Business environment keeps changing rapidly. While some SMEs try to keep up, some are lost in the dynamics. In order to keep up and be relevant, SMEs have to try to evolve as technology and the business space evolves. Below are ways businesses are changing in 2019,
SOCIAL MEDIA – STORY TELLING AND USING ITS NEW ADDITIONS
Unlike before, SMEs and even big businesses are now on social media. Realizing that both present and potential customers spend a large amount of time on social media will make SMEs realize the effect social media has on businesses. Being on social media has a lot of advantages for SMEs and top on the list is the low cost and amount of work needed to run a social media page. Hiring a social media expert allows for growth of the pages, create presence on social media platforms and potentially increase sales which gives small business owners free space to focus on other aspects of the business.
CUSTOMER PROTECTION AND CYBER SECURITY
Cyber security is a growing concern as most businesses are carried out over the internