bredin fastcast: selling to smbs via peers and influencers

Selling to SMBs via Peers and Influencers

October 20, 2016

Bredin, Inc.www.bredin.com617-674-7882

http://www.bredin.com/

Content Marketing Market Research

Increasing SMB Acquisition, Engagement and Retention

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Research Objective

Help marketers better understand how to sell to SMBs via peers and influencers

• SMB business outlook and challenges

• The role of peers at the awareness, research and purchase stages of the sales cycle

• How SMBs value peer versus other kinds of advice

• Peer advice preferences: formats and topics

• How SMBs engage with their peers

• Who presents peer and influencer advice well

• The effect of peer and influencer advice on brand perception and sales

Methodology

How

• 15-minute online survey via the Bredin.com/smbpulse

Who

• 318 principals of U.S. companies with <500 employees (5.5%+/- CI)

• 117 with <20 employees (97.7% weighting)• 100 with 20-99 employees (1.9% weighting)• 101 with 100-500 employees (.3% weighting)• Any industry• See slides 36-40 for participant demographics

When

• September 21 – 26, 2016

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http://www.bredin.com/smbpulse.html

Detailed Results

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SMBs are most likely to become aware of new products and services for heir

business via their peers…

Awareness

n=318Top-two box

On a scale of 1 (very unlikely) to 5 (very likely), please rate how likely you are to first learn about products or services for your business via each of these specific sources / formats.

0% 10% 20% 30% 40% 50%

InstagramTwitter

PinteresteBook / guide / handbook

InfographicBlog

Analyst reportAudio podcast

Banner / display adOutdoor billboard or signage

RadioInteractive tool

LinkedInWhite paperCase study

YouTubeResearch report

External / third-party consultantFacebook

Forum or discussion boardWebinar / webcast

TVVideo on vendor’s website

One-off emailPress releaseIn-house staff

Newspaper / magazine (print or online)Postcard, letter or catalog in the mail

Resources section of a vendor’s website Online review

Print newsletterEvent or trade show

Call or meeting with vendor sales representativeEmail newsletter

Product section of vendor’s website Peer / colleague

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…and to research those offerings via search, and their peers…

Research

n=318Top-two box

On a scale of 1 (very unlikely) to 5 (very likely), please rate how likely you are to use each of these sources / formats when you are researching products or services for your business.

0% 10% 20% 30% 40% 50%

InstagramInfographic

TwitterPinterest

RadioOutdoor billboard or signage

Forum or discussion boardOne-off email

Audio podcastCase study

FacebookBanner / display ad

BlogPress releaseAnalyst report

LinkedInInteractive tool

External / third-party consultantYouTube

White papereBook / guide / handbook

TVResearch report

Webinar / webcastIn-house staff

Video on vendor’s website Email newsletter

Postcard, letter or catalog in the mailPrint newsletter

Newspaper / magazine (print or online)Call or meeting with a vendor sales representative

Online reviewEvent or trade show

Product section of a vendor’s website Resources section of a vendor’s website

Peer / colleagueSearch

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…and to make a final purchase decision based on advice from

their peers

Purchase

n=318Top-two box

On a scale of 1 (very unlikely) to 5 (very likely), please rate how likely you are to use each of these sources / formats to make a purchase decision on products or services for your business.

0% 10% 20% 30% 40% 50%

BlogInstagram

Press releasePinterest

RadioAudio podcast

LinkedInTwitter

InfographiceBook / guide / handbook

Analyst reportOutdoor billboard or signage

Banner / display adWhite paper

Interactive toolFacebookYouTube

One-off emailPrint newsletter

Research reportForum or discussion board

Case studyPostcard, letter or catalog in the mail

External / third-party consultantTV

Email newsletterVideo on vendor’s website

Webinar / webcastNewspaper / magazine (print or online)

In-house staffProduct section of vendor’s website

Call or meeting with vendor sales representativeEvent or trade show

Online reviewResources section of vendor’s website

SearchPeer / colleague

SMB Purchase Process Map

Event or trade show

Call or meeting with vendor sales

representative

Email newsletter

Product section of vendor’s website

Peer / colleague

Product Awareness

Event or trade show

Product section of a vendor’s website

Resources section of a vendor’s website

Peer / colleague

Search

Product Research

Event or trade show

Online review

Resources section of vendor’s website

Search

Peer / colleague

Purchase Decision

Print newsletter Online review Call or meeting with

vendor sales representative

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SMBs have a variety of definitions of “peer”…

Defining Peers

n=218

In your own words, as a principal of a small or mid-sized business, how would you define a peer?

