager Your IT consultant / MSP Your business banker Other consultants / agencies, e.g. marketing, advertising etc. Your attorney Your board / investors Your head of HR Your IT staff <2 years (A) 2-9 years (B) 10-19 years (C) 20 years or more (D) 83% 84% 90% 88% 34% 27% 33% 27% 17% 29% 31%(D) 20% 17% 21% 22% 26% 17% 30% (D) 24% 18% 9% 26% 23% 17% 9% 26% (D) 21% 16% 9% 21% 16% 19% 9% 19% 13% 16% 9% 16% 20% (D) 13% 26% 24% (D) 16% (D) 9% 9% 11% 15% 15% 9% 24% (CD) 12% 9% 9% 16% (D) 18% (D) 8% 9% 19% (D) 13% 9% AWARENESS INFLUENCERS: COMPANY AGE Second highest Third highest Highest 83% 84% 90% 88%
  14. 14. How important are each of these people in bringing products and services for your business to your attention? …as are Gen Z and Millennial respondents Very n=500 RANDOMIZED14 87% 29% 25% 23% 23% 21% 20% 18% 16% 15% 15% 14% 13% 13% 13% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Peers and colleagues Your head of finance Your office manager Your IT consultant / MSP Your business banker Other consultants / agencies, e.g. marketing, advertising etc. Your attorney Your board / investors Your head of HR Your IT staff 18 to 38 (A) 39 to 54 (B) 55+ (C) 69% 89% 90% 38% 33% 27% 49% (C) 34% (C) 19% 31% 27% 21% 38% (C) 32% (C) 18% 42% (BC) 22% 17% 31% (C) 18% 18% 42% (BC) 14% 16% 33% (BC) 17% 13% 37% (BC) 15% 12% 45% (BC) 17% 10% 19% 17% 12% 38% (BC) 11% 10% 35% (BC) 20% (C) 8% 34% (BC) 17% (C) 8% AWARENESS INFLUENCERS: RESPONDENT AGE 89% (A) 90% (A) Second highest Third highest Highest 69%
  15. 15. How important are each of these people in bringing products and services for your business to your attention? Male entrepreneurs are more reliant on their head of finance than are female entrepreneurs Very n=500 RANDOMIZED15 87% 29% 25% 23% 23% 21% 20% 18% 16% 15% 15% 14% 13% 13% 13% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Peers and colleagues Your head of finance Your office manager Your IT consultant / MSP Your business banker Other consultants / agencies, e.g. marketing, advertising etc. Your attorney Your board / investors Your head of HR Your IT staff Male (A) Female (B) 90% 84% 28% 30% 27% 23% 26% 20% 22% 24% 22% 18% 23% (B) 15% 21% 15% 16% 16% 17% 14% 16% 14% 13% 14% 15% 11% 15% 10% 13% 13% AWARENESS INFLUENCERS: GENDER 84% Second highest Third highest Highest 90%
  16. 16. How important are each of these people in bringing products and services for your business to your attention? Manufacturers are especially reliant on their head of finance Very n=500 RANDOMIZED16 87% 29% 25% 23% 23% 21% 20% 18% 16% 15% 15% 14% 13% 13% 13% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Peers and colleagues Your head of finance Your office manager Your IT consultant / MSP Your business banker Other consultants / agencies, e.g. marketing, advertising etc. Your attorney Your board / investors Your head of HR Your IT staff PS (A) RW (B) M (C) Other (D) 89% 87% 86% 87% 27% 36% (D) 30% 20% 24% 24% 33% 20% 23% (D) 27% (D) 31% (D) 11% 20% 25% 31% (AD) 16% 21% 21% 22% 18% 20% 16% 33% (ABD) 12% 18% 14% 29% (ABD) 16% 17% 16% 15% 14% 13% 14% 26% (ABD) 11% 12% 14% 26% (ABD) 14% 15% 12% 22% (BD) 7% 13% 10% 21% (B) 12% 12% 13% 15% 12% 13% 12% 17% 9% AWARENESS INFLUENCERS: INDUSTRY Second highest Third highest Highest 89% 87% 86% 87%
