The past few years have caused a lot of businesses to take a look in the mirror and self-evaluate. In the midst of owners coming out of “survival mode”, they are putting together budgets and reconciling their taxes, which may bring up new questions about their business. It’s important to remind ourselves where our companies exist and what markets we are typically categorized into.
Often at Evolve Systems, we ask our clients if they classify themselves as either an enterprise, middle market, or small business enterprise. Once we discovered that several of our clients were unaware that they had been elevated to the middle market due to their investments in digital marketing, we thought it necessary to share more about defining the middle market, and the significance of prioritizing marketing for middle market companies.
What is the middle market?
So, what is “middle market”? This sector of businesses called the middle market is a rapidly growing segment of the economy that often gets overlooked. Think of them as the “middle child”, not the oldest, but not the youngest. The same applies to businesses and their financial standing.
The middle market refers to companies with annual revenues between $5 million and $1 billion and includes a wide array of industries such as manufacturing, technology, professional services, and more. According to Investopedia, there are about 200,000 middle-market firms in the U.S., most are privately owned or closely held, and their annual revenues combined total more than $10 trillion. Companies in this market are often referred to as “middle market” companies or “small and medium-sized enterprises” (SMEs).
Alleviate competition pressure with digital marketing
Large corporations and enterprises have entire teams or departments dedicated to marketing, while startups and small businesses have the opportunity to focus exclusively on their brand, product, or product line while avoiding the radar of intense competition. Middle market companies have to operate differently.
Most middle market businesses don’t have quite the resources like larger businesses, but they are working under more significant competitive pressure and scrutiny compared to startups and small businesses.
With so many companies in the middle market, the competition for customers is fierce. This is why these companies must prioritize their digital marketing strategy and invest in these services in 2023.
How can marketing help the middle market?
Digital marketing allows companies to reach more potential customers than ever before, and with the right strategy, it can be a powerful tool for increasing sales and driving more growth.
As the economy evolves, companies in the middle market should capitalize on their digital marketing in 2023 (or begin to invest if you haven’t already). Not only is it essential for reaching new customers, increasing brand awareness, and staying competitive in a crowded business landscape, it provides a more conclusive return on investment.
Many services like website development, SEO, and email and social media marketing help businesses save time and provide more targeted results with their investment than traditional advertising methods such as print, radio, and television ads.
What’s the next step for my middle market’s digital marketing plan?
Building your marketing strategy will be an ongoing process, especially in today’s digital climate. Your efforts need to work for multiple audience segments, must be able to carry across competitive landscapes, and need to Evolve with ever-changing customer needs. Marketing channels like SEO, PPC, and social media can target customers searching for your company’s products and services, increasing midmarket sales.
The most effective digital marketing strategies allow companies to track and measure their campaigns, so they can understand what’s working – and more importantly, what isn’t.
With the right strategy, companies in the middle market can expand their reach, increase their overall evaluations, reach new customers, increase visibility, and drive more sales. Additionally, digital marketing can be a cost-effective way to market, allowing companies to target specific audiences and measure results in real time.
Investing in this type of marketing and partnering with an SEO digital marketing agency like Evolve Systems can help companies in the middle market stay ahead of the competition and continue to grow in the years to come.
Sources: https://www.investopedia.com/terms/m/middle-market.asp
