UK SMBs suffer £93,000 losses annually from misinformation

Small and medium-sized businesses (SMBs) in the UK are reportedly losing approximately GBP £93,000 annually due to challenges related to misinformation, fake reviews, and inadequate search and engagement tools.

This finding emerged from research conducted on behalf of B2B Stars, a newly-launched platform focusing on B2B search, ratings, and digital engagement.

The research, which surveyed over 200 senior leaders from UK-based SMBs, revealed several critical hurdles these businesses face. Nearly half of the respondents (48%) acknowledged that their business had experienced a significant setback due to misinformation or fake reviews about a prospect or supplier. Additionally, these challenges have resulted in increased costs for 39% of the surveyed SMBs, while 30% reported losing business opportunities directly as a result.

Visibility issues are highlighted as a major concern. Almost half of the SMB leaders (48%) cited a lack of visibility as their most significant challenge in the B2B market. Furthermore, 74% struggled to gain online visibility on platforms such as Google and LinkedIn.

The research also pointed out the inefficiencies in the search process. On average, SMBs are spending more than 15 hours each month searching for reliable prospects or suppliers, equivalent to two full business days. Moreover, 42% of respondents reported spending up to 20 hours monthly on such searches. This time investment is often compounded by the prevalence of incomplete or irrelevant information, as noted by 35% of the surveyed leaders.

The perception of an uneven playing field is pervasive among SMBs, with more than three-quarters (78%) believing that larger corporations have better access to information supporting their decision-making processes. Among this group, 84% asserted that this effectively puts their businesses at a disadvantage.

Trust issues also surfaced as a considerable problem. According to the research, 30% of respondents found it challenging to establish trust with prospects or suppliers on platforms like LinkedIn, and 29% indicated difficulty in distinguishing between fake and legitimate profiles.

Raffaele Apostoliti, CEO of Expandi Group and B2B Stars, commented on these findings, saying, "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."

The creation of B2B Stars aims to address these inequities by providing SMBs with the tools necessary for effective search and engagement, aiming to streamline their operations and reduce the financial burdens identified in the research.