In years past, highly-personalized B2B marketing strategies on a large scale were the domain of big companies with deep pockets and plenty of resources to spare.
While Account Based Marketing (ABM) is in fact based on the same account-focused principles as enterprise sales, it is actually small and mid-size businesses that have been contributing ABM’s rise in popularity. Today’s Account Based Marketing—the modern, scalable version made possible by advanced B2B technology—is being championed by small to mid-size businesses and the companies selling to them.
So, why are small businesses suddenly playing such a big role as both the users and targets of ABM tactics?
The answer is data.
The Numbers Game – SMBs as the Target of Account Based Strategies
Take a closer look at the makeup of the United States business landscape, and you might find something surprising: small businesses not only comprise the majority of businesses in the country but also the majority of the market potential in most B2B verticals. In fact, 89.9% of businesses in the U.S. have fewer than 20 employees.
There is a lot of money to be made selling products and services to small companies.
However, until recently, it has been difficult to find accurate business records — not to mention accurate contact information — for most smaller businesses. The data simply did not exist before in digital form. Now, it’s a rush to gather that information, make sense of it, and secure market share.
To understand the practical impact of those statistics, all you have to do is look at how the economy is doing: the U.S. Small Business Administrator reported that start-ups and small enterprises created more than 2/3 of private sector jobs and helped boost the economy out of the last economic downturn.
Small businesses represent a new, very large, and very lucrative target market and B2B companies of all sizes are paying attention. Across industries, B2B companies are fueling sales growth by targeting SMBs with simple, affordable tech products and services.
Small Business is Big Business – SMBs as the Practitioners of Account Based Strategies
Many small businesses are now operating with the sophistication, tools, and savvy of large companies. The playing field has leveled.
Until fairly recently, the label “small business” was synonymous with an organization that didn’t have the money, resources, or reach to compete for customers on a large scale. The tendency was to equate SMBs with boutique or mom-and-pop shops that only catered to local clientele and relied primarily on word-of-mouth recommendations.
But that was then; this is now.
Today, smaller businesses are behaving like their larger counterparts when it comes to marketing and sales. In many cases, they’re actually beating out the bigger competition. Armed with the ability to instantly access information and connect with people across the world in an instant, small businesses have closed the knowledge gap that once existed between market tiers.
With the knowledge and technology gap shrinking, small businesses’ relative advantages—their ability to be agile and flexible, and their more personalized interactions with customers, to name a few—allow them to pivot on strategy much more easily than larger enterprises that are slower to adapt. It’s easier for small business to adopt an Account Based Marketing strategy because they do not have layers and layers of processes, reports, and legacy strategy to untangle.
Smaller business can often deploy Account Based tactics faster than larger businesses in the same industry. With the advent of new tools and technologies like marketing automation, it’s become cost-effective and simple for to SMBs deliver personalized marketing to not just a small sampling of accounts, but hundreds or more at a time. Continued innovation in B2B marketing technology has removed costs and barriers to adoption that account based strategy previously entailed.
Thanks to these new tools, SMBs can finally harness ABM at scale: knowing exactly which accounts to target and when, managing relationships and leads, delivering specialized content, and connecting with prospects throughout the entire buying cycle.
SMBs are enjoying a surge of decision-making and trend-setting power unlike any they’ve seen before—on both ends of the buying and selling spectrum.
LeadGenius helps the world’s fastest growing startups and Fortune 500s launch their account based strategies. Put LeadGenius to the test today.