It is practically impossible to overstate the importance of small businesses. Statistics show that SMBs account for nearly half of all private sector jobs in the United States.
And, in fact, as much as 99.7% of American businesses are classified as small.
No wonder then that Salesforce is now eyeing this market, particularly small and medium businesses that are aiming to grow quickly. The CRM maker is positioning its tools and services for SMBs, beefing up their functionality via a mix of acquisitions and organic growth.
Even as some small businesses are not yet financially or organizationally ready for the commitment to take full advantage of what the various Salesforce platforms offer. But fast growing and high growth small businesses have begun to choose the CRM solution.
Particularly, if their local, in-house customer relationship management solutions are not able to scale with the company.
This is where Salesforce is well suited — well suited to grow with these SMBs.
One big ask for Salesforce is getting its Einstein artificial intelligence platform in the mix, as a recent Salesforce survey found that around 60% of the small businesses surveyed did not think that AI would be applicable to their business.
This is something that companies that do not have a great deal of data accumulated find hard to justify right now. And this is something that Salesforce will have to figure out, as it inches towards its goal of attaining more than $10 billion in yearly revenue.
As Salesforce COO Keith Block boasted on the company’s latest earnings call, the company posted a record number of big transactions in fiscal year 2017, with 100 customers spending more than $10 million last year.
But a major portion of the future growth for Salesforce will come via SMBs, and the company certainly seems to be aware of this.