After a tumultuous 2020, most SME operators and executives are expecting to recover and probably post a profit in this new year. But recovery will not happen unless SMEs learn and innovate enough to attract and retain customers. On that note, we share in this article tips to help SME executives and owners to plan for the 2021 recovery journey.

Know your customers’ attributes and needs

Covid-19 has led to reduced incomes for many actual customers and prospective customers of SMEs. Despite this, your business still solely depends on customers to survive. As a result, you still need to retain existing customers and attract new ones. You may do this by sharpening your skill and knowledge in the customer experience journey matrix. That way, you deepen your understanding of their persona: name, attributes, needs such as speed, product and service preference, as well as their ever-changing interests. With the help of several tools available through technology, this process should pose very little or no challenge to you.

Turn them to your brand advocates.

As you open business doors to your customers, you will eventually get loyal customers who are pleased with your products or services. Beyond pleasing them, turn your customers into advocates of your products. Marketing by the happy customer’s word of mouth is effective. Just as Nick B points out, succeeding in the modern business requires more than offering excellent products and services but getting business advocates.

If you can attract influential customers to endorse your products, online and offline, it will go a long way in reviving your business fortunes in 2021. Prioritise this particular tip.

Ravage social media advertising, subscription

Recommended article: Expectations and possible realities to prepare for in 2021

As many people and businesses embrace online interactions and transactions, there are unlimited growth opportunities for SMEs in the virtual world.

For instance, using your existing customer database platforms such as Facebook, you can find people who match your current customers’ profile. After that, you can create ads that will reach a wider group of target customers. That is why it is critically essential to automate your services.

Several studies, including one such by Forbes (2018), have indicated that social media has a tremendous effect on business sales. Therefore, it is prudent that you explore the powerful influence of social media platforms to grow your business in this digital age.

Diversify the markets you serve

Because of COVID-19 and other factors, your current products or services might be struggling to attract customers in one location. If that is the case, why not turn to research to know what kind of products and services are needed in particular areas and effectively tap into those markets?

Recommended article: Important questions executives should answer this year.

It could be that your products are needed in another location apart from where you are at the moment. You might discover a new market and save your business if you did some research.

As Grow Smart (2020) advises, diversification helps businesses reduce the risk of losing critical markets by ensuring they have alternative options and can provide business resilience, drive economies of scale, grow brand loyalty, and offset future changes. Consider diversifying your business fortunes this year.

Final advice

In everything you do this year, ensure that you ask for feedback from your customers. This feedback will transform your business -processes, products and services, and delivery. Also, ensure you offer competitive benefits and products that surpass your old benchmarks to maintain a refreshing presence on the market.

Grab a book today!

                 $6.99                                            $6.99                                      $9.99                                            $5.99

              Buy Now                                Buy Now                                  Buy Now                                     Buy Now