SME's power a huge amount of the British economy. And we speak to many of them who want to build a brilliant brand that powers a successful business. And it can be done. But the rules are different compared to some of the factors at play in a bigger company. But what are they? Let's take a look!
Get scrappy with data
The big companies have the luxury of survey panel data. Yep. Not content with being a multinational colossus, they can drop in on their customers for a cuppa at pretty much any time. They might even have access to dedicated research teams. Smaller businesses might look at this conundrum and decide not to bother with research at all. But stop right there! First of all, there are lots of ways to do your research. Firs, talking to existing customers via surveys and interviews can reveal some hidden truths. Then if you pair that with a bit of data from some trusted 3rd party websites (gov.uk is a great place to start) then you can create a pretty good research base for yourself.
Example: Love or loathe him, Tim Martin the owner of Weatherspoons doesn't do traditional market research. He tries to visit as many of his own pubs as possible, and that gives him that a true sense of what's going on. In fact, it's the classic "floor walking" that led to Martin ending the use of social media by the chain.
Identify your niche
By niche we don't mean narrowing down the specific product you make. Instead narrow down the group of people you want to win over with your product offer. In an ideal world you'd get your message out to everyone who could potentially buy your stuff. But as a smaller business, chances are you don't have a budget that will stretch to that level of reach. It's better to partition the market and think about a group of people that could be interested in what you have to offer. They will be people you can build your reputation and trust with. You should position your brand at these people, at least at first.
Example: Amazon. When Amazon started out - they only sold books. Once they established themselves as a reliable way to get hold of the latest paperback, people trusted them to deliver more. First it was fashion, then it was everything else. Now it even has its own TV station.
Stand up to the status quo
While you're an SME you have a distinct advantage over bigger companies. And that's because, erm... you're not a big company. Most SME's pay their bigger business rivals a bit too much respect, and end up looking and sounding like them, which actually plays into their hands. Whatever you do, don't underestimate the challenge of awareness. You can make yourself known by standing for something, against something, or you can pick a fight with the competition. Do that and you'll stand out.
Example: Ben & Jerry's built their brand partly through excellent ice cream. But the brand has a strong social conscience too, and their ability to get a cause into the mainstream is what established them as the huge brand they are today.
Keep it tight
As strange as it sounds, you'll spend a lot of your early years of your fledgling SME saying "no." As an SME, you have have a lot less time, money and people to play with than a big business. Don't overdo it, don't push yourself too hard. Make your brand small, boutique, exlusive, niche - whatever you want to call it. But keep it that way, because that's one of the biggest
Instead of having 6 target audiences pick one. Instead of a brand book, make a one pager. Instead of a complicated positioning with a 78 page powerpoint deck to explain it, make a business card for all your staff with "3 things to know about us" on it.
Summing up
A lot of the advice for small business is much the same as it is for big business. Good marketing is good marketing at whatever level you're at. But there are some unique considerations for SMEs and smaller businesses to consider.
Follow these ideas, and you'll be in a great place to to make the most of being small (for now.)
