SMBTech Summit 2020 - Go-To-Market Lessons

TL;DR

Understanding the unique elements of go-to-market strategies for SMB tech businesses and focusing on customer success and revenue retention are crucial for growth and success.

Transcript

all right i think we are live ryan and yami thanks for joining us uh maybe just quickly introduce yourselves and then i'll uh i'll jump in with some really hard hitting questions go ahead ryan okay thank you uh ryan dennehy founder and ceo of electric uh we sell managed i.t support to smb middle market customers as a subscription sas product uh we'... Read More

Key Insights

• 🪛 Selling to SMBs requires a data-driven, scalable, and repeatable go-to-market strategy with a focus on sales, marketing, onboarding, and customer success.
• 👾 Customer success in the SMB space relies on a combination of qualitative and quantitative inputs to understand customer preferences and decision-making processes.
• 🗯️ Segmentation and targeting the right customer personas are foundational for product-market fit, pricing, and positioning strategies.
• 👾 Onboarding and customer success in the SMB space require efficiency, automation, and seamless collaboration between departments.
• 😀 Understanding the unique challenges faced by SMBs, their resilience, and their ability to adapt to digital shifts are crucial for driving growth.
• 👾 Hiring talent with experience in the SMB space and a customer-centric mindset is vital for success.
• 👾 Customer retention and revenue growth from existing customers are more valuable than continuous acquisition in the SMB space.

Questions & Answers

Q: How does the buying process for SMBs differ from that of enterprise businesses?

SMBs prioritize immediate value and have a quicker decision-making process, usually driven by a single decision-maker within the organization. Peer reviews and word-of-mouth play a significant role in their purchasing decisions.

Q: Why is community important for SMB tech businesses?

Community fosters engagement, loyalty, and knowledge sharing among SMB customers. It can help generate referrals, promote product adoption, and provide a platform for customers to discuss their experiences and learn from each other.

Q: How does onboarding differ for SMB customers compared to enterprise customers?

Onboarding in SMB tech businesses requires a hyper-efficient and automated approach, as resources and touchpoints are limited. Proactive product-led onboarding and personalized experiences based on customer segments are crucial for success.

Q: Why is revenue retention more important than overall revenue in the SMB space?

SMBs rely on recurring revenue to sustain and scale their businesses. Retention is crucial for filling the sales funnel consistently and ensuring long-term success. Delighting customers and turning them into promoters is key to revenue retention.

Summary & Key Takeaways

• The go-to-market strategy for SMB tech businesses differs from enterprise models, with a focus on immediate value and a quick buying process driven by one decision-maker.

• Community, qualitative and quantitative data, as well as tailored onboarding, are essential for success in the SMB space.

• Recurring revenue and customer retention are more important than one-time sales, necessitating a focus on customer delight and understanding customer segments.