Think small / WIN BIG
... why and how to market to small businesses
by Liz Schmidt
The Numbers
It really is staggering to consider that there are over 15 million "small businesses" in the United States (defined by the SBA as under 500 employees), and that these companies employ over 60 million people. This means that every other American worker owns, or is employed by, a small business! If viewed separately, small businesses in the U.S. would constitute the world's third largest economy (behind the U.S. as a whole and Japan). WOW, is that a huge market or what!The Generalities
As a small business owner myself, I hate being pigeonholed. But in the interest of you who are marketing to small business, I'll go ahead and do so…
- We value our sense of independence, and derive tremendous satisfaction from what we do.
- We are always busy and work very long hours. Time is a very precious commodity to us.
- We are not wealthy. In fact, many of us are in debt from investing our time and earnings in our business.
- We have an enormous amount of drive, and are confident in our ability to learn new skills. But we are also aware of our limitations and know we can always improve.
- We believe that our vendors are critical to our success, and because of this reliance are slow to switch.
The Marketing Implications
Because of the factors listed above, small business owners have something of an "attitude." If you understand this attitude, and why it is necessary for the survival of our business, you will have a foundation for building a successful strategy for marketing to us.
- If you want me to buy you must listen to me, and I must believe that you are sincerely interested in the success of my business. I don't want your song and dance.
- You must understand that my resources are in short supply. If you can save me time or money, or increase my sales, I might listen to your pitch.
- Make it quick-if you phone or visit, get right to the point. If you mail to me, try to fit it on a postcard.
- Help me to quickly understand the benefits of your product or service for a business like mine. I don't have time to figure out why it works, although you must convince me it does. Provide testimonials, charts and graphs that get to the point.
- Make it easy for me to buy, and help me understand why I need to buy now. Give me a response mechanism, be available when I make the decision to buy, and don't confuse the process with complicated forms, options, and asterisks.
- Don't let me down. Remember that my vendors are an integral part of my business, and if you don't follow through my success is on the line.
Understand us, learn what makes us tick, and you will earn a loyal customer. Treat us like a consumer or the purchasing agent of a big company and we will show you the door!
Sources:
Bernie Herlihy, The Herlihy Marketing Group of Oakland, CA.
Jan Norman, "It's Your Business," Orange County Register 1/26/98.
Small Business Administration, Office of Advocacy.
Also see:
Think small/WIN BIG... why and how to market to small businesses
Customer Loyalty... Satisfaction has its Rewards
Headlines... Your Very Important First Impression
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