Conversation Intelligence

10 Small Business Statistics Every Future Start-Up Should Know In 2024 Before Investing In Call Recording Software

Abhishikha Chatterjee
April 22, 2022
12
 mins read

Last modified on

May 26, 2022
Table of Content:

Do you think a customer will go easy on your sales team even though you are a small business?
Customers won’t go easy on your sales staff just because your company is small and getting started in the market. Quality expectations are alike for all businesses, so you need to buckle up. 

So, how do you check the quality of your sales conversations?- Using a call recording software.

Convin’s conversation intelligence call recording solution.

Call recording software is affordable and accessible to all businesses today. It’s turned into a must-have product for many high-velocity and high-ticket sales teams. 
And with the latest changes in the technology, the maintenance and installation headache has reduced dramatically. As a result, small business owners are expected to invest in call recording solutions. 

But investing in a software solution makes sense only when you understand the market trend. A few smaller companies may have a different perspective on sales call recording. 
Before discussing the need for call recording, let’s explore what makes a business small and the business statistics one must consider before investing in technology.
Are you scared of recording business meetings? Here are 7 Business-friendly Reasons Why You Should Record Your Next Meeting.

What Is A Small Business?

Definition of small businesses can be different for different industries and countries. 

In most industries, fewer people operate small businesses, and one person may wear multiple hats. For instance, the Small Business Administration (SBA) in the US considers a company with less than 500 employees a small business, while in the EU, a small firm houses less than 50 employees.

A slightly more technical viewpoint could be…

A small business is a privately held corporation or a sole proprietorship. Small businesses generally run with fewer employees and generate less revenue than large businesses. To help big firms compete, government grants special subsidies and tax regulations to encourage them.  Also, small businesses claim bank loans readily and at a marginally cheaper interest rate.

Small businesses and startups often face challenges(sometimes hidden and mostly known). Budget, resources, and time are the three core challenges every business faces in the initial hustle days. These challenges often become a severe roadblock in growth and impact the customer experience.

But small businesses are essential for the economy and for generating new job opportunities. Their contribution is not overlooked, so the government gives them perks. 

Ashish Santhalia, CEO and Co-founder of Convin, narrates his learning on running a startup!

Now let’s get to the small business statistics that directly or indirectly make your decision to invest in a call recording system more pragmatic. 
Have you ever landed on a sales call recording software and tried to know what it does?

TRY NOW
 

10 Small Business Statistics Every Future Start-Up Should Know

1. In the US, there are 32.5 Million small businesses in 2021.

Hand on your heart, you weren’t expecting this number?
The number comprises all companies with less than 500 employees. And 99.9 percent of all US companies. 
We are trying to say that there’s no shortage of companies, and every company is eye to eye with another company. There’s severe competition, and losing a single qualified prospect can be costly for your business.
Your company needs to amp up sales quality to stay alive in the industry.

Source: Oberlo

2. One of the top reasons businesses fail is–No market demand

No doubt there’s a mix of issues that leads to the failure of a business–resource crunch and non-customer-friendly strategies. However, we’ll address the latter and help you get on the right track.
One of the primary reasons that take a business down is the no market demand for the product. 
The sales and marketing teams cannot position and promote their products correctly, leading to a drastic dip in sales. 
To penetrate the mind of your target audience, the efforts need to be more customer-centric and reach the audience timely. 

3. Labor quality is one of the biggest challenges for startups.

In 2019, CNBC reported that around 52% of small business respondents claimed that labor quality was one of the most pressing issues. 
Hiring talented resources is challenging in the initial days, and training average employees to meet the industry standards is a tedious process.
In such circumstances, relying on a technology solution that ramps up your new resources faster can come in handy.
Isn’t it?
Also, did I mention that ramping up on a call recording software needs a sales playbook and minimal human intervention?

Source: Momentive

Are you looking for a solution to reduce the ramp-up time by almost 60%?
Reduce Ramp-up Time

4. 70% to 80% of people research a small business before visiting or purchasing. 

