According to a recent Small Business Market Survey by Infusionsoft, and conducted by Audience Audit, which identifies four distinct types of small business owners, the Passionate Creators group are the most active and data-focused marketers, while the Legacy Builders group are investing the least in their sales and marketing initiatives. The survey was conducted to understand the attitudes and behaviors that drive small business success.
The report describes the four profiles of small business owners, which include:
These small business owners started their business because they want the ability to control their fate, decisions, work environment, schedule and revenue. They value where they devote their time and believe owning a small business allows them the freedom to live the lifestyle they’ve always wanted.
Lindsay Bayuk, director of product Infusionsoft, and overseer of the study, says, “The freedom seekers in business want the freedom that comes with being their own boss and live the life they choose. These folks want more time. Money isn't the only measure of success for this group.”
This group tends to value control and flexibility above all else, and prioritize time more than anything. They're 61% more likely to use email marketing automation than other business owners
This group started their small business because they love what they do. Running their business gives them a sense of accomplishment and pride. They value the impact they are able to make for their customers and the world at large. Small business owners within the Passionate Creators profile are also the most likely of the four profiles to mentor other entrepreneurs and speak to audiences about small business.
Bayuk says that the Passionate Creators “… tend to start businesses out of a love for their craft and take great pride in doing in their companies.”
Passionate Creators were 46% more likely to spend more than $500 a month on marketing than other respondents, and are the most likely of the four groups to use CRM and marketing automation technology. This group is more likely to email their own lists and use social media for marketing. Additionally, these owners are more likely to support business and marketing decisions with analytics. Unsurprisingly, this segment generates the most revenue.
This profile resonates the cold, hard reality that sometimes running a small business is more risky than rewarding. The fear expressed within this group is rooted in the very real challenges small businesses face every day. Skeptics have significant concerns, misgivings and skepticism about the value of owning a small business.
Bayuk explains that “… Struggling Survivors are distinct because they've considered closing their business due to the challenges they face,”
According to the study, 51% of Struggling Survivors are the sole employee at their company. This solitary management leaves little time to implement a sound marketing strategy.
Small business owners who fall into this profile see small business ownership as a practical economic choice. They believe small businesses are more ethical than larger corporations, and believe most people would start their own business if they could. They started their business to bring something new to the marketplace that no one else offers. They take tremendous pride in the business they’ve created and plan to run it for the long haul.
Bayuk says “Legacy Builders are pragmatic. For them, marketing tech may be fairly new and may not be the most practical investment of time and resources.”
As implied by their title, legacy builders are in business to build familial empires, ones that they can pass down to future generations. This group are the least likely of the four groups to have a website (45%). Many legacy businesses are driven through word of mouth.
For additional information from Infusionsoft, please visit here.