By Brandon Spear
SMBs are at a disadvantage in the digital space, just as small, mom-and-pop businesses have been at a disadvantage in the brick-and-mortar race. Larger brands can spend more on brand recognition, have better scale with which to offer discounts, and even bargaining power with manufacturers. But, there are changes SMBs can make to better compete. Here are four:
Make it easier to buy
"Small businesses can create a smoother purchasing experience by choosing payment providers who offer better options. Providing a choice to customers is key for conversions -- a survey by Forrester found that when sellers began providing online POS financing options, they saw a 32 percent increase in sales. Options a small business might want to consider include checks, ACH, EFTs and credit cards -- or an all-in-one solution like Credit as a Service. Keep in mind that there are pros and cons to all options, so it's good to have variety. For example, while credit cards are useful, they can rack up processing fees that must be absorbed or passed along to customers. Solutions like Credit as a Service, for example, enable sellers to extend lines of credit to their buyers and be paid the moment they send an invoice," said Brandon Spear, President, MSTS.
Use data to get more business
"Many small businesses don't have the proper tools to make educated business decisions. Due to a lack of data, or access to the data, many go off gut instinct instead. Using an analytics platform can turn the data they have on their customers and prospects into actual insights they can use to generate additional revenue. Choose partners that offer out-of-the-box dashboards that can be configured to any need. This can help identify new customers, increase share of wallet and open up new cross-selling opportunities," said Spear.
Get the last two in the full article on BizReport.
In the Press
The “clash of the titans” is a metaphor that is used to describe situations in which two powerful forces refuse to yield to the wishes or conditions of the other.
By Martha Salinas
MSTS is out with a new report on B2B sellers and buyer payment preferences. There are valuable insights and solutions to some of the challenges faced by B2B sellers, but one statistic shocked me.
1. Establish a Succession Plan - Jay DesMarteau, Head of Commercial Specialty Segments, TD Bank
With Brandon Spear
By Brandon Spear
For small and midsize businesses (SMBs), competing against big-name brands can seem difficult, if not impossible. Numerous advantages, including greater brand recognition and larger budgets, often stack the deck against SMBs.