Though COVID-19 reconfigured nearly every aspect of our lives, small businesses faced an outsized pressure to stay afloat, never mind profitable. Now, with more and more business being done online, the adoption of a digital-first marketing strategy is vital in staying competitive. A report by McKinsey shows that online penetration remains roughly 35 percent above pre-covid levels, and E-commerce has grown over 40 percent since March 2020. As vaccination rates increase, confidence rises, and people re-emerge from their newly remodeled caves, we find ourselves in the beginnings of a pent-up shopping spree, a sizable portion of which will occur exclusively online. Consumer spending is growing between 20 and 30 percent in discretionary categories, with the potential to top pre-covid spending by 4 to 7 percent year-over-year.
It is with all this in mind that this action plan was developed – to take your business out of survival mode and into real and lasting growth.
1. The Action is Online – Be There First
According to McKinsey, 75 percent of Americans tried a new shopping behavior during the pandemic. Whether that was sampling a new brand, downloading an app from a new retailer, or trading up or down in their quality of home goods, a massive majority of consumers tried something completely different. Moreover, roughly 75 percent of those using digital mediums for the first-time plan to integrate them into their routine buying behaviors. Brick-and-mortar may be declining, but the online marketplace is booming, and the importance of meeting customers there is vital. Think of how to develop and actively implement digital-first strategies – app-specific promotions, exclusive digital offerings, premium e-services, powerful interaction, and retention pieces that live completely online.
2. Extend Your Reach as a Small Business
In terms of business growth, digital is winning by an ever-widening margin. The good news for small businesses is that the Big Brands are facing an immense erosion of brand loyalty. Roughly 30 to 40 percent of consumers (primarily young and tech-native), are switching brands and retailers in pursuit of value, quality, and novelty. So, being present in as many digital formats as possible, connecting with customers, and sharing your business narrative can help pull those potential consumers to your offerings. A well-curated set of content, a simple buying procedure, a personalized app – all can help to powerfully streamline your revenue conversion.
Understanding sure-fire marketing strategies is the beginning of creating them. Read our latest blog here.
3. From First-Click to Check-Out – Make the Journey Simple
The Homebody Economy is here to stay. 72 percent of organizations have started adopting permanent remote-working models. 32 percent of people have switched jobs, pursued work-from-home employment, or gone back to school to potentially do so in the future. This is made possible only by the thriving marketplace available online. With so much business taking place here, having effective Customer Relationship Management software in place can make or break the buying experience. By effectively showcasing your products and ethos through social media channels, a website, or an app, you may side-step the tiresome promotional element of marketing. You can focus instead on the factors that attract people to your offerings – value, quality, or purpose. Knockdown the walls that keep people from buying from you.
4. Data is Vital
As the economy lurches into motion again, there will undoubtedly be a fledgling group of newcomers in the marketplace. Data is the key to differentiating yourself from them and keeping customers engaged. Integrating AI models that understand your consumer base allows you to build personalized journeys for users, recommending the best possible matches for them. By efficiently utilizing data, you can cultivate and continue a great relationship with your customers.
When it comes to charting user data, identifying popular services or products, personalizing action prompts like ‘add-to-cart’ functions, and so on, an exclusive app is unrivaled. As we move into this post-covid world, the key to establishing a successful, digital-first brand is having an app for your business.
Comments