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I recently attended the Warrillow Conference, which focuses on how to sell to the small business market. And, yes, it's a big opportunity -- with more than 27 million small businesses in the U.S. Some of the big players in the space include MasterCard (NYSE: MA), FedEx (NYSE: FDX), Intuit (NASDAQ: INTU) and so on.
Well, one of the panels at Warrillow had a group of small business owners -- and they talked about what works when trying to sell to them.
Let's take a look:
Wearing many hats: The small business owner does just about everything. In other words, time is a precious commodity. So, when pitching, make sure things are clear and concise. What are the main benefits? The costs?
More importantly, small business owners want something that is plug-and-play and doesn't require a big learning curve.
The assistant: Many small business owners have one. And, an assistant is often a gatekeeper.
In other words, it's actually a good idea to make your pitch to the assistant -- since he or she will likely relay the information to the owner.
Also, small business owners are relying much more on the Net. Thus, an email pitch is OK so long as it is not wordy. Plus, you should have a website that is easy to navigate and has a demo.
Long Sales Cycle: Because a small business owner is time-constrained, it can take a while to make a sale. But it can be worth it because he or she is likely to be a loyal customer.
Members of the panel agreed that they do not switch vendors lightly -- and usually not just based on cost. After all, it's not easy finding a good vendor.
Tom Taulli is the author of various books, including The Complete M&A Handbook
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