A level playing field has been much of the discussion amongst SMB’s who are benefitting from consumers pushing back on their larger counterparts. With the current economic climate bringing to the forefront how much large corporations benefit from global pandemics, consumers are becoming more conscious.
This change in mindset has escalated into a momentus shift in the way business to business deals are being done. Those responsible for making buying decisions are becoming more aware of the magnitude of large corporations and the brotherhood of small business is starting to support each other, rather than do deals with big brands.
What we see as being a shift in buyer behaviour isn’t looking like it will subside anytime soon.
Small and medium sized businesses have been advantaged by the current set of circumstances in the B2B space as they are now being rewarded not just for their one-to-one approach but also their sheer size and personalisation of service offerings.
The one-size-fits-all arrogance of large corporates and the lack of human contact has received its biggest backlash in decades. Sitting on the phone waiting for contact centres to answer calls, with low staffing to maximise profit margins has really impacted the tired decisions makers and their backlash will be seen for years to come in balance sheets.
The areas small business has capitalised on include:
- Answering the telephone – People want to speak to an actual person rather than a computer generated voice or a contact centre where their questions cannot be answered.
- Personalised service – The rise of feeling important has replaced feeling like a number with customers choosing to work with companies that have more flexibility in their offerings and able to adapt to their unique set of circumstances.
- Price point – While we all know that large corporations can afford to lower their prices, the reality has hit home. They do so until their smaller competition go broke, then they slowly but surely rise their prices. Look at grocery stores like Coles, Woolworths, Wholefoods and Kroger.
- Long-term relationships – Knowing your customer better and looking at the long-term relationship of customer and service (or product) provider is something many companies are more diligent in appraising. Customers are realising the value in a long-term relationship.
- Marketing – While large companies are pushing budget into advertising, small businesses that have invested in their websites and digital marketing efforts like social media and blogs are competing head to head on searches. It appears that Google is doing rewarding quality over quantity.
While small companies may not have the fanfare of big brand names, they have so many other advantages and without small business, the foundation of our economies, we are left in the hands of corporates who may not have our interests at heart.