  17. 17. How important are each of these people in bringing products and services for your business to your attention? Midwestern SMBs are more reliant on their business partner than other SMBs… Very n=500 RANDOMIZED17 87% 29% 25% 23% 23% 21% 20% 18% 16% 15% 15% 14% 13% 13% 13% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Peers and colleagues Your head of finance Your office manager Your IT consultant / MSP Your business banker Other consultants / agencies, e.g. marketing, advertising etc. Your attorney Your board / investors Your head of HR Your IT staff West (A) Midwest (B) South (C) Northeast (D) 84% 84% 90% 89% 27% 17% 35% (B) 30% (B) 22% 33% 24% 24% 27% 18% 25% 21% 22% 15% 28% (B) 20% 15% 15% 24% 24% 18% 17% 21% 20% 18% 15% 23% (D) 14% 11% 17% 18% 16% 13% 17% 17% 14% 11% 17% 18% 14% 11% 15% 15% 14% 11% 14% 17% 10% 15% 17% 13% 8% 15% 12% 14% 10% AWARENESS INFLUENCERS: GEOGRAPHY Second highest Third highest Highest 84% 84% 90% 89%
  18. 18. How important are each of these people in bringing products and services for your business to your attention? …as are urban businesses Very n=500 RANDOMIZED18 87% 29% 25% 23% 23% 21% 20% 18% 16% 15% 15% 14% 13% 13% 13% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Peers and colleagues Your head of finance Your office manager Your IT consultant / MSP Your business banker Other consultants / agencies, e.g. marketing, advertising etc. Your attorney Your board / investors Your head of HR Your IT staff Rural (A) Suburban (B) Urban (C) 87% 87% 88% 36% 26% 33% 31% (B) 19% 38% (B) 29% 19% 31% (B) 29% 19% 30% (B) 28% 18% 21% 21% 15% 31% (B) 26% (B) 11% 33% (B) 21% 13% 19% 24% (B) 11% 22% (B) 18% 14% 17% 21% (B) 11% 17% 16% (B) 8% 26% (B) 21% (B) 8% 19% (B) 19% (B) 10% 16% AWARENESS INFLUENCERS: POPULATION DENSITY 87% 88% Second highest Third highest Highest 87%
  19. 19. How important are each of these people in researching products and services for your business? Principals see themselves as leading product research Very Somewhat N/A / Not Important n=500 RANDOMIZED19 87% 25% 23% 19% 16% 15% 15% 14% 14% 13% 13% 12% 12% 11% 10% 9% 23% 15% 23% 18% 22% 31% 17% 24% 17% 20% 20% 17% 14% 15% 4% 52% 62% 58% 66% 63% 55% 69% 62% 70% 67% 67% 71% 75% 75% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Your office manager Peers and colleagues Your IT consultant / MSP Other consultants / agencies, e.g. marketing, advertising etc. Your head of finance Your business banker Your attorney Your IT staff Your head of HR Your board / investors RESEARCH INFLUENCERS
  20. 20. How important are each of these people in researching products and services for your business? The second-most-important researcher varies significantly by headcount… Very n=500 RANDOMIZED20 87% 25% 23% 19% 16% 15% 15% 14% 14% 13% 13% 12% 12% 11% 10% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Your office manager Peers and colleagues Your IT consultant / MSP Other consultants / agencies, e.g. marketing, advertising etc. Your head of finance Your business banker Your attorney Your IT staff Your head of HR Your board / investors VSBs (A) SBs (B) MBs (C) 88%* (BC) 75% 76% 25% 36% (A) 42% (A) 22% 49% (A) 59% (A) 18% 31% (A) 49% (AB) 15% 44% (A) 62% (AB) 14% 38% (A) 60% (AB) 14% 37% (A) 50% (AB) 13% 38% (A) 61% (AB) 13% 37% (A) 60% (AB) 13% 40% (A) 57% (AB) 12% 33% (A) 43% (A) 12% 35% (A) 45% (A) 11% 49% (A) 70% (AB) 10% 40% (A) 54% (AB) 10% 39% (A) 52% (AB) RESEARCH INFLUENCERS: COMPANY SIZE 88% (BC) 75% 76% Second highest Third highest Highest
