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SMB Purchase Timing

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SMB Purchase Timing

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SMB Purchase Timing

  1. 1. February 2020 SMB Purchase Timing
  2. 2. 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 2 • 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
  3. 3. 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 3
  4. 4. 4 METHODOLOGY Online survey via the Bredin.com/SMBPulse 500 principals of U.S. companies with up to 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.
  5. 5. 5 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%
  6. 6. 6 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
  7. 7. PURCHASE TIMING
  8. 8. On average, how long does it take from first learning about or beginning to conduct research on these products and services for your business until you make a purchase or upgrade decision? PURCHASE TIMING In aggregate, SMBs decide the fastest on printers, and the slowest on retirement plans 8 n=500 RANDOMIZED A week A month Three months 36% 34% 32% 29% 29% 28% 27% 27% 25% 19% 17% 16% 16% 15% 15% 14% 13% 13% 6% 28% 28% 29% 32% 31% 31% 32% 30% 26% 26% 34% 26% 31% 33% 29% 25% 30% 25% 21% 14% 12% 11% 13% 13% 13% 15% 10% 16% 20% 19% 16% 17% 16% 17% 12% 16% 21% 20% 6% 6% 5% 6% 6% 7% 8% 4% 5% 5% 7% 6% 6% 8% 7% 6% 7% 9% 8% 17% 21% 23% 20% 21% 21% 18% 29% 28% 29% 23% 37% 30% 28% 31% 43% 33% 33% 44% Printers Business checking account Business credit card Internet access Tablets (e.g., iPad, Surface) Cellphone carrier PCs / laptops / desktops Cellphone handsets Landline phone service provider Phone system Business software / applications Hiring / recruiting service Business loan / line of credit Business insurance Server Payroll service provider Website hosting service Employee health or life insurance Company retirement plan Six months More than six months
  9. 9. On average, how long does it take from first learning about or beginning to conduct research on these products and services for your business until you make a purchase or upgrade decision? Larger SMBs make faster decisions on more complex products 9 n=500 RANDOMIZED A week 36% 34% 32% 29% 29% 28% 27% 27% 25% 19% 17% 16% 16% 15% 15% 14% 13% 13% 6% Printers Business checking account Business credit card Internet access Tablets (e.g., iPad, Surface) Cellphone carrier PCs / laptops / desktops Cellphone handsets Landline phone service provider Phone system Business software / applications Hiring / recruiting service Business loan / line of credit Business insurance Server Payroll service provider Website hosting service Employee health or life insurance Company retirement plan VSBs (A) SBs (B) MBs (C) 36%* 39%* 32% 34% 33% 30% 32% 36% 30% 29% 30% 28% 29% 32% 32% 28% 31% 33% 27% 30% 31% 27% 39% (A) 36%* 25% 27% 28% 19% 23% 27% 17% 24% 29% (A) 16% 23% 21% 16% 21% 23% 15% 19% 29% (A) 15% 17% 28% (AB) 14% 19% 33% (AB) 13% 25% (A) 24% (A) 12% 15% 26% (AB) 6% 19% (A) 20% (A) PURCHASE TIMING: COMPANY SIZE 39% 36% 36% 39% (A)
  10. 10. On average, how long does it take from first learning about or beginning to conduct research on these products and services for your business until you make a purchase or upgrade decision? Slow-growth businesses make the fastest decisions on checking accounts and credit cards… 10 n=500 RANDOMIZED A week 36% 34% 32% 29% 29% 28% 27% 27% 25% 19% 17% 16% 16% 15% 15% 14% 13% 13% 6% Printers Business checking account Business credit card Internet access Tablets (e.g., iPad, Surface) Cellphone carrier PCs / laptops / desktops Cellphone handsets Landline phone service provider Phone system Business software / applications Hiring / recruiting service Business loan / line of credit Business insurance Server Payroll service provider Website hosting service Employee health or life insurance Company retirement plan No Growth (A) Slow Growth (B) Fast Growth (C) 35% 30% 41% 29% 41% (A) 35% 33% 41% 28% 27% 30% 31% 23% 30% 35% (A) 25% 32% 30% 27% 25% 29% 24% 30% 29% 25% 23% 27% 19% 16% 21% 16% (B) 5% 24% (AB) 18% 14% 15% 19% 12% 14% 19% (B) 9% 14% 16% (B) 7% 17% (B) 16% 16% 10% 14% 7% 16% (B) 17% (B) 5% 11% 9% (B) 3% 5% PURCHASE TIMING: BUSINESS OUTLOOK 41% (C) 41%35% 41% (A)
  11. 11. On average, how long does it take from first learning about or beginning to conduct research on these products and services for your business until you make a purchase or upgrade decision? …while Millennials make the fastest decisions on cellphone handsets 11 n=500 RANDOMIZED A week 36% 34% 32% 29% 29% 28% 27% 27% 25% 19% 17% 16% 16% 15% 15% 14% 13% 13% 6% Printers Business checking account Business credit card Internet access Tablets (e.g., iPad, Surface) Cellphone carrier PCs / laptops / desktops Cellphone handsets Landline phone service provider Phone system Business software / applications Hiring / recruiting service Business loan / line of credit Business insurance Server Payroll service provider Website hosting service Employee health or life insurance Company retirement plan 18-38 (A) 39-54 (B) 55+ (C) 25% 39% 37% 32% 21% 37% (B) 28% 23% 36% (B) 28% 29% 29% 28% 29% 29% 25% 23% 30% 28% 19% 29% (B) 40% 23% 26% 39% (BC) 17% 25% 36% (BC) 13% 19% 25% 15% 16% 28% (BC) 13% 15% 13% 11% 17% 17% 12% 16% 35% (BC) 10% 13% 18% (B) 6% 15% (B) 25% (BC) 11% 13% 28% (BC) 4% 12% (B) 7% 2% 7% PURCHASE TIMING: RESPONDENT AGE 39% 37% 40% (BC) 37% (B)
  12. 12. On average, how long does it take from first learning about or beginning to conduct research on these products and services for your business until you make a purchase or upgrade decision? Manufacturing and Retail/Wholesale companies make printer purchase decisions most quickly 12 n=500 RANDOMIZED A week 36% 34% 32% 29% 29% 28% 27% 27% 25% 19% 17% 16% 16% 15% 15% 14% 13% 13% 6% Printers Business checking account Business credit card Internet access Tablets (e.g., iPad, Surface) Cellphone carrier PCs / laptops / desktops Cellphone handsets Landline phone service provider Phone system Business software / applications Hiring / recruiting service Business loan / line of credit Business insurance Server Payroll service provider Website hosting service Employee health or life insurance Company retirement plan PS (A) RW (B) M (C) Other (D) 32% 43% 40% 31% 33% 31% 35% 38% 32% 32% 40% 27% 27% 28% 39% (A) 27% 30% 28% 33% 24% 27% 31% 28% 27% 30% 22% 33% 24% 28% 25% 30% 25% 23% 25% 33% 22% 16% 21% 21% 22% 19% 14% 21% 14% 16% 17% 16% 16% 18% 17% 12% 13% 20% (B) 10% 16% 13% 16% 17% 16% 9% 15% 18% 9% 9% 13% 14% 17% 11% 15% 10% 12% 13% 10% (B) 3% 5% 5% PURCHASE TIMING: INDUSTRY 40% 33% 43% 38%
  13. 13. THANK YOU

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