Small- and medium-sized businesses (SMBs) in the UK are facing significant challenges in today’s digital landscape, with misinformation, fake reviews and inadequate search and engagement tools putting them at a serious disadvantage compared to larger competitors. Almost half (48%) of senior leaders at SMBs say their business has faced a significant setback due to misinformation or fake reviews about a prospect or supplier.
At the same time, inefficient search and engagement processes and tools are costing SMBs an average of nearly £93,000 annually, with 39% experiencing increased costs and 30% losing business opportunities as a direct result.
This is according to research conducted on behalf of B2B Stars, the newly-launched, first-of-its-kind platform dedicated to B2B search, ratings and digital engagement, surveying more than 200 senior leaders at SMBs across the UK.
Almost half (48%) of SMBs cite a lack of visibility as their biggest challenge in the B2B market, with 74% of SMBs struggling to gain online visibility on platforms like Google and LinkedIn.
It’s not just visibility that is a problem. Finding information also proves challenging. On average, SMBs spend more than 15 hours a month searching for reliable prospects or suppliers – equating to two business days – with 42% spending up to 20 hours. Furthermore, 35% frequently encounter incomplete or irrelevant information, exacerbating the inefficiencies.
More than three-quarters (78%) of SMBs perceive that larger corporations in their field have better access to information to support their decision-making process, of this figure 84% believe this puts their business at a disadvantage.
This David and Goliath story is exactly what inspired Expandi Group to create B2B Stars, to level the playing field for SMBs by giving them the search and engagement tools they need to both find and be found.
The research also found that establishing trust is also a significant challenge with 30% of respondents saying it can be difficult to establish trust with prospects or suppliers through platforms like LinkedIn, while 29% say it is difficult to distinguish between fake and legitimate profiles.
Raffaele Apostoliti, CEO, Expandi Group and B2B Stars, said: “The digital playing field is far from level, with SMBs facing unique hurdles that larger corporations often sidestep. The growing impact of misinformation and fake reviews, coupled with the inefficiency of current search tools, is placing an enormous financial burden on these businesses.
“Access to reliable, transparent and efficient search and engagement tools that level the playing field for B2B SMBs is vital to address these challenges head-on and ensure that SMBs are not left behind in the digital age. Such tools will be essential to not only help SMBs survive but thrive in today’s highly competitive market.”