  21. 21. How important are each of these people in researching products and services for your business? …and revenue Very n=500 RANDOMIZED21 RESEARCH INFLUENCERS: COMPANY REVENUE Second highest Third highest Highest 87% 25% 23% 19% 16% 15% 15% 14% 14% 13% 13% 12% 12% 11% 10% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Your office manager Peers and colleagues Your IT consultant / MSP Other consultants / agencies, e.g. marketing, advertising etc. Your head of finance Your business banker Your attorney Your IT staff Your head of HR Your board / investors <$500K (A) $500K to $999K (B) $1M to $4.9M (C) $5M or more (D) 86% ( 79% 83% 70% 26% 42%(A) 39% (A) 30% 27% 54% (A) 40% (A) 49% (A) 21% 36% (A) 36% (A) 34% (A) 21% 40% (A) 38% (A) 57% (ABC) 19% 33% (A) 43% (A) 46% (A) 21% 42% (A) 29% 36% (A) 18% 30% (A) 40% (A) 50% (AB) 23% 36% (A) 35% (A) 37% (A) 18% 37% (A) 38% (A) 44% (A) 19% 27% 29% (A) 33% (A) 18% 34% (A) 29% (A) 34% (A) 21% 45% (A) 45% (A) 50% (A) 18% 34% (A) 35% (A) 41% (A) 18% 37% (A) 34% (A) 36% (A) 86% (D) 79% 83% (D) 70%
  22. 22. How important are each of these people in researching products and services for your business? Fast-growth SMBs are more reliant on their business partner for product research… Very n=500 RANDOMIZED22 RESEARCH INFLUENCERS: BUSINESS OUTLOOK Second highest Third highest Highest 87% 25% 23% 19% 16% 15% 15% 14% 14% 13% 13% 12% 12% 11% 10% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Your office manager Peers and colleagues Your IT consultant / MSP Other consultants / agencies, e.g. marketing, advertising etc. Your head of finance Your business banker Your attorney Your IT staff Your head of HR Your board / investors No Growth (A) Slow Growth (B) Fast Growth (C) 88% 88% 86% 21% 23% 32% (A) 13% 19% 36% (AB) 12% 25% (A) 23% (A) 4% 17% (A) 29% (AB) 4% 15% (A) 28% (AB) 10% 10% 22% (AB) 7% 15% (A) 21% (A) 10% 7% 22% (AB) 5% 12% (A) 25% (AB) 6% 14% (A) 20% (A) 7% 19% (A) 15% (A) 5% 6% 23% (AB) 2% 10% (A) 23% (AB) 3% 5% 22% (AB) 88% 86%88%
  23. 23. How important are each of these people in researching products and services for your business? …as are principals of 10-19 year old companies… Very n=500 RANDOMIZED23 RESEARCH INFLUENCERS: COMPANY AGE Second highest Third highest Highest 87% 25% 23% 19% 16% 15% 15% 14% 14% 13% 13% 12% 12% 11% 10% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Your office manager Peers and colleagues Your IT consultant / MSP Other consultants / agencies, e.g. marketing, advertising etc. Your head of finance Your business banker Your attorney Your IT staff Your head of HR Your board / investors <2 years (A) 2-9 years (B) 10-19 years (C) 20 years or more (D) 92% 87% 88% 87% 50% (CD) 30% 22% 22% 25% 26% 28% (D) 17% 17% 19% 19% 19% 9% 16% 24% (D) 12% 9% 17% 21% (D) 11% 9% 16% 19% (D) 11% 9% 16% 16% 12% 18% 14% 16% 11% 9% 19% (D) 16% (D) 9% 9% 16% 15% 10% 9% 8% 16% (B) 12% 9% 15% (D) 18% (D) 7% 9% 14% (D) 18% (D) 5% 9% 15% (D) 16% (D) 4% 92% 87% 88% 87%
