Small businesses and their employees suffered through the peak of the COVID-19 pandemic. While some small business owners were finding it hard to secure new customers, some were closing for good. Thankfully, the post-pandemic market is spreading some optimistic vibes. As per recent surveys, SMBs are getting back to business, and they are expected to reach pre-pandemic levels soon…thanks to cloud technology! So here’s how to level up your SMB prospecting by walking the extra mile with your comprehensive approach including advisory services and customer support. Read until the end to set your SMB-focused GTM business priorities for the coming year!
How Digital Reinvention Is Helping SMBs to Return to Their Former Positions
Small to medium-sized businesses (SMBs) worldwide are prioritizing 3 core areas—Managed Services, Infrastructure, and Cybersecurity, leading to an expenditure of $1.466 trillion by 2023, which is set to reach a growth rate of 7.5% by 2025. Thus, the subsequent 3-year SMB market dynamics are expected to be led by advanced digital business solutions. Amid the uncertain geopolitical scenarios, inflation, and manpower shortage, Analysys Mason, one of the world’s best consulting management firms, takes an optimistic view of the SMB IT spending roadmap. Surpassing the post-COVID and ‘new-normal age’ predictions, the upcoming expenditure will not only reflect a year-on-year growth but also their digital transformation initiatives will be making up about 45% or even more of the SMB spend in the near future.
As commented by Bob Takacs, Analysys Mason’s SMB research director and IT practice leader, “SMBs are at a crossroads.” They are prioritizing and laying out money on digital transformations more than ever for resilience and higher efficiency at trade.
Fact is, a number of local businesses are adopting digitized avenues by focusing on Collaborative Solutions, Business Applications (SaaS), Network Security, Supportive Infrastructure, Digital Marketing & Advertising, Web Services, Upgraded Devices, and Robust Communicative Systems.
The 3Ps to Success: A Glimpse of the Contemporary Notions
Reinstating the prediction, senior analyst Joseph Bertran at Analysys Mason, indicates the 3Ps-People, Performance, and Protection as the key trends for the growing businesses, which can upturn your SMB prospecting in the years to come.
Better Collaboration for the People: A hybrid working model that facilitates working from anywhere, aids remote employees to stay connected while being productive, and the cloud makes that happen. But as running cloud environments require IT expertise, these businesses are turning to cloud solution vendors to offer easy access to systems, files, and platforms from anywhere, ensuring a collaborative work culture.
Cyber Security for New-Age Infrastructure: The declining custom of on-premises servers and networking hardware gives rise to types of cyber threats, including data breaches, ransomware attacks, etc., causing turbulence to even small businesses. Consequently, there is a greater demand for IT security solutions and support systems that warrant encrypted data and safer storage, influencing the spending growth.
Scaling up Performance Levels with Newer Technology: As AI-enabled tools have become readily available, affordable, and the initial choice for simplifying businesses, SMBs are adopting AR, imaging, and video as mainstream business tools, creating seamless customer experience. While SMBs are staying in line with most of their earlier IT spending plans, resilient digital solutions would be inevitable in terms of sustenance, pre-pandemic level of profitability, and future expansion.
How to Gain Your Share in the Changing Market?
The forecast further adds, only IT purchases aren’t going to be enough for SMBs… in fact, they would require further assistance. SMBs are expected to prefer technology sellers/vendors that can offer IT guidance to help them increase revenue, aiding their growth strategies. This new spree definitely brings good tidings for vendors, such as MSPs/SIs and telecom operators who can provide long-term support.
So, here are your 3 major takeaways for SMB Prospecting:
- Understand the importance and relevance of business-led thought leadership and consultative services for SMBs; your comprehensive approach will be much in need due to their lack of in-house experts
- SMBs are envisioning the future as IT-enabled and ready to invest in easy-to-deploy solutions
- As SMBs shift to cloud-based solutions, IT purchases that offer advisory and strong customer support will lead the game