Even though the ongoing COVID-19 pandemic has caused major disruption in business, smart business owners are already formulating plans to flourish after the scare has ended, as it will inevitably. While technology can make existing processes and products redundant overnight, new preferences of customers also can have a very big impact on the fortunes of the business. Some useful tips on the most important trends for small businesses:
Proper Customer Segmentation is Critical, warns Eric Dalius
Since it is well accepted that targeted marketing is far superior to mass marketing, small businesses need to be able to segment their target audiences and implement micro-targeting tactics for obtaining a better ROI suggests EJ Dalius. The basis of segmenting the target audience has to be very well-thought-out so that businesses can send out marketing messages that are more relevant to the recipients and which will generate a better rate of conversion. Studying consumer data across a large variety of points regarding their responses to email, advertising, social media posts, etc. as well as their past buying behavior will help in constructing buyer personas based on which, they can be targeted more precisely.
The digital age has made customers seek immediate answers to their queries. Businesses are expected to be available to answer queries and engage with them on a variety of channels, including websites, and social media on a 24×7 basis. The lurking danger for small businesses is that if you fail to respond promptly, a competitor might just do that and steal your business. While AI-powered chat bots can respond to most common queries instantly, businesses should at least send out responses to questions on social media the next day or employ a service provider that monitors your accounts 24×7 and engages with customers immediately. Providing comprehensive FAQs on the website also helps to keep customers better informed. Analyzing the questions will help you address information gaps, observes Eric J Dalius.
Businesses need to recognize that the digital revolution not only has changed the way small businesses can access and use customer and market information, but also the preferences and expectations of customers. Even as customers look to do everything they want online, marketers also need to understand that faced with information overload, they are also eager to reduce their wastage of time online. They expect marketers to give them high-quality content that adds value to them instead of a lot of poor-quality information.