SMBs are the backbone of the global economy. They make up 95 percent of the business population and around 60 percent of global employment – as per the World Trade Organization.
Yet, as big business attempts to thwart the competition, many SMBs are losing ground.
Indeed, The Boston Globe recently reported that “Small businesses are struggling to return to pre-pandemic form.” Meanwhile, The Southern Maryland Chronicle highlighted inflation as the “No. 1 concern for struggling small businesses.”
These are problems that extend far beyond the US, where the economic backdrop grows murkier by the day. Consider the UK, where three-quarters of people expect the economy to worsen in 2022-2023 – according to YouGov.
As a result, many consumers will likely rethink their buying habits, making selling trickier.
How Can SMBs Compete In Difficult Times?
Building strategies around customer data is likely the play. Statistics such as the 24 percent increase in CRM use amongst SMBs - since 2019 - suggest this.
Moreover, Forbes reports that 45 percent of small business owners expect to buy analytics software within the next year.
Why? Because SMBs have one critical advantage over big businesses: their agility. With this, they can offer higher customer flexibility and prioritize efforts to build better customer relationships.
Leveraging customer insights with an analytics engine helps SMBs to maximize these objectives.
For example, by harnessing a lost call report, SMBs can use their flexibility to reengage with callers they could not answer the first time. In doing so, SMBs can claim a second chance to make a positive first impression and secure sales they may have missed.
Also, this greater flexibility allows SMBs to latch on to new digital trends and ramp up CX transformation programmes quicker than larger enterprises.
Yet, which trends will pave the way for better customer relationships? The answer often lies within the data. Again, analytics tools can help here.
For instance, consider call logs. These often spotlight insights into where customer journeys fail. By sharing this information within the business, SMBs can quickly pivot to address emerging customer pain points.
By developing such reliable ways to listen to what customers want and acting fast, SMBs can meet evolving customer needs and maintain customer relationships.
Changing the Business Strategy
By recapturing lost calls and addressing pain points quickly, SMBs can strengthen customer loyalty.
