Abacoa & Alton Neighbors Febuary 2021

F e b r u a r y 2 0 2 1 | Abacoa &Alton N E I G H B O R S 27 99.9% of all businesses in the world are under $1B and defined as small to mid-sized enterprises (SMEs). This is the group that employs the world’s population, pays the taxes for governments to function, and fuels the world’s operation. Elected officials create policy; they do not execute the programs. SMEs run the world’s economy. But, SMEs are not like governments or large businesses. SMEs do not have big budgets or big staffs. They need to see immediate beneficial results. They MUST make payroll. Net, asking them to commit to long-term endeavors that do not produce direct benefit, has proven to be non-scalable. So, what do they need? Per studies, the biggest issue all companies have, no matter how big they are, where they are located, or where we are in an economic cycle, is competitive differentiation - finding a way to stand out and convince the consumer to purchase from you, versus the other guy. This is an even bigger problem for SMEs, as they are more sales-centric. As mentioned, they don’t have the big marketing/advertising budgets that bigger (marketing-centric) companies have. SME competitive differentiation is far more dependent on individuals (the founder, the leader, the main sales rep, et cetera) than on brand identity. Further, SMEs are driven by direct, person-to-person, encounters (ie, face-to-face sales). The ‘brand’ has historically been tied to people, not imagery. But, what has the Internet done? It has created a platform for consumers to pre-vet companies prior to face- to-face meetings. Case in point, car dealerships. You and I spend an average of 13 hours buying a new car. The first 11.5 hours are spent online. Most decisions on what dealership to visit, and what car to purchase, are made before the dealer’s sales reps have the opportunity to influence you. Decisions on what dealer to visit are being made before the dealer has the chance to press the flesh and have a person-to-person sales-centric encounter. This is the same for all companies. And, what has Covid-19 done? It has further reduced face-to-face selling and accelerated the online process. And, what is the most important variable for consumers in their buying decisions? Sustainability - 87% of consumers want their suppliers/vendors to be sustainable. There is +$2 Trillion in consumer spending LOOKING for certified sustainable companies to buy from. Net, if a company, especially a SME, wishes to differentiate from its competitors, the (if done right) least expensive, highest ROI, and most powerful flag to wave is sustainability. But, there is a catch - +80% of consumers disbelieve a company that self-certifies. Just saying you are sustainable does not move the consumer believability needle. Nor does certifications from programs that do not require 3rd party audits (ie, the kind of program that gives you a piece of paper when you say you did something, versus them having a valid 3rd party auditing firm verify it). On the other hand, +80% of consumers believe a company that is certified under a globally-recognized program that uses 3rd party validation. This is why SMEs, who are certified under a globally-recognized program, and promote the certification, are growing 20x faster than their non- certified competitive peers. This brings us back to our tag line - Doing the Right Thing can lead to a Good Thing. In becoming certified sustainable and promoting same, the SME is doing the right thing, but is also building her/his brand and making more money. COVID-19 Will Drive SMEs to Become Certified Sustainable By David Goodman, CEO and President of Edenark Group COMMUNITY CORNER WELLNESS DENTAL SURGERY BOARDING www.JupiterVeterinaryCenter.com 561-250-6580 Visit us at: 1680 Central Blvd., Jupiter, FL 33458 A Premier State-of-the-Art Veterinary Healthcare and Dental Center.