SMEs are Critical to the Global Economy
Just type "importance of SME market" into Google and you will quickly discover a wealth of research that highlights the importance of SMEs to the economy, on a local, regional and global scale. Any vibrant economy needs a healthy ecosystem of SMEs. And yet it's still curious how their needs are overlooked by service providers. We have seen highly successful service launches focused specifically on the needs of SMEs gain rapid success, but still many leading service providers focus on the much smaller number of larger corporate customers.
Some business development managers have adopted the dictum of "going where the money is", based on the old quote attributed to bank robber Willy Sutton. While this is probably good advice, it's also somewhat simplistic. Analysts need to consider other factors – like where the money is going to be – after all, your competitors are likely to be chasing the same existing revenue sources. What's more, while it may be interesting to compare revenue from a company with 1000 employees to that from a company with 15 – and reach a fairly obvious conclusion, it also overlooks the fact that there are many, many more smaller companies than large. Think about the opportunity in the aggregate, not just in individual terms and the picture starts to look rather different. Not only are SMEs of strategic importance to all economies, they are also an attractive target for the right proposition from service providers.