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…but they define “peers” first and foremost as someone in their industry

Defining Peers, continued

n=318Top-two box

Please rate each of these statements on a scale of 1 (strongly disagree) to 5 (strongly agree):

0% 10% 20% 30% 40% 50% 60% 70% 80%

A peer is a CEO of a large business

A peer is a journalist or blogger who writes about small / mid-sizedbusiness or business management

A peer is an analyst or academic who studies business andmanagement

A peer is a friend or colleague who works at another company, butis not an owner or principal

I trust the advice of peers in online forums / discussion boards

A peer is a fellow owner or principal of a small or mid-sizedbusiness

A peer is someone who runs a business the same size as mine

A peer is someone who runs a business in the same industry asmine

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Larger SMBs have a more expansive definition of ‘peer’…

Defining Peers: Company Size

n=318Top-two box unweighted


0% 10% 20% 30% 40% 50% 60% 70% 80%









1-19 20-99 100-500

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…as do Millennials

Defining Peers: Respondent Age

n=318Top-two box


0% 10% 20% 30% 40% 50% 60% 70% 80%









18-34 35-49 50+

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SMBs are most likely to seek peer advice at the awareness stage

When SMBs Seek Peer Advice

n=314Top-two

Please rank-order these times when you rely on the knowledge or advice of your peers, from most likely (top) to least likely (bottom):

0% 10% 20% 30% 40% 50% 60% 70% 80%

To make a final purchase decision on products and services formy business

To get advice or perspective on business managementchallenges, like hiring, business development or managing cash

flow

To evaluate products and services for my business

To first learn about products and services for my business

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SMBs are most likely to get peer advice in person, for example over lunch or drinks

How SMBs Seek Peer Advice

n=318Top-two box

On a scale of 1 (very unlikely / not often) to 5 (very likely / often), please rate each of these ways that you get knowledge and advice from your peers:

0% 10% 20% 30% 40% 50% 60% 70%

A social network other than LinkedIn

LinkedIn

Peer forums / discussion boards

Networking or other events, including trade shows

Email

Phone call

In person

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Larger SMBs are more reliant on their peers

How SMBs Seek Peer Advice: Company Size

n=318Top-two box unweighted


0% 10% 20% 30% 40% 50% 60% 70% 80% 90%


LinkedIn



Email

Phone call

In person

1-19 20-99 100-500

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Millennials are more likely to get peer advice online

How SMBs Seek Peer Advice: Respondent Age

n=318Top-two box


0% 10% 20% 30% 40% 50% 60% 70% 80%


LinkedIn



Email

Phone call

In person

18-34 35-49 50+

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SMBs get peer advice in a variety of ways

How SMBs Seek Peer Advice: In Their Own Words

n=58

Is there another way that you get knowledge and advice from your peers on products, services or management advice for your business?

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Microsoft and Google are perceived as providing peer advice well

Showcasing Peer Advice: Who’s Doing it Well

n=124

Which companies do a particularly good job of providing access to or advice from your peers?

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Most SMBs don’t have a formal or structured way to get peer advice

Formal Peer Advice

Please select yes or no: (% yes)

0% 5% 10% 15% 20% 25% 30% 35% 40%

Have you used a SCOREmentor?

Do you have a peer advisoryboard for your company?

Do you belong to a formal orinformal peer advisory group?

Have you gone to businessowner networking events?

0% 10% 20% 30% 40% 50% 60% 70% 80%

Have you used a SCORE mentor?

Do you have a peer advisory boardfor your company?


Have you gone to business ownernetworking events?

1-19 20-99 100-50021

Larger SMBs are much more likely to use structured peer advice…

Formal Peer Advice: Company Size


n=variesunweighted

0% 10% 20% 30% 40% 50% 60%

Have you used a SCOREmentor?

Do you have a peer advisoryboard for your company?


Have you gone to business ownernetworking events?

18-34 35-49 50+22

…as are Millennials

Formal Peer Advice: Respondent Age


n=varies

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SMBs are most likely to seek industry and product information from their peers

Peer Advice: Topics

n=318Top-two box

On a scale of 1 (never) to 5 (very often), how often do you seek advice from your peers on the following topics?

0% 10% 20% 30% 40%

Import / export

Hiring, compensation and people management

Time management / productivity

Financial planning and management

Leadership and strategy

Operations

Business development / sales and marketing

Law and taxes

Technology

Products and services for my business

Industry news and trends

Content Marketing Topics

24 n=312Top-two box

On a scale of 1 (never) to 5 (very often), how often do you go online to find content on the following topics to help you manage and grow your business?

SMBs are most interested in marketing content on technology, and their industry

0% 5% 10% 15% 20% 25% 30% 35%

Import / export

Human resources

Leadership and management

Law and taxes


Operations

Sales and marketing


Technology

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SMBs mostly seek ‘influencer’ advice on products, and law and taxes

‘Influencer’ Topics

n=317Top-two box

On a scale of 1 (never) to 5 (very often), how often do you seek advice – for example by reading articles or blog posts - from independent business experts on the following topics?

