Marketing to small businesses can be tricky. We have been talking about that all year long. So, I ask you, what one thing will you do differently to reach this audience in a meaningful way?
Here's my resolution: Push harder to discover relevant and better methods to reach small business owners through social media tools/techniques on a hyper local level. It's possible, doable and will drive big results for companies in 2010.
What will you do?
Thursday, December 31, 2009
Wednesday, December 30, 2009
Trying to Read SMBs
A story on Reuters today (http://www.reuters.com/article/idUSTRE5BS11P20091229?type=smallBusinessNews) stating that 20% of small businesses plan on hiring at least one full-time employee in 2010, a number that is up from 16% in 2009, reminded me how hard it is to get a read on the small business market. Some days we read about a survey that shows that SMBs confidence in the economy is up while other weeks it is down. We see that the amount of SMBs planning to hire is up, then we'll read another report showing that SMBs plan on laying of more individuals.
So, how do you read this as a marketer to the small business market? I would suggest that we first acknowledge that small business owners are also individuals. They go home at night and have the same concerns, fears and aspirations as other Americans. They are watching CNN or Fox Business, they are reading news reports in their local papers and online and they see their neighborhood friends lose their jobs or having challenges finding a new one. So it is common that the small business owner's point of view on the economy shifts as does consumer confidence.
As a market, I stress empathy. It is important to understand what these individuals are going through. If there is a lot of talk about additional government regulations that may impact the cost structure of their business, don't be surprised if their confidence is lower. Basically, as marketers, it is important to be aware of the entire environment.
So, back to the original story, will SMBs hire FTEs in 2010? My take: Yes, but look for this in the second half of the year. What does this mean for marketers? More opportunities for sales. Remember a new employee will need health insurance, a computer and software programs, training, a cell phone, perhaps a uniform, etc. There are all sorts of requirements for making the FTE a successful employee and that leads to sales opportunities for companies targeting this audience.
What do you think?
So, how do you read this as a marketer to the small business market? I would suggest that we first acknowledge that small business owners are also individuals. They go home at night and have the same concerns, fears and aspirations as other Americans. They are watching CNN or Fox Business, they are reading news reports in their local papers and online and they see their neighborhood friends lose their jobs or having challenges finding a new one. So it is common that the small business owner's point of view on the economy shifts as does consumer confidence.
As a market, I stress empathy. It is important to understand what these individuals are going through. If there is a lot of talk about additional government regulations that may impact the cost structure of their business, don't be surprised if their confidence is lower. Basically, as marketers, it is important to be aware of the entire environment.
So, back to the original story, will SMBs hire FTEs in 2010? My take: Yes, but look for this in the second half of the year. What does this mean for marketers? More opportunities for sales. Remember a new employee will need health insurance, a computer and software programs, training, a cell phone, perhaps a uniform, etc. There are all sorts of requirements for making the FTE a successful employee and that leads to sales opportunities for companies targeting this audience.
What do you think?
Tuesday, December 29, 2009
What Will Impact Marketing to SMBs in 2010?
Much like 2009, 2010 will have several things weighing heavily on small business owners that will make marketing to this audience challenging. Here is just three issues that will have small businesses distracted:
1) Finding customers. Each year, small businesses are concerned about finding customers and making sales. In 2010, this will continue to be a chief concern and with less customers, spending less, small businesses have fewer resources for purchasing goods, services and new technologies.
2) Navigating Washington. The health care bill is one issue while the minimum wage increase is another concern for small business owners. 2010 will continue to have small business owners trying to figure out new regulations and the impact/cost to their business. Basically, when small business owners believe there will be cost associated with regulation, it can have a paralyzing effect on their actions.
3) Access to capital. Even with the administration's appeal to large and community banks, lending still has been problematic and SBA loans still hard to come by. With tighter financial resources, it becomes harder to market services to small business owners.
This doesn't mean that small businesses with halt all purchases, but it does mean that the savvy marketer will understand and empathize with this audience. You will need to speak to this audience with full recognition of the challenging confronting this group.
What do you think?
1) Finding customers. Each year, small businesses are concerned about finding customers and making sales. In 2010, this will continue to be a chief concern and with less customers, spending less, small businesses have fewer resources for purchasing goods, services and new technologies.
2) Navigating Washington. The health care bill is one issue while the minimum wage increase is another concern for small business owners. 2010 will continue to have small business owners trying to figure out new regulations and the impact/cost to their business. Basically, when small business owners believe there will be cost associated with regulation, it can have a paralyzing effect on their actions.
3) Access to capital. Even with the administration's appeal to large and community banks, lending still has been problematic and SBA loans still hard to come by. With tighter financial resources, it becomes harder to market services to small business owners.
This doesn't mean that small businesses with halt all purchases, but it does mean that the savvy marketer will understand and empathize with this audience. You will need to speak to this audience with full recognition of the challenging confronting this group.
What do you think?
Monday, December 28, 2009
09 Predictions for Small Business
Just read a great article reviewing Jim Blasingame's (http://www.smallbusinessadvocate.com/) 09 predictions for small business. Jim was spot on in 13 of his 16 predictions covering everything from government policy to economic recovery. Read the piece for yourself at http://www.commercialappeal.com/news/2009/dec/28/small-business-advocate-most-predictions-for/.
I certainly am no Jim Blasingame, but will do my best to outline 5 predictions of my own for small business in 2010.
1) Small businesses will continue to struggle to get credit and financing in the first quarter of the year, even with the Adminstrations push with both big and community banks help small businesses.
2) Starting in Q2, small business spending on technologies will rebound. A lot of technology purchases were delayed last year and small businesses are looking for all ways to get every advantage for productivity, etc.
3) Small business owners will disporporationally oppose the democratic party in the mid-term elections citing that not enough was done to help main street businesses during this recession.
4) There will be an increase in M&A activities in 2010 which could benefit small companies looking to cash out. Companies with unique IP and large customer bases will be in the best position.
5) Small businesses will look more and more toward social media to marke their businesses on a local level. Directory services and newspaper advertising will become a much lower priority.
Agree? What are your predictions?
I certainly am no Jim Blasingame, but will do my best to outline 5 predictions of my own for small business in 2010.
1) Small businesses will continue to struggle to get credit and financing in the first quarter of the year, even with the Adminstrations push with both big and community banks help small businesses.
2) Starting in Q2, small business spending on technologies will rebound. A lot of technology purchases were delayed last year and small businesses are looking for all ways to get every advantage for productivity, etc.
3) Small business owners will disporporationally oppose the democratic party in the mid-term elections citing that not enough was done to help main street businesses during this recession.
4) There will be an increase in M&A activities in 2010 which could benefit small companies looking to cash out. Companies with unique IP and large customer bases will be in the best position.
5) Small businesses will look more and more toward social media to marke their businesses on a local level. Directory services and newspaper advertising will become a much lower priority.
Agree? What are your predictions?
Subscribe to:
Posts (Atom)
Posts
