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BizReport : Loyalty Marketing : August 16, 2017

SMBs key in on loyalty

For small business owners, loyalty is the key, not only in building a customer base but in doing business with others.

by Kristina Knight

According to a BizBuySell survey, small business owners show their loyalty not only to their loyal customers but to vendors they're in business with. Utilities companies, insurance companies, and even office supply stores are high on the list of vendors that SMBs are especially loyal to.

"For those looking to buy or sell a small business, an ownership transition brings many new, unexpected expenses. To learn more about what these expenses entail, we surveyed 1,200 business owners to understand the costs incurred during the four main phases of ownership - buying, starting, selling and expanding a business," said Bob House, President of BizBuySell. "Our report provides an in-depth look at the $42 billion small business owners combined spend annually during a business transition and why that number has increased from when we conducted the same survey five years ago."

Why is this important? Because the business climate in the US currently is showing many small business expansions - with SMB owners buying up competitors or starting and selling many businesses over time. During the expansion process, for example, BizBuySell found that SMBs are likely to increase their use of existing products and/or vendor services, which can be a boon to other small businesses within their region or area.

The full BizBuySell report can be found here.

Tags: customer loyalty, loyalty marketing, SMB tips, SMB trends

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