Is a Digital Mindset Key to Your Businesses Recovery?

Visa recently published a back to business study to look at how SMB’s (Small to Medium Businesses) have responded to the Covid-19 pandemic. The survey found that while SMB’s expect business recovery to take from between 6-10 month and 75% of them remain optimistic for their future.

From a consumer perspective, the survey found that 78% of global consumers have shifted towards digital first commerce by using technologies like contactless payments. With this high a percentage it looks like this will be the new normal post pandemic recovery.

But what does this mean for you? The survey provides 4 main insights for SMB’s with the results received.

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Shoppers are putting safety measures over price in their purchase decisions. 48% of consumers surveyed said they wouldn’t shop somewhere that only offers payment methods that need contact to be completed – such as cashier interaction or shared payment machines.

If a business doesn’t look to match consumer needs, they will lose out to those who will.

Keeping up with other businesses digital marketing and services has never been more vital:

1. 28% of SMB’s have tried targeted social media advertising for the first time.
2. 27% of SMB’s have tried selling their products and services online for the first time.
3. 20% of SMB’s have adapted to using contactless payments.
4. 33% have accepted less or stopped accepting cash payments.

The main concerns for businesses surveyed:

1. 52% Revenue Declines
2. 46% Attracting New Customers
3. 22% Having to reduce their staffs pay

If your competitors are thinking up new ways to deal with these issues you need to take action so you aren’t left behind.

Community support for your business is as important as ever. With 71% of SMB owners finding this critical to their recovery effort. Finding ways to connect with your community when everyone is keeping their space is a tricky but necessary endevour.

It’s easy to look at these findings and feel overwhelmed if previously you have considered digital provision for your businesses as something nice to have in the future when your business has grown, or something that you just hadn’t felt was necessary for the services you provide. We are here to help you understand how to get your company into a digital first mind-frame to ensure you are not left behind.

Now more than ever your perspective customers are on social media with every social media application reporting increased engagement as users find themselves with more spare time to scroll, post and share content.

Not convinced? Here are 10 straightforward reasons why social media advertising is the right way to go:

1. Paid Social Media Advertising leads to conversions, it’s the perfect channel to inspire perspective customers to purchase from a band.
2. Your Competitors are doing it, the figures from the Visa study show that statistically more of your competitors will have started using Paid Social Media Advertising.
3. Social Media Advertising is suitable for any budget and is customisable to your companies own advertising spend.
4. Gone are the days of free advertising, social platforms like Facebook favour social profiles that run adverts.
5. Social Media Adverts compliment your organic social media efforts like macaroni and cheese.
6. Improve your content marketing strategy. By adding a new form of marketing to your strategy you are increasing your reach.
7. Narrow the advertising to your target audience. All platforms allow you to customise the rules for who will be shown your ad. You can choose to be super specific or go for a broad range to expand your customer base.
8. Increase brand awareness and broaden your reach with younger generations. Social media is the most relevant channel to advertise to Millenials, Gen Z, and Gen X.
9. Advertising campaigns give you more insight for analysing and optimisations. Here at YCD, we love data that can help with business growth and you should too.
10. You can advertise on the platforms most appropriate to your products or customer base.

If you haven’t already invested in ecommerce for your website now is the time to do so, with consumers now getting used to the simplicity of online shopping as the new normal. Even when restrictions are eased and life resumes a level of normality, people will be more inclined to purchase online than they previously have been.

Here are 10 great reasons to consider moving your products online:

1. It can reduce your costs – if your store is online you may get away with having a smaller physical shop space.
2. Your products will be available globally which could increase your sales.
3. Requires fewer overheads and reduces risk than a having physical store.
4. You can use your shop to broaden your brand and expand into different products.
5. Having an online presence can help with marketing.
6. You can be open 24/7 without having round the clock staff.
7. An online shop can be easier and more convenient for your customers.
8. Easily receive feedback on your products, reviews help customers make purchase choices.
9. Maximum security for your transactions, taking payments on the internet is now as safe and reliable as putting sales through instore.
10. Personalise your customers shopping experiences by tracking how they use your website – much less creepier than following them around a physical store!

Currently many forms of traditional customer engagement are not available to businesses due to budgetary, staffing levels and physical restrictions. However, digital avenues allow you as an SMB to find alternative and cost effective ways to engage with your customers.

If you are struggling to get creative with digital channels or just don’t know where to start, get in touch with us to see how we can help – we offer everything from advertising management to eccommerce website development.