Some tips to think about as you built out your marketing and sales strategy.
There are just so many products, services, and technologies aimed at the huge small business market. It’s crazy the opportunity to reach this multi-million-dollar audience. But breaking through the noise can become quite challenging. B2B (Business to Business) marketing is one thing but B2SMB (Business to Small-Midsize Business) has its own nuisances and opportunities. Spending the last 10 years plus really focused on working in this space, here are some things to think about as you map out your sales and marketing strategy.
1. Define your target. I know this is probably an obvious tip, but the truth is that you need to get down and dirty when thinking about who that small business owner really is. Think of size, stage of business, geography they are in. How about needs- are they brick and mortar, or do they rely mostly on e-commerce? Are they millennial founders or perhaps baby boomer/second chapter types.
2. Once you are clearer on the “who”, think about the how and where you should be trying to connect with them. Defining your target will help direct this in a much more meaningful way. For instance, if your target is mostly brick and mortars, how can you be as a product/service become more brick and mortar to match where they are? What social platforms are they using? (And as a side note, I truly believe that no matter the “who” a solid email marketing strategy should always be part of your plan.)
3. The power of referral is huge within the B2SMB world. Consider this, Nielsen tells us that “The Small Business decision maker is 4 times more likely to buy when referred by a friend.”. The payoff is rich. According to the Wharton School of Business, “the Lifetime Value for new referral customer is 16% higher than non-referrals.” How do you take advantage of this opportunity? How can you turn all your raving fans into a referral source for you? Can you create a program that generates power referrals that are rich with incentives, education, and opportunities for growth for all involved?
4. Relationship is everything. Especially in the B2SMB world. It’s critical in your marketing and sales strategies to speak in an authentic way, deliver what you promise and keep listening to what your customer is telling you they need not what you think they need. Listening is crucial.
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