03rd Nov, 2017
, , Designation
Oscillating within the several highs and lows in the past few years, SMB market has become a constant pursuit for the rest of the industry and a strong opportunity base for the economy. In fact, SMBs typically generate more than half of the GDP in most of the advanced economies. Their agility plays a significant role in helping them adapt rapidly as per the market trends.
Also, as the market today demands extra flexibility and innovation, their speed to reach the market with distinctive new products and services can prove to be a critical advantage for them while it may be tough for other biggies to innovate or adapt at such speed.
All these factors, make them the perfect vehicle for any enterprise who wants to make inroads in the larger or untapped market – it can also be termed as an apt mass-reaching channel. However, in this dynamic and complex business world, it is not easy to get the hands on the right channel, aka, the right SMB. Getting that pitch-perfect alignment and the desired outreach with the SMB, even this is not as easy as it may sound.
Solving the SMB Puzzle with the Right Strategies
The newer trends of cloud & mobility along with the next-gen technologies like Artificial Intelligence and Machine learning , while forming an aspirational track for the SMBs, are also facilitating the enterprises who are seeking in-roads into the SMB market.
Let us see few sales enablement strategies to crack the SMB gospel:
Incorporating Effective Database Strategy
Data analytics-enabled smart data extraction engines when amalgamated with AI, helps in unearthing the untapped customer base of SMBs which can be targeted. Thus, there exists an opportunity to save a lot of time while opening up to the vast universe of probable customers, thus increasing the market share potential.
Identifying Purchase Probability
With trend mapping and purchase history mapping, the probability of positive selling can be sketched. This is how we can get a smart database access platform which can be used instead of the traditional static database, having the less accuracy rate in case of classifying untapped customer base like SMBs.
Enhancing the Propensity Score
Targeting the right digital marketing tactics and strengthening the purchase probability further increases the likeability for the SMBs to become open to your business interactions by 40%-50% – thereby increasing the overall effort-to-yield ratio.
Driving the Purchase Motion
Implementing the right sales execution strategy as per the requirement, for ex: a feet-on-street approach for an on-ground connect, consultative telesales for a greater geographic reach and even a hybrid approach which can be a mix of different approaches, can be deployed.
By enabling the partner ecosystem through consultative selling approach, end to end sales closure should be the eventual target.
To master such a great partner-connect, the broad approach should comprise:
- Identifying and enrolling the right partners
- Equipping them with proper training and coaching
- Empowering them with the right sales tools
- Engaging them with timely communication
- Ensuring the sales fitment by continuous analysis
Unleashing the Future potential
The Indian economy is expected to emerge as one of the leading economies in the world while becoming a $5 trillion economy by 2025 , the foremost impetus is being given to strengthen the backbone of our economy – the SMB sector.
In fact, India’s SMB sector has the potential to revolutionize India’s economic growth trajectory by growing at a rate of 23 percent per annum and outpacing the industrial sector’s growth rate by 7 percent.
Therefore, this can be inferred that SMBs in India uphold a positive outlook for the future in terms of business assurance and employment growth and enterprises can certainly not ignore outreach methods for this segment anymore.