The Why Behind the Buy – Small Business Purchase Journey
In the first episode of The Why Behind The Buy, Claritas customer segmentation experts Monique Martin and Grady Behrens take listeners through buyer journeys to reveal how small business buying decisions are made, and who is responsible for making them. Through a combination of proprietary Claritas research, results from the Claritas Small Business Behavior Track survey, and personal stories from two small businesses, listeners get insight into why their target B2B buyers make the decisions they do, the impact recommendations have, what factors influence buyers the most, and what turns them off.
Listen to the episode here and view the top 4 takeaways, below.
Marketers need precise small business insights at scale: The Claritas Small Business Behavior Track is one of the largest annual surveys examining decision makers, with over 14,000 respondents from businesses with 50 and fewer employees in the US. The survey looks at behaviors that drive purchases of banking, insurance, telecommunications, technology and travel by finding the key decision maker in the buyer journey and uncover the “why behind the small business buy.”
Fast answers make quick friends: In the two interviews we had with small business owners, both made several purchasing decisions based on recommendations from their peers, but customer service was almost always the key differentiator when it came to whether they moved forward with a service or product.
Stereotypes won’t win you business: When building out predictive models for just internet and telephone providers, Grady and team saw home businesses alone had no less than four different kinds of decision making styles. For some, certain services like broadband internet or merchant payment services were deemed critical to their business, but others were highly unlikely to have those needs. One of biggest surprises was the fact that many home business owners did not listen or rely on recommendations from peers when it came to purchasing decisions.
Time is money for small businesses: When you market to a small business, be clear and concise in your messaging and be prepared to provide quick responses to questions to be considered for your product or service. In our interview with Mike Melazzo of Common Good Cocktail House, getting a ball park quote early in the conversation with a provider was almost more important than the service package itself, because he needed to know if he could even fit that product or service in his budget before continuing to hear the pitch. For Rob Jent, mobile access to a provider was key. He is always on the go with his ongoing projects so having access to services like a chat box on a website where he can quickly communicate with a customer service agent vs. having to call and be put on hold was an attractive provider differentiator.