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Almost half of UK SMBs have faced a significant business setback due to misinformation or fake reviews
S mall- 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 newlylaunched , first-of-its-kind platform dedicated to B2B search , ratings and digital engagement , surveying more than 200 senior leaders at SMBs across the UK .
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THE DIGITAL PLAYING FIELD IS FAR FROM LEVEL , WITH SMBS FACING UNIQUE HURDLES THAT LARGER CORPORATIONS OFTEN SIDESTEP .
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 .” �
60 Intelligent SME . tech