SMB Group has just released its latest survey, the 2024 SMB Technology Buying Journey, offering fresh insights into how small and medium businesses (SMBs) approach technology purchasing. Sponsored by Dell Technologies and SAS, this comprehensive 57-question survey captures responses from 738 technology decision-makers across U.S. SMBs, revealing how they think about, evaluate, and purchase technology solutions.
Key Survey Highlights:
- AI is Driving Technology Investments: AI is a major catalyst for SMB technology spending. 27% of respondents report “significantly accelerating” their tech investments due to AI requirements, while 35% are “slightly accelerating” their efforts. Notably, the impact of AI is strongly tied to company size: most businesses with 20 or more employees are ramping up investments, while those with fewer than 20 employees report little or no impact on their tech adoption pace due to AI.
- Top Factors in Solution Selection: SMBs prioritize cost-effectiveness (43%), better compatibility with existing systems (34%), and ease of use (33%) when shortlisting solutions. However, priorities shift with size: larger SMBs (500-2,500 employees) rank superior technology and features as their top reason for choosing a solution, while companies with 100-499 employees prioritize compatibility and integration. Smaller SMBs (fewer than 100 employees) focus on cost-effectiveness and ease of use.
- Preferred Guidance Sources: The top sources SMBs rely on for guidance are technology consultants (44%), business advisors (40%), and software vendor advisors (38%). Guidance preferences vary by company size: larger SMBs increasingly turn to external experts, while smaller companies rely more on internal resources like employees, customers, and even friends and family.
- Few SMBs Pay for Analyst Services: Only 13% of SMBs invest in paid technology analyst subscriptions. Among the 80 respondents who do, only 13 named recognized IT analyst firms, while the rest listed a mix of technology vendors, business advisors, and other types of firms.
Additional Insights Covered in the Full Report:
- Revenue outlook for SMBs
- Key macro and operational challenges
- Technology benefits and challenges
- Spending plans, budget cycles, and financing methods
- The impact of macroeconomic factors and AI on technology decisions
- Factors influencing vendor selection
- How SMBs evaluate technology performance
- Information and guidance sources for new solutions
- Content preferences for technology learning
- The SMB buying journey before contacting vendors
- Preferred purchase channels for software, PCs, laptops, and infrastructure
- Post-implementation vendor support preferences
The report includes an executive summary with recommendations for vendors looking to better serve SMB customers, and detailed segmentation by industry and for the following employee size bands:
- Small businesses: 1, 2, 3-4, 5-9, 10-19, 20-49, and 50-99 employees
- Medium businesses: 100-249, 250-499, and 500-999 employees
- Midmarket businesses: 1,000-2,500 employees
For more information or to request a table of contents and pricing, please contact Lisa Lincoln, Director of Client Services, at lisa.lincoln70@smb-gr.com.
©SMB Group 2024