When SMBs are ready to buy a payment solution, they look for 24/7 availability, data security protection, ease of use, and good service. These preferences emerged from Bredin’s recent SMB Pulse survey of 500 U.S.-based principals.
When it’s time to make a purchase, very small businesses (VSBs, with fewer than 20 employees) are most concerned with how quickly a payment solution delivers funds. Speedy payment is much more important to VSBs than it is for small businesses (SBs, with 20 to 99 employees) and midsized businesses (MBs, with 100 to 500 employees). VSBs are equally concerned with reliability; they need their payment system to be available to accept payments 24/7. They also want to be confident that customers will be able to easily use a payment solution.
Availability is also the most important consideration for SBs and MBs. For SBs, the second-most critical aspect of a payment solution is its fraud prevention; ease of use for customers is third. After availability, MBs are most focused on customer service and data security.
This data demonstrates that it’s important to tailor your sales and marketing to your SMB audience. A custom research project with Bredin can help you better define the segments to prioritize, uncover their motivations, and determine how best to convert them.
Want to learn more about your SMB target?
Place a few questions in Bredin’s monthly SMB Pulse omnibus survey, or let our experienced team design and execute a custom research project to uncover actionable insights to improve your go-to-market and product strategies.