Doremus/Forbes Insights Study: Small And Mid-sized Business Execs Willing To Pay More To Get What They Want
Doremus and the Forbes Insights group recently polled a Forbes panel of 700 owners and co-owners of small and mid-sized businesses to better understand their self-perceptions and values and to provide insights, consulting and communications guidance to companies that market to this audience.
- (1888PressRelease) January 05, 2011 - When it comes to shopping for what their small and mid-sized businesses need, 76% of business executives responding to a poll from Doremus and the Forbes Insights group said they are willing to pay more to get what they want.
Doremus, the business communications specialist, and the Forbes Insights group conducted the survey in the second half of 2010. The survey also found that, while a lot of small and mid-sized business executives say they shop around for the lowest prices, when it comes to wanting what they want, price takes a back seat.
The study is called: "Engine of Growth: Understanding the SMB Decision-Makers."
The 700 respondents were selected from a Forbes panel of owners and co-owners of small and mid-sized businesses (companies with between 5 and 999 employees). Home office and franchise owners were excluded from the sample.
The purpose of the research was to better understand the self-perceptions and values of small and mid-sized business owners, as well as to provide insights, consulting and communications guidance to companies that market to this audience.
Insights from the study:
75% make their buying decisions on an "as needed" basis, rather than adhering to a strict budget.
They prefer specialists, with 82% turning to "niche" experts over a one-stop-shopping solution … even if that means managing more vendors.
When comparison shopping for vendors or service providers, three-quarters rely on word-of-mouth or the Internet. The smaller the company or the younger the decision-maker, the more they rely on the web.
65% use materials they receive (from vendors), and 59% use trade magazines to guide them in choosing a vendor.
Less than 25% use newspapers to research vendors. Hardly any use radio or TV.
Hope Picker, Doremus Director of Research said, "These executives gather numerous facts before selecting a vendor, so reaching out to them is a three-pronged, consistent effort. Word-of mouth, whether that be in person or through social media, as well as sales materials and ads in trade magazines, work together to help marketers stay on their radar."
Bruce Rogers, Chief Brand Officer, Forbes, added, "The web has created better informed consumers than ever before, and small to medium-sized business executives are no different when it comes to proactively educating themselves about potential vendors and suppliers. The SMB executive's hands-on approach to decision-making requires that they be active information seekers and media consumers as well."
To learn more about the Doremus/Forbes.com "Engine of Growth" study, contact Hope Picker at hpicker ( @ ) doremus dot com dot
Doremus is a specialist in a world of generalists. With offices in New York, San Francisco, London, Frankfurt and Hong Kong, it specializes in business communications, helping companies align their communications with their business objectives. It does this by leveraging a unique understanding of the complexity of their industries and audiences, and translating that into compelling business-building solutions. Doremus is part of the Omnicom Group Inc. (NYSE:OMC), a leading global advertising, marketing and corporate communications company.
Doremus is a part of the Omnicom Group Inc. (NYSE: OMC). Omnicom is a leading global advertising, marketing and corporate communications company. Omnicom's branded networks and numerous specialty firms provide advertising, strategic media planning and buying, interactive, direct and promotional marketing, public relations and other specialty communications services to over 5,000 clients in more than 100 countries.
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