B2B Marketing Quickly Identify and Engage Small Business Prospects By David Adams, Equifax 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 years.1 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 • 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 To segment your prospects, collect firmographic data such as: o Company size o Industry o Location • 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. 18 West Virginia Banker
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