Nearly all private businesses in the U.S. are small businesses. At the helm of all that economic heft is an owner who tends to be highly engaged in the day-to-day decisions of the business. As a result, small business owners make up an important segment with whom marketers and larger businesses should engage and build partnerships.
The Big Picture:
- Small Businesses run on optimism, innovation, and community. From their founding, Small Businesses are rooted in independence, innovation, and community. Multicultural Small Business Owners are feeling optimistic about the present and future of their businesses.
- Owners value personalized partnerships with large companies. Small Business Owners have plenty of goals but are also facing a multitude of challenges. Every small business is different and given their limited resources, they look for one-on-one support to streamline problem-solving and operations.
In our recent Small Business Owners Study we look at small business owners’ motivations, future outlook, operations, and relationship with larger companies. Read below for highlights of the study and download the deck and watch the embedded webinar for the full picture.
Key Insight #1: Motivations
Know This:
Most Small Business Owners founded their own businesses. They are personally invested and motivated by the creativity, flexibility, and community that ownership offers them.
Do This:
- Communicate how your brand can help owners achieve greater work-life balance. Make your products and services available and accessible so owners can easily manage their business on-the-go.
- Mirror the values that Small Business Owners hold dear by positioning your brand as one that fosters innovation and community.
Key Insight #2: State of Small Businesses in 2023
Know This:
Despite recent hardships, Small Business Owners remain optimistic about the future success of their businesses. Their top goal is growth, but that doesn’t come without challenges. Inflation is the biggest obstacle right now for over half of owners.
Do This:
- Recognize the hardships that small businesses have weathered lately and celebrate their tenacity and work ethic. Bolster and share in their positivity and hopefulness for the future.
- Highlight how your brand will foster small businesses’ growth. Offer support in the areas where they may be cutting spending so they stay on track to meet their lofty goals.
Key Insight #3: Support and Partnership
Know This:
Small businesses most need support with marketing, networking, and financing. Owners look to partner with innovative companies that are experienced in working with small businesses. They prefer online and one-off one-to-one support as needed.
Do This:
- Keep in mind their limited discretionary funds and limited time. Offering free, quick access, and convenient support will go a long way in maintaining partnerships long-term.
- Approach owners with an understanding of their individual wants and needs. Personalize your offerings as much as possible.
Key Insight #4: Operations
Know This:
Small business owners are highly involved in the day-to-day decision-making at their companies, including determining employee benefits, but on tight budgets they must make some tough choices. Size of business largely determines the benefits that owners can offer their employees. Health insurance, paid time off, bonuses, and work flexibility are the top priorities.
Do This:
- Help small business owners compete with larger corporations for employees by offering a-la-carte benefits packages that are affordable and specific to employee need.
- Understand owners’ values and priorities to best position your brand as a potential partner.
For far more research on how to connect with small business owners, see our webinar replay below and download the full study included on this page.
