Bredin Fastcast: Selling to SMBs via Peers and Influencers
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Transcript of 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
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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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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
12
Larger SMBs have a more expansive definition of ‘peer’…
Defining Peers: Company Size
n=318Top-two box unweighted
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
1-19 20-99 100-500
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…as do Millennials
Defining Peers: Respondent Age
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
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
Peer forums / discussion boards
Networking or other events, including trade shows
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
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% 80% 90%
A social network other than LinkedIn
Peer forums / discussion boards
Networking or other events, including trade shows
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
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% 80%
A social network other than LinkedIn
Peer forums / discussion boards
Networking or other events, including trade shows
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?
Do you belong to a formal orinformal peer advisory group?
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
Please select yes or no: (% yes)
n=variesunweighted
0% 10% 20% 30% 40% 50% 60%
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 business ownernetworking events?
18-34 35-49 50+22
…as are Millennials
Formal Peer Advice: Respondent Age
Please select yes or no: (% yes)
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
Financial planning and management
Operations
Sales and marketing
Industry news and trends
Technology
25
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
Financial planning and management
Business development / sales and marketing
Industry news and trends
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
30
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?
31
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
✔
✔
✔ 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
Sample Characteristics
Owner, Founder, Manager, Partner, CxO, etc. 100%Title Principal
36
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%
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
38
Company Size
Years in Business
n=318
n=313
Sample Characteristics
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
39
2016 Revenue Growth
n=316
2015 Revenue
34%
19%
47%
Less than $500k
$500k to $999k
$1M+
n=318
Sample Characteristics