They say things come in threes, and the principles of effective audience engagement are no exception. In my experience, to resonate brands must do three things:

1. Comprehensively know their audience and their characteristics
2. Understand that audience’s business needs and challenges
3. Identify a solution that meets their specific needs and resources

It goes without saying that to build a lasting relationship with customers you need to understand the specific challenges they face. Nowhere is this more accurate than in the widely diverse European mid-market: businesses with 50-500 employees and revenues between £2.5million and £100million. Although many mid-sized businesses (MSBs) share common business objectives and attitudes, their individual circumstances often differ greatly.

MSBs make up only 2% of European businesses, yet they generate over 30% of all revenue in the region. They are a key creator of economic value and opportunity. What’s more, 70% of them intend to move their business into new sectors and 45% are already targeting global markets.

So what exactly does the mid-market look like? Recent research commissioned by Ricoh Europe identified five mid-sized business audiences or ‘personas’. Each have their own set of unique challenges and characteristics. The aim of these personas is to help pinpoint business needs and suggest appropriate solutions.

Battler

These businesses are operating in a particularly tough market environment. They face friction from regulations, a squeezed market and larger competitors. Regardless, they have an eye for optimisation and seek gains wherever they can be found. They are usually open to process improvements. They choose solutions that directly prepare them for challenges to come.

Survivor

Things haven’t always been easy for these businesses. Yet in many ways they are characterised by their tenacity. They have strong survival instincts which feed into their long-term ambitions. These businesses are keen for support and expert advice as the cost of failure is often very high.

Coaster

The owners of these businesses often wear multiple hats. They take an active role in managing day-to-day processes. As such they are often reluctant to change, confident in the way things have always been done. Challenging the status quo through education on long-term business threats is key to overcoming this barrier.

Racer

These businesses have gained some serious momentum in a dynamic market. The downside is they may not be fully prepared for what’s next. They’re characterised by a slight lack of control despite a good track record. These businesses need to fight the temptation to live too far outside their comfort zone and need trusted advisors.

Champion

Agile, intelligent and finely tuned, these organisations are strong performers. They’re tightly managed and have far-reaching ambitions. They understand innovation is crucial to take full advantage of their strong foundations. These forward-thinking organisations are well on the way to digital transformation.

As each persona shows, the European mid-market has a golden opportunity to thrive into the future. Yet it also creates a complex maze which vendors must negotiate. Ultimately, the individual characteristics of MSBs are just as important as their uniting challenges. The best marketers can identify and address both.

 

By Javier Diez Aguirre, vice president of corporate marketing, CSR & Environment at Ricoh Europe

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