  24. 24. How important are each of these people in researching products and services for your business? …and Gen Z and Millennial entrepreneurs Very n=500 RANDOMIZED24 RESEARCH INFLUENCERS: RESPONDENT AGE Second highest Third highest Highest 87% 25% 23% 19% 16% 15% 15% 14% 14% 13% 13% 12% 12% 11% 10% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Your office manager Peers and colleagues Your IT consultant / MSP Other consultants / agencies, e.g. marketing, advertising etc. Your head of finance Your business banker Your attorney Your IT staff Your head of HR Your board / investors 18 to 38 (A) 39 to 54 (B) 55+ (C) 69% 87% 90% 45% (BC) 29% 21% 56% (BC) 26% (C) 17% 26% 27% (C) 15% 38% (BC) 20% 12% 34% (BC) 13% 13% 34% (C) 23% (C) 9% 37% (BC) 11% 11% 31% (BC) 13% 11% 31% (BC) 13% 11% 30% (BC) 13% 10% 19% (C) 17% (C) 10% 32% (BC) 13% 9% 38% (BC) 17% (C) 5% 35% (BC) 15% 5% 87% (A) 90% (A)69%
  25. 25. How important are each of these people in researching products and services for your business? There is no difference by gender Very n=500 RANDOMIZED25 RESEARCH INFLUENCERS: GENDER Second highest Third highest Highest 87% 25% 23% 19% 16% 15% 15% 14% 14% 13% 13% 12% 12% 11% 10% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Your office manager Peers and colleagues Your IT consultant / MSP Other consultants / agencies, e.g. marketing, advertising etc. Your head of finance Your business banker Your attorney Your IT staff Your head of HR Your board / investors Male (A) Female (B) 90% 84% 25% 26% 24% 21% 19% 18% 17% 14% 17% 13% 15% 13% 13% 15% 15% 13% 14% 13% 13% 12% 13% 12% 11% 14% 12% 10% 11% 9% 84%90%
  26. 26. How important are each of these people in researching products and services for your business? As at the awareness stage, manufacturers are more reliant on their business partner… Very n=500 RANDOMIZED26 RESEARCH INFLUENCERS: INDUSTRY Second highest Third highest Highest 87% 25% 23% 19% 16% 15% 15% 14% 14% 13% 13% 12% 12% 11% 10% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Your office manager Peers and colleagues Your IT consultant / MSP Other consultants / agencies, e.g. marketing, advertising etc. Your head of finance Your business banker Your attorney Your IT staff Your head of HR Your board / investors PS (A) RW (B) M (C) Other (D) 93 85% 81% 86% 23% 31% 26% 22% 20% 24% 31% (A) 18% 18% 18% 23% 16% 15% 16% 20% 14% 15% 13% 19% 14% 20% (B) 7% 15% 16% (B) 18% (B) 10% 13% 12% 14% 13% 17% 12% 15% (B) 7% 19% (B) 14% 13% 13% 10% 16% 14% 11% 15% 7% 16% 9% 13% 10% 11% 10% 15% 9% 13% (C) 9% 6% 11% 93% (BC) 85% 81% 86%
  27. 27. How important are each of these people in researching products and services for your business? …as are western and midwestern SMBs… Very n=500 RANDOMIZED27 RESEARCH INFLUENCERS: GEOGRAPHY Second highest Third highest Highest 87% 25% 23% 19% 16% 15% 15% 14% 14% 13% 13% 12% 12% 11% 10% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Your office manager Peers and colleagues Your IT consultant / MSP Other consultants / agencies, e.g. marketing, advertising etc. Your head of finance Your business banker Your attorney Your IT staff Your head of HR Your board / investors West (A) Midwest (B) South (C) Northeast (D) 80% 81% 90 94% 20% 24% 28% 27% 22% 28% 23% 20% 16% 11% 25% (B) 17% 15% 17% 17% 14% 13% 17% 13% 18% 8% 14% 16% (A) 18% (A) 13% 19% 14% 11% 9% 17% 13% 17% 11% 12% 16% 13% 8% 19% (A) 15% 11% 9% 17% 13% 11% 13% 14% 12% 10% 11% 12% 13% 8% 8% 14% 12% 8% 80% 81% 90% (A) 94% (AB)
