Businesses in Healthcare, Information Technology and Education have led the trend in online advertising in the last twelve months, according to new research by SavvySME.
As part of the 2021 SavvySME B2B Jobs Report, which analyses the relationship small to medium-sized enterprises (SMEs) have with B2B sellers, SMEs were asked,
“Why have you lost interest in partnering with a potential B2B seller?”
And, the top four answers unsuspectedly had nothing to do with pricing. 63.9% of respondents lost interest in potential B2B sellers when they received an impersonal first response.
Han Teng, SavvySME Top Influencer in Public Relations and Advertising expounded more on the issue. “Ultimately, business is two people representing their companies coming together discussing a deal. From sending the first email to attending the first meeting.”
Slightly more than three quarters of the respondents refused to do business with suppliers who took too long to respond to their initial inquiry or request for a quote.
Business etiquette expert Judith Kallos notes that a quick response not only provides a positive first impression but allows sellers to separate themselves from other sellers.
“The quicker you respond, the more favorable of an impression you will make.”
“With new contacts, email several sites or companies at once. Those who respond quickly and professionally will have the opportunity to create an incontestable positive impression.”
“In contrast, those who respond at their convenience may cause the Sender to wonder what delayed your response while your competitors beat you to the punch!”
Less than a third of potential buyers pointed to a shift in priority.
That pales compared to the nearly 86% of SMEs that lost interest in a potential B2B seller because they had received a response that didn’t address their business’s needs.
Personal connection key
The fact that three of the top four reasons B2B buyers lost interest in sellers was due to either impersonal connections or poor first impressions is quite telling.
It shows what B2B buyers want and reminds us that buyers are human.
People love a great product or service but value trust, respect and communication even more. Showing potential buyers you have the same values as a B2B seller goes a long way.
Darren Clay, SavvySME Top Influencer in Marketing expounded on this aspect.
“More than the product you offer, making your mark in the B2B space has a lot to do with how you serve your customers. Products and service go hand in hand, and this entails hard work, the ability to listen well, and service expectations that need to be met.”
B2B sellers need to re-evaluate how they communicate with potential customers and determine whether they provide them with what B2B buyers genuinely crave. It’s recommended that sellers treat each interaction with buyers as an opportunity, especially first interactions.
Sellers who can make a personal connection with buyers, understand their needs, and meet those needs will always connect with more buyers than those who don’t.
What is the breakdown of businesses advertising online on SavvySME?
- Industry % Advertised Businesses
- Home, building and construction 14.47%
- Health and wellbeing 10.42%
- Advertising 5.93%
- Retail 5.86%
- Marketing and communications 4.92%
- Web services 4.34%
- Automotive 4.2%
- Legal 3.47%
- Accounting 3.4%
- Professional services 3.18%
- Domestic and household services 3.11%
- Information and communication technology 3.10%
- Education and training 3.04%
- Consulting and strategy 3.04%
- Rental, hiring and real estate services 2.68%
- Personal services 2.53%
- Hospitality 2.46%
- Manufacturing, machines and equipments 2.32%
- Electricity, gas, water and waste services 2.10%
- Finance, insurance and banking services 2.03%
- Wholesale, materials and supplies 2.03%
- Business administration and support 1.95%
- Transport, postal and storage 1.88%
- Architecture and design 1.74%
- Sports and recreation 1.66%
- Arts, crafts, cultural and entertainment 1.74%
- Agriculture, forestry and fishing 0.8%
- Engineering 0.72%
- Event organisation 0.58%
- Human resources and recruitment 0.36%
- Mining and resources 0.14%
- Government services 0.07%
This is according to SavvySME Small Business Advertising Report 2021 Australian Small Business Key Statistics and Analysis Report.