New start ups can present a valuable market for suppliers of an extremely wide range of goods and services. There are a number of significant reasons why you should target start up businesses…
Start ups have a wide range of needs
When a new business starts up it usually needs to source practically everything from scratch. Their needs are wide ranging including recruitment, financial advice, office furniture, IT, marketing and printing. Often their initial purchases in these areas are likely to be far greater than mature businesses.
Start ups are a growing market, even in a recession
New business start up rates seem impervious to economic woes and even go up in troubled times, and so start ups represent one of the few growing sectors of the economy.
Start ups are ready to buy now
New businesses are in a position to make buying decisions far faster, because they need to get trading as quickly possible. This can make your sales effort far easier, making your sales more profitable.
Start ups can help you increase market share
Getting your products or services sold into businesses when they first start up can really help you steal a march on your competitors. In fact if you act quickly you can become supplier to a new business before your competitors even know they exist.
Start ups make loyal long term customers
New business owners often need a little extra help, guidance and advice from their suppliers. If you can provide this support alongside your products or services, you’ll build potential long term customers for your business who are far less likely to defect to your competitors.
In summary, if your company is looking to source new customers – as most businesses always are – then you should make sure that you include targeting new business start ups from your local area, region or industry vertical as part of your sales and marketing strategy.