  28. 28. How important are each of these people in researching products and services for your business? …and urban businesses Very n=500 RANDOMIZED28 RESEARCH INFLUENCERS: POPULATION DENSITY Second highest Third highest Highest 87% 25% 23% 19% 16% 15% 15% 14% 14% 13% 13% 12% 12% 11% 10% You Your spouse Your business partner(s) Your CPA Your sales and/or marketing staff Your office manager Peers and colleagues Your IT consultant / MSP Other consultants / agencies, e.g. marketing, advertising etc. Your head of finance Your business banker Your attorney Your IT staff Your head of HR Your board / investors Rural (A) Suburban (B) Urban (C) 87% 86% 91% 34% (B) 22% 29% 34% (B) 17% 31% (B) 26% (B) 16% 22% 16% 15% 19% 16% 11% 24% (B) 16% 14% 15% 13% 11% 21% (B) 16% 14% 12% 21% (B) 9% 21% (B) 21% (B) 9% 19% (B) 18% 11% 12% 16% 10% 14% 19% (B) 8% 14% 16% (B) 6% 19% (B) 86% 91%87%
  29. 29. How important are each of these people in making a final purchase decision on products and services for your business? Principals see themselves as the ultimate decision-maker Very Somewhat N/A / Not Important n=500 RANDOMIZED29 91% 24% 24% 15% 13% 13% 12% 12% 12% 11% 11% 10% 9% 8% 8% 7% 26% 14% 21% 16% 16% 18% 14% 17% 19% 19% 15% 17% 16% 28% 2% 50% 63% 64% 70% 71% 70% 74% 71% 70% 70% 75% 74% 76% 64% You Your spouse Your business partner(s) Your CPA Your head of finance Your office manager Your IT consultant / MSP Your IT staff Your sales and/or marketing staff Other consultants / agencies, e.g. marketing, advertising etc. Your business banker Your board / investors Your attorney Your head of HR Peers and colleagues PURCHASE INFLUENCERS
  30. 30. How important are each of these people in making a final purchase decision on products and services for your business? The second-most-important purchase influencer also varies widely by headcount… Very n=500 RANDOMIZED30 91% 24% 24% 15% 13% 13% 12% 12% 12% 11% 11% 10% 9% 8% 8% You Your spouse Your business partner(s) Your CPA Your head of finance Your office manager Your IT consultant / MSP Your IT staff Your sales and/or marketing staff Other consultants / agencies, e.g. marketing, advertising etc. Your business banker Your board / investors Your attorney Your head of HR Peers and colleagues VSBs (A) SBs (B) MBs (C) 91%* 87%* 85%* 24% 27% 39% (A) 23% 45% (A) 50% (A) 14% 28% (A) 44% (AB) 13% 38% (A) 60% (AB) 12% 35% (A) 55% (AB) 12% 36% (A) 58% (AB) 11% 35% (A) 59% (AB) 11% 31% (A) 46% (AB) 10% 35% (A) 51% (AB) 10% 30% (A) 56% (AB) 10% 36% (A) 47% (A) 8% 32% (A) 47% (AB) 8% 31% (A) 54% (AB) 7% 30% (A) 44% (AB) PURCHASE INFLUENCERS: COMPANY SIZE 87% 85%91% Second highest Third highest Highest
  31. 31. How important are each of these people in making a final purchase decision on products and services for your business? …and revenue Very n=500 RANDOMIZED31 91% 24% 24% 15% 13% 13% 12% 12% 12% 11% 11% 10% 9% 8% 8% You Your spouse Your business partner(s) Your CPA Your head of finance Your office manager Your IT consultant / MSP Your IT staff Your sales and/or marketing staff Other consultants / agencies, e.g. marketing, advertising etc. Your business banker Your board / investors Your attorney Your head of HR Peers and colleagues PURCHASE INFLUENCERS: COMPANY REVENUE Second highest Third highest Highest <$500K (A) $500K to $999K (B) $1M to $4.9M (C) $5M or more (D) 91% 91% 88% 82% 25% 33% 35% 24% 23% 46% (A) 48% (A) 43% (A) 18% 34% (A) 30% (A) 29% (A) 19% 37% (A) 33% (A) 50% (AC) 18% 37% (A) 38% (A) 34% (A) 21% 30% 32% (A) 42% (A) 17% 39% (A) 33% (A) 44% (A) 18% 33% (A) 29% (A) 27% 21% 28% 34% (A) 28% 18% 36% (A) 34% (A) 28% 16% 25% 35% (A) 38% (A) 16% 39% (A) 25% (A) 28% (A) 15% 34% (A) 33% (A) 29% (A) 15% 33% (A) 23% 29% (A) 91% (D) 91% 88% 82%