Salespeople are included in sales late in the buying process. Buyer’s research starts quite early.
Fundamentally, website and social media are the first points of contact. Where reviews and testimonials take precedence as social proofs. 
My POV is once the buyer comes in contact with the seller, the buyer is 40-50 percent learned about the product, brand, and offerings. The sellers need to fill the rest. 
Hence, the sellers' efforts are doubled down to ensure the lead doesn’t try to start checking grass on the other side of the fence.

5. The top marketing goal of 31% of small business owners is to drive sales.

When the product is ready and open for the market, a startup needs an outbound team to start engaging with prospective customers.
Today, most companies rely on marketing and sales activities to game up their conversion rate right at the beginning of the company’s journey.
Hence, the top priority is investing in sales teams and upskilling the team.

6. SMEs are frequently viewed as providing higher-quality products and personalized service by 48% of people.

Now, this one’s a piece of good news for startups and small businesses. 
A small business is preferred over a large company by 48% of people as small businesses offer better product quality and personalization. 
Salespeople need to take advantage of this opportunity and grow the number from 48% and beyond.
If personalization is on top of your mind, you’ll also love to read about similar techniques to sell faster in 2022?

7. Consumers (77%) are willing to spend more on small businesses if they receive excellent customer service. 

We wrote an article about how effortless customer service to prospects can transform your relationship with them and give them a feel of working with your company.
And now, when you read the above statistics, you know we are on the right track.
Any organization, big or small, can completely change their sales game by introducing customer service in selling or at least during the free trial period.

8. Technology-based small companies earn 2x more revenue per employee, experience nearly 4x the annual revenue growth, and are almost 3x more likely to create jobs.

Aren’t you excited to know that if your business product is a technology product, then the exponential scope of earning and growing?
Convin
is excited to learn this fact! 😅
Small companies in the technology sector are adding new innovative solutions and creating demanding jobs for the newcomers.
The focus should be on the right mix of employees, customer engagement, and strategies to make the technology startups mighty oaks from little acorns. 

9. In 55% of small businesses, technology manages customer interactions. 

Technology is directly impacting customer engagement. Technology is part of the entire cycle, from landing on the website to attending a virtual sales meeting and signing the contract & beyond.  
As a new trend, video prospecting has taken over the earlier email prospecting. Do you want to know how? Check this…you’ll love it!
Investing in technologies such as CRM, call recording, email automation systems, etc., is essential for the company and its employees–that’s when the outcome reflects on the customers.

10. Only 80% of small businesses utilize technology to its full potential.

We are intentionally discussing this stat in the end to help you realize that small businesses should rely on technology to reduce routine tasks and focus on strategic activities.
Small businesses can either recruit new resources for a job or purchase affordable technology to make the job forever easy. Choose wisely!
That’ll all for the small business statistics today. We’ll bring more in the upcoming blogs. 
Now, let’s talk a little about call recording software and its purpose.

Do Small Businesses Need Call Recording?

That’s a big YES!
Small businesses must invest in call recording
even before a large organization does. While there are several reasons to support this argument but primarily here are four reasons. Call recording,

  1. Helps in collating market trends and understanding customers in the beginning.
  2. Helps in training and onboarding recruits, especially in sales.
  3. Helps in creating a sales playbook for accelerating the onboarding process and ramp-up time.
  4. And reducing a few routine tasks like note-making and reviewing.
Why do small businesses invest in call recording software?
  1. Chase market trends and customer behavior.
  2. Train and onboard newcomers.
  3. Create a sales playbook.
  4. Reduce non-core selling tasks.
Can Small Businesses Use Convin?

Let’s be honest here…
Convin is a small business and has reasonably done well in the last 2 years. We have global clients, primarily in the US. Our company’s flagship product-conversation intelligence software was a major hit in the market. And now, we are in the process of launching the next phase of Convin’s vision- reimagining a platform for assisted selling.

Our product is strong and suitable for small businesses as we are operating on it ourselves. As a best practice, we introduce new features quickly with each new client and added learning. Talking about learning, our products are built on ML, AI, and NLP technologies.

To get deeper to know who we are and what we can do for your sales team, here are some pieces of evidence which I’m sure you’ll like to read.

Carestack was able to identify the problem why they were missing out on major deals with Convin’s Conversation Intelligence.
And
Listen and read our customer reviews on g2! 

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