When it comes to strategizing for your business, size matters. Creating a comprehensive marketing plan that highlights the value of targeting the right market size is important. This will build an accurate B2B profile, making it easy to design targeted content which contributes to the success of your campaigns. Not to mention the impact it will have on your ROI. That’s one effective way to market.
In order to create an accurate consumer profile, segmenting each business according to size should be on top of your list. To start off, let’s define each market size. SMB Research says that SMBs (or Small to Medium Sized Business) and Enterprises maintain revenues, assets or a number of employees below a specific threshold. A company with 100 employees or fewer and a maximum annual revenue of $10 million is defined as a small business company; a medium-sized enterprise has a range of 101-999 employees and an annual revenue of $10 million to $1 billion; while a large enterprise is classified as having more than 1,000 employees and an annual revenue of over $1 billion.
Now that you’ve identified your targeted market size, the next step is to create a consumer profile that fits each category. Not every consumer behaves the same way and their timing to adopt new products as well as purchasing habits vary. For example, a SMB market will have different layers of management compared to an enterprise market. Enterprises are more likely to have a bigger management chain that oversees a larger audience, while an SMB might have just a few key decision makers. What that means to you as marketer is that the purchasing behavior of each manager also varies. In an enterprise each decision maker within the management chain has a different level of responsibility in the adoption of new products. While an SMB has fewer managers, it also means their level of power in product purchasing is higher. The content and tone of your marketing strategies should match each specific profile so that the right message is received.
Just like purchasing habits, timing is also crucial. We’ve already established that not all key decision makers behave equally, so now let’s identify the right time to send your message. With an SMB, the timeline to adopt a new product is likely faster than an enterprise. That’s because an SMB has fewer management layers than a larger organization, making the purchasing decision faster. In an enterprise, the management chain is longer which means the message is filtered through a funnel of key decision makers until it reaches the right person at the right time. Ultimately making the journey of the adoption of new products longer.
Paying attention to the market size you are targeting creates a more tailored message. In the end, it's about capturing the attention of key decision makers due to a marketing campaign that is designed with the right consumer behavior in mind. This leads to engagement, followed by conversions. In the end, size makes all the difference.