0% 10% 20% 30% 40%

Import / export

Time management / productivity

Hiring, compensation and people management

Operations

Leadership and strategy


Business development / sales and marketing


Technology

Law and taxes

Products and services for my business

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SMBs rate peer advice the highest of any source

Advice Quality

n=318Top-two box

On a scale of 1 (not at all valuable) to 5 (extremely valuable), please rate the general quality or value of the business management advice you get from:

0% 10% 20% 30% 40%

Independent bloggers, authors or experts in small and mid-sizedbusiness management, your industry or other business management

topics

Colleges or universities, such as business schools

Government entities, such as the SBA or SCORE

Companies that provide online resources and advice, like the AmericanExpress OPEN Forum or Intuit Small Business Blog

Your IT consultant

Your attorney

Your spouse

Your business partner(s)

Your CPA

Your peers

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Marketers can best present peer advice via meetings, and bylined marketing content

Presenting Peer Advice

n=318Top-two box

On a scale of 1 (not at all useful / don’t want) to 5 (very useful / want very much), please rate each of these ways that companies such as your bank, American Express, Dell, Google, Intuit or Microsoft can provide access to or advice from your peers:

0% 10% 20% 30%

Presenting the results of surveys of your peers

Hosting online forums / discussion boards

Offering case studies explaining how companies use theirproducts or services

Enabling email or online chat with “reference customers” about how they use the company’s products or services

Presenting articles or other types of content written by yourpeers

Providing in-person meetups / networking events

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SMBs have a fair degree of trust in ‘influencers’…

‘Influencers:’ Attitude and Usage

Please indicate whether you: (% yes)

0% 5% 10% 15% 20% 25% 30% 35% 40% 45%

Visit the sites or blogs ofindependent business experts

frequently:

Have clicked on a banner ad onthe site or blog of an

independent business expert forproducts or services for your

business:

Trust independent businessexperts for advice on productsand services for your business

Trust independent businessexperts for advice on productsand services for your business

Content Attributes

29 n=302Top-two box

On a scale of 1 (not at all important) to 5 (very important), please rate the importance of each of these aspects of marketing content:

…but they mostly want content that is easy to understand

0% 10% 20% 30% 40% 50% 60% 70% 80%

Written for someone with my title / role

Compelling / attractive design

Educates me on why to take action, e.g. to buy newtechnology

Educates me about business needs and challenges, e.g.how to get more customers / clients

Written for a company of my size

Written by an expert

Contains interesting facts / anecdotes

Written for someone in my industry

In a format I prefer

Easy to understand

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Microsoft and Google are also perceived as providing influencer advice well

Showcasing Influencers: Who’s Doing it Well

n=96

Which, if any, companies do a particularly good job of providing advice from independent business experts?

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SMBs have a variety of format and topic suggestions for marketers

Showcasing Influencers: Suggestions for Improvement

n=74

How could companies such as your bank, American Express, Dell, Google, Intuit or Microsoft do a better job of providing advice from independent business experts?

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Roughly three in five SMBs agree that peer and influencer content boosts purchase propensity

The Effect of Peer and Influencer Content

Please indicate whether you agree with each statement: (% yes)

0% 10% 20% 30% 40% 50% 60% 70%

I am more likely to remain a customer ofcompanies that provide advice from

independent business experts

I am more likely to do business with companiesthat provide advice from independent business

experts

I feel more positively about companies thatprovide advice from independent business

experts

I am more likely to remain a customer ofcompanies that give me access to or advice

from my peers

I am more likely to do business with companiesthat give me access to or advice from my peers

I feel more positively about companies thatgive me access to or advice from my peers

Peers

Influencers

n=315

n=316

n=315

n=316

n=315

n=317

Peer Marketing Best Practices: 7 Tips

Focus your topics on your brand domain

Use peers for both advice and testimonials

Provide industry- (and size-) specific advice

Sponsor meetups / networking events

Post peer content on your resource center; promote via email and social

Provide peer surveys

Focus on content quality

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For More Information

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Stu Richards, [email protected]: @BredinInc

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✔ Email me for a copy of this report

Get the full report at bit.ly/2e4sje3

Join me for our next Fastcast, Selling to SMBs via Events, at 1pmE on Thursday November 17

mailto:[email protected]

http://www.bredin.com/Selling-to-SMBs-via-Peers-and-Influencers-2016-Report.html

Sample Characteristics


Owner, Founder, Manager, Partner, CxO, etc. 100%Title Principal

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Industry

PS: Educational services, Finance & insurance, Health care & social assistance, Information technology, Management of companies & enterprises, Professional servicesRW: Accommodation & food service, Arts, Entertainment & recreation, Real estate, rental & leasing, Retail trade, Transportation & warehousing, Wholesale TradeM: Construction, Manufacturing, Mining, Scientific & technical services, UtilitiesOther: Administrative, support, waste management & remediation service, Other services (except public administration)

n=318

n=318

40%

33%

18%

10%

54%

46% MaleFemale

29%

36%

35% 18-34

35-49

50+

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Age

Gender

n=318

n=312


25%

33%

43%0 to 5 Years

6 to 10 Years

More than 10 years

37%

31%

32% 1-19 Employees

20-99 Employees

100-500 Employees

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Company Size

Years in Business

n=318

n=313


40%

29%

23%

4% 3%

Up by 10% or more

Up, by less than 10%

Same as 2015

Down, by less than 10%

Down by 10% or more

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2016 Revenue Growth

n=316

2015 Revenue

34%

19%

47%

Less than $500k

$500k to $999k

$1M+

n=318


40

Region

n=317

Midwest18%

West20%

South39%

Northeast23%


Thank You