Many companies have developed offers they intend to SMEs. But SMEs cover very different realities and remain a difficult market to conquer.
Product Managers offers a brief analysis of the key factors of a successful approach of the SME market. You may be able to make some « improvements » to your marketing approach.
Key success factors in the approach to SMEs.
Four major essential steps:
1. Precisely define the target SMEs
Pay attention to defining your target. Your addressable market isn’t it too large? Have you ensured that the market segment(s) that you have defined is homogeneous and has the same needs?
This is often neglected. « I target the SME market » can be heard. But only in France, the SMEs’ market (0-499 employees) represents more than 3.6 million businesses, which can be very different from each other!
The result does not wait. The marketing message is very too generic. It doesn’t have any chance of hitting, convincing.
To put all the chances on your side, segment your market. To segment, use the more as possible descriptive criteria that can be easily quantified: industry, size, revenue, location … Only then, when the funnel is a bit closed, attack criteria that are more difficult to assess as those of uses or attitudes « high energy users, » « sensitive dematerialization » … Finally, install assumptions « of which 20% will invest in software », « 10% of which will be equipped within 3 years « etc … and you will identify your targets and can quantify the market, allowing you to define your approach (direct or via resellers, web or other).
2. Understand the target
The most common fault is to consider things from its own perspective, not get enough in the environment of the client.
To achieve the SMEs targeted, it will be necessary to
- understand their way of doing: decision-making, where and how to meet (virtually or physically), who are the key men.
- clearly identify what problems they face and how your offer can help them to solve it, with what benefits for them.
3. Reach SMEs
Remember that the prospect is overwhelmed with stress of all kinds. Before hoping to convince him he should make familiar with your brand. Targeting end you will send regular and high value information for him.
Depending on the target, you will have to find the best suited way to interest him. He can then sign up for your newsletter, attend breakfast debate, meet you at a show etc …
4. Convince SMEs
Your target becomes familiar to your brand. Finally, you can approach it, whether it has answered your call, or you have visited it on a show, whether it has visited your website. Now you are going to have to convince him.
At this stage, a key factor of success is to allow him to appropriate your offer. To make it happen, there is nothing like the testimony of another client. During a conference, in a video-mail, on your website etc. … your prospect will understand that other SMEs, in which he recognizes itself, have solved their problems with your offer.
He is ready to be transformed into a customer!