The landscape of small businesses is evolving, and the numbers speak for themselves.

Over the past three years, the small business marketplace has experienced an exponential surge. New business applications surpassed 14.8 million compared to 10.2 million in the preceding three years1. This remarkable growth presents both opportunities and challenges for B2B marketers. Identifying marketable businesses amidst a sea of gig businesses and holding companies has become a daunting task. It impacts small businesses' access to essential resources like credit, services, and support.

The surge in new small businesses is a testament to the entrepreneurial spirit and innovation driving the economy. Small businesses are the lifeblood of:

• communities, 

• creating jobs, 

• driving economic growth, 

• and fostering diversity in the marketplace. 

However, this remarkable growth also means greater competition and challenges for these small enterprises.

The Identification Challenge

One of the primary challenges in today’s B2B marketing is distinguishing genuine small businesses from gig workers or holding companies. Identifying businesses that fit your target audience and align with your products or services is crucial for effective marketing.

 Strategies for identification

●  Data analytics

Leverage data analytics and machine learning to analyze business data, financial statements, and online presence to distinguish true small businesses.

●  Firmographic data

Collect firmographic data such as

• company size,

• industry, 

• and location to segment your prospects.

●  Activity metrics

Understand small business activity, including revenue and transactions, to help distinguish between the gig businesses and small businesses primed for growth.

Resource Scarcity and Competition

With a growing number of startups and small businesses vying for limited resources such as credit, services, and support, the competition is fierce. B2B marketers can play a pivotal role in helping these businesses access the resources they need to thrive.

Strategies for resource allocation

●  Tailored content

Create content that addresses the unique challenges and needs of small businesses. Position your products or services as valuable solutions. 

●  Networking and partnerships

Forge partnerships with organizations that provide resources to small businesses, establishing yourself as a valuable ally.

●  Customized marketing campaigns

Develop targeted marketing campaigns that resonate with small business owners. Showcase how your offerings can fuel their growth.

The Impact on Small Business Growth

Effective B2B marketing in this environment can make the difference between small business growth and failure. By assisting small businesses in identifying the right resources and solutions, marketers contribute to their success. Thriving small businesses drive economic development, create jobs, and contribute to the well-being of society.

 Strategies for small business growth

●      Consultative approach

Adopt a consultative approach in your marketing efforts, offering guidance and support rather than selling a product or service.

●      Education and training

Provide educational resources and training to help small businesses make informed decisions and maximize the value of your offerings.

●      Customer success programs

Implement customer success programs to ensure ongoing satisfaction and growth for your small business clients.

By identifying marketable businesses, addressing the resource scarcity issue, and supporting small business growth, marketers can make a significant impact on both individual businesses and the economy as a whole. Embracing these strategies can be the difference between small business growth and small business failure, and it positions your B2B marketing efforts as a force for positive change in the dynamic world of small business.

Check out our case study for more ways you can use B2BConnect database to identify prospects. 

Source:

1 SBE Council Facts and Data on Small Businesses