Unlocking the Potential: How Small Businesses Can Thrive in a $30B Market

Name: Unlocking the Potential: How Small Businesses Can Thrive in a $30B Market
Uploaded: 2024-07-27T17:15:26+00:00
Duration: 29 s
Channel: Jason M. Lemkin
Description: In this excerpt, the speaker highlights the massive, underserved global small‑business segment—approximately 330 million firms—that collectively…

27 Jul 2024 · 0 min

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In this excerpt, the speaker highlights the massive, underserved global small‑business segment—approximately 330 million firms—that collectively represent a roughly $30 billion total addressable market (TAM). He argues that offering a free product eliminates the usual sales friction of securing meetings and commitments, making it easy for prospects to try the solution and directly compare it against competitors, thereby driving adoption.

But globally, there's an estimated, I think it's about 330 million small businesses driving the global economy. So it's a massively underserved market. And we estimate that TAM to be about $30 billion. And again, I think because there's no barrier to trying the product, we don't have to sell somebody in advance on the commitment of taking a meeting, see what it's about, and then trying to make comparisons. When you're trying to compare products competitively and you have a free offering, why wouldn't you try it?