The Future Of Small Business Economy - Beyond Covid Crisis

Many believe that once the pandemic subsides, a new novel economy would evolve out of it. As a result, some of the many SMBs who have adopted the new digital transformation would stick to it. Thus, here are some of the predictions that SMBs would need to focus on in 2021, and after it.

Digital Transformation With A Purpose
Digital transformation is not aspirational anymore. Indeed, it has become a necessity for small business owners during this crisis. However, taking up the digital route is not about creating a website and publishing content or ads. Instead, digital marketing techniques in 2021 would be more driven by purpose. And by purpose, we mean, the audience. It would all be about connecting with the audience and staking their pain points. 

SMBs Would Prioritize Society And Community
Last year was ubiquitous with turmoil and unrest everywhere. And it not only disrupted political or economic hardships but also affected the social fabric. Customers, now more than ever, are looking towards local community businesses to take the charge. SMBs would indeed play a critical role in ensuring social and personal safety all around. For instance, as the experts quoted, " employee safety, customer security, and community services would be significant for growing small businesses in 2021." 

SMBs Focus On #IgniteMoments
Several years ago, when mobile-first was only a micro-moment, customer journeys used to be simple. A user would search for solutions, visit a website, explore and navigate to the product or service page. But, with the onset of the pandemic, it all has changed. Now, digital-first is becoming the lifestake experience. Subsequently, the business owners would need to aim at touchpoints that can deliver magical digital experiences. The digital marketing in 2021 is about integrating an intuitive nurture model to drive successful sales. It could be an influencer video that might work for a business or social media post that could ignite the values of a brand. The idea here is to deliver to the touchpoints that customers would readily take notice of. 

Practice Futurist Mindset For Higher Performance
If anything the pandemic has taught us is to think of the time to come. SMBs who survived through the crisis would be the leaders of the novel economy after the pandemic subsides. The technological support and thinking of future-proofing would become the success pillars for SMBs in the years to come. In fact, several studies reveal that SMBs increased their investment in key areas during the pandemic. The top 3 of these key areas included customer interactions, internal communications, and streamlining the workflow. It's not, perhaps, about predicting the future trends but instead preparing for them.  Once the pandemic subsides, the small business community is likely to make a comeback. And believe us the comeback would be nothing like the disruptions we have witnessed until now. They would come back stronger, better, and more sophisticated than ever.  

0