  32. 32. How important are each of these people in making a final purchase decision on products and services for your business? Fast-growth SMBs are more reliant on their business partner than their slow-growth peers… Very n=500 RANDOMIZED32 91% 24% 24% 15% 13% 13% 12% 12% 12% 11% 11% 10% 9% 8% 8% You Your spouse Your business partner(s) Your CPA Your head of finance Your office manager Your IT consultant / MSP Your IT staff Your sales and/or marketing staff Other consultants / agencies, e.g. marketing, advertising etc. Your business banker Your board / investors Your attorney Your head of HR Peers and colleagues PURCHASE INFLUENCERS: BUSINESS OUTLOOK Second highest Third highest Highest No Growth (A) Slow Growth (B) Fast Growth (C) 94% 93% 87% 16% 25% 32% (A) 11% 21% (A) 40% (AB) 6% 14% (A) 25% (AB) 5% 10% 25% (AB) 5% 8% 24% (AB) 7% 5% 22% (AB) 4% 8% 23% (AB) 4% 10% (A) 22% (AB) 6% 3% 20% (AB) 3% 5% 23% (AB) 3% 10% (A) 19% (A) 2% 7% (A) 17% (AB) 2% 5% 17% (AB) 3% 3% 16% (AB) 93% 87%94% (C)
  33. 33. How important are each of these people in making a final purchase decision on products and services for your business? Startups rely on their business banker to make a purchase decision Very n=500 RANDOMIZED33 91% 24% 24% 15% 13% 13% 12% 12% 12% 11% 11% 10% 9% 8% 8% You Your spouse Your business partner(s) Your CPA Your head of finance Your office manager Your IT consultant / MSP Your IT staff Your sales and/or marketing staff Other consultants / agencies, e.g. marketing, advertising etc. Your business banker Your board / investors Your attorney Your head of HR Peers and colleagues PURCHASE INFLUENCERS: COMPANY AGE Second highest Third highest Highest <2 years (A) 2-9 years (B) 10-19 years (C) 20 years or more (D) 92% 85% 96% 91% 26% 30% (D) 27% (D) 18% 17% 32% (D) 32% (D) 14% 17% 14% 16% 14% 9% 21% (D) 15% 9% 9% 19% (D) 18% (D) 7% 9% 18% (D) 14% 9% 9% 16% (D) 15% (D) 8% 9% 16% (D) 16% (D) 7% 9% 13% 16% (D) 7% 26% (D) 16% (D) 15% (D) 4% 17% (D) 11% (D) 16% (D) 5% 9% 10% 10% 7% 17% (D) 11% (D) 13% (D) 2% 9% 12% (D) 12% (D) 2% 92% 85% 96% (B) 91%
  34. 34. How important are each of these people in making a final purchase decision on products and services for your business? Gen Z and Millennial principals seek purchase advice from an array of sources… Very n=500 RANDOMIZED34 91% 24% 24% 15% 13% 13% 12% 12% 12% 11% 11% 10% 9% 8% 8% You Your spouse Your business partner(s) Your CPA Your head of finance Your office manager Your IT consultant / MSP Your IT staff Your sales and/or marketing staff Other consultants / agencies, e.g. marketing, advertising etc. Your business banker Your board / investors Your attorney Your head of HR Peers and colleagues PURCHASE INFLUENCERS: RESPONDENT AGE Second highest Third highest Highest 18 to 38 (A) 39 to 54 (B) 55+ (C) 80% 86% 94% 44% (BC) 25% 20% 53%(BC) 27% (C) 18% 22% 19% 13% 34% (BC) 17% (C) 9% 41% (BC) 7% 10% 30% (BC) 13% 9% 34% (BC) 15% (C) 8% 38% (BC) 15% (C) 7% 31% (BC) 15% (C) 7% 38% (BC) 17% (C) 5% 34% (BC) 13% (C) 6% 23% (BC) 11% 6% 34% (BC) 11% (C) 4% 23% (BC) 9% 5% 86% 94% (AB)80%
