Post by account_disabled on Oct 9, 2023 0:49:00 GMT -5
The size of the prize matters. And, arguably, the bigger the enterprise, the deeper the pockets. By that logic, small and medium businesses (SMB), despite representing 90% of all businesses worldwide, do not always receive the attention they deserve.Well, that is changing.LinkedIn and Kantar’s latest research, corroborated by LinkedIn’s first-party platform data, has detected a seismic shift within the SMB community in Australia. They are emerging from the throes of the pandemic stronger, smarter and more resilient — and that is creating a significant, almost unprecedented opportunity for companies to do business with them.
Consider that, in an average year, only 20% Phone Number List of B2B buyers are ‘in-market’ buyers, which means they are ready and able to make a purchase. This year, however, 70% of Australian SMB buyers are in the market for technology solutions, 60% are actively seeking financial services solutions, and 54% expect to increase their use of government support andservices.Chart of SMB spendingFrom Grit to Growth, SMBs Are Revving Their EnginesFor all the economic doom andgloomthat has been associated with the pandemic, the past year has been a surprisingly mixed one for Australian SMBs. While most agreed that their business was impacted, over one-third of them (38%) actually enjoyed a better-than-average year, compared to less than half (45%) who experienced a dip in performance.
We see this on LinkedIn, too. Recent SMB growth rate on our platform has outpaced pre-pandemic levels with a 44% increase in new SMB Company Pages created between January and June 2021 compared to the same period last year.What is perhaps more significant, is the frame of mind that SMBs are in.Having weathered the pandemic, 71% of AustralianSMBs believe they now have a better understanding of where to invest for growth. A good 63% of them also feel positive about the future, even though 8 in 10 SMBs agree that the outlook remains uncertain.
Consider that, in an average year, only 20% Phone Number List of B2B buyers are ‘in-market’ buyers, which means they are ready and able to make a purchase. This year, however, 70% of Australian SMB buyers are in the market for technology solutions, 60% are actively seeking financial services solutions, and 54% expect to increase their use of government support andservices.Chart of SMB spendingFrom Grit to Growth, SMBs Are Revving Their EnginesFor all the economic doom andgloomthat has been associated with the pandemic, the past year has been a surprisingly mixed one for Australian SMBs. While most agreed that their business was impacted, over one-third of them (38%) actually enjoyed a better-than-average year, compared to less than half (45%) who experienced a dip in performance.
We see this on LinkedIn, too. Recent SMB growth rate on our platform has outpaced pre-pandemic levels with a 44% increase in new SMB Company Pages created between January and June 2021 compared to the same period last year.What is perhaps more significant, is the frame of mind that SMBs are in.Having weathered the pandemic, 71% of AustralianSMBs believe they now have a better understanding of where to invest for growth. A good 63% of them also feel positive about the future, even though 8 in 10 SMBs agree that the outlook remains uncertain.