Small business owners are a vital part of the economy, and understanding their buying behavior is crucial for companies that want to sell to them. In this blog, we’ll discuss 5 statistics about small business owners and their buying behavior, along with the impact of each fact.
TRUST
90% of small business owners prefer to buy from a brand they know and trust (Small Business Trends)
This statistic highlights the importance of building brand awareness and trust among small business owners. Companies that can establish themselves as trustworthy and reliable are more likely to win business from small business owners.
REVIEWS
70% of small business owners say that online reviews influence their buying decisions (BrightLocal)
Online reviews have a major impact on the buying decisions of small business owners.
PRICE
61% of small business owners say that price is the most important factor when making purchasing decisions (Small Business Trends)
This statistic emphasizes the importance of pricing for companies that want to sell to small business owners. Companies that can offer competitive pricing are more likely to win business from small business owners.
REFERRALS
82% of small business owners say that referrals are the main way they find new business (Small Business Trends)
This statistic highlights the power of word-of-mouth marketing for small business owners. Companies that can provide excellent customer service and build strong relationships with existing customers are more likely to receive referrals and win new business.
COMPANY VALUES
67% of small business owners prefer to buy from a company that shares their values and beliefs (The Manifest)
This statistic shows the importance of aligning with small business owners’ values and beliefs. Companies that can demonstrate a commitment to social responsibility and environmental sustainability are more likely to win business from small business owners who share those values.
To close, these statistics demonstrate the importance of building trust and establishing a strong reputation among small business owners. By generating positive reviews, offering competitive pricing, building strong relationships with existing customers, and aligning with small business owners’ values and beliefs, companies can increase their chances of winning business from this important segment of the market.
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