  35. 35. How important are each of these people in making a final purchase decision on products and services for your business? …while men and women are effectively identical Very n=500 RANDOMIZED35 91% 24% 24% 15% 13% 13% 12% 12% 12% 11% 11% 10% 9% 8% 8% You Your spouse Your business partner(s) Your CPA Your head of finance Your office manager Your IT consultant / MSP Your IT staff Your sales and/or marketing staff Other consultants / agencies, e.g. marketing, advertising etc. Your business banker Your board / investors Your attorney Your head of HR Peers and colleagues PURCHASE INFLUENCERS: GENDER Second highest Third highest Highest Male (A) Female (B) 93% 88% 21% 27% 24% 23% 15% 14% 13% 14% 13% 12% 11% 14% 13% 10% 12% 12% 10% 13% 9% 14% 11% 9% 9% 9% 7% 10% 7% 9% 88%93% (B)
  36. 36. How important are each of these people in making a final purchase decision on products and services for your business? Professional services and manufacturers look to their business partner… Very n=500 RANDOMIZED36 91% 24% 24% 15% 13% 13% 12% 12% 12% 11% 11% 10% 9% 8% 8% You Your spouse Your business partner(s) Your CPA Your head of finance Your office manager Your IT consultant / MSP Your IT staff Your sales and/or marketing staff Other consultants / agencies, e.g. marketing, advertising etc. Your business banker Your board / investors Your attorney Your head of HR Peers and colleagues PURCHASE INFLUENCERS: INDUSTRY Second highest Third highest Highest PS (A) RW (B) M (C) Other (D) 95% 86% 91% 91% 18% 26% 30% (A) 24% 20% 25% 35% (AD) 18% 17% (D) 17% (D) 14% 7% 12% 13% 19% 12% 13% 10% 19% (B) 11% 16% (D) 10% 12% 7% 14% 9% 17% (D) 7% 11% 13% 17% (D) 7% 14% 10% 8% 9% 11% 11% 12% 9% 12% (D) 11% (D) 12% (D) 3% 13% (BD) 6% 10% 3% 10% (B) 3% 17% (BD) 5% 11% (B) 5% 10% 5% 95% (B) 86% 91% 91%
  37. 37. How important are each of these people in making a final purchase decision on products and services for your business? …as do midwestern and southern SMBs… Very n=500 RANDOMIZED37 91% 24% 24% 15% 13% 13% 12% 12% 12% 11% 11% 10% 9% 8% 8% You Your spouse Your business partner(s) Your CPA Your head of finance Your office manager Your IT consultant / MSP Your IT staff Your sales and/or marketing staff Other consultants / agencies, e.g. marketing, advertising etc. Your business banker Your board / investors Your attorney Your head of HR Peers and colleagues PURCHASE INFLUENCERS: GEOGRAPHY Second highest Third highest Highest West (A) Midwest (B) South (C) Northeast (D) 88% 81% 93% 97% 22% 27% 22% 25% 20% 28% 24% 24% 13% 14% 21% (D) 8% 8% 14% 18% (A) 11% 15% 11% 14% 11% 6% 14% 15% (A) 13% 11% 11% 14% 10% 9% 17% 12% 11% 10% 14% 11% 11% 6% 19% (AD) 15% (AD) 5% 6% 14% 11% 11% 6% 14% (D) 11% 5% 8% 14% (D) 8% 5% 2% 14% (AD) 11% (A) 5% 88% 81% 93% (B) 97% (AB)
  38. 38. How important are each of these people in making a final purchase decision on products and services for your business? …and rural and urban SMBs Very n=500 RANDOMIZED38 91% 24% 24% 15% 13% 13% 12% 12% 12% 11% 11% 10% 9% 8% 8% You Your spouse Your business partner(s) Your CPA Your head of finance Your office manager Your IT consultant / MSP Your IT staff Your sales and/or marketing staff Other consultants / agencies, e.g. marketing, advertising etc. Your business banker Your board / investors Your attorney Your head of HR Peers and colleagues PURCHASE INFLUENCERS: POPULATION DENSITY Second highest Third highest Highest Rural (A) Suburban (B) Urban (C) 90% 91% 93% 31% 23% 22% 33% (B) 21% 25% 21% 13% 15% 31% (B) 6% 22% (B) 18% 11% 14% 16% 11% 14% 16% 9% 17% (B) 16% 10% 14% 13% 10% 12% 23% (BC) 7% 12% 16% (B) 7% 16% (B) 13% 7% 9% 16% (B) 6% 9% 16% (B) 5% 10% 91% 93%90%
  39. 39. THANK YOU

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