Published: 28 February 2024
Small and midsize business, especially the small business segment, offers many growth opportunities but remains challenging to target effectively, due to market fragmentation. Product leaders should evaluate whether the small business segment is a good fit before creating a strategy.
The small business segment offers growth opportunities, reaching over $900 billion of IT spending in 2027, with a 7.8% five-year compound annual growth rate (CAGR). However, market fragmentation makes it challenging for product leaders to target effectively.
Good customer support and communication are critical purchase criteria throughout the purchase journey of small businesses, from vendor discovery and selection to postpurchase evaluation.
The ultimate goal of winning in the small business market is to build a solid position with customer loyalty — a long-term asset for the technology vendors.
For product leaders at technology and service providers focusing on establishing their products
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Analysts:
Mikako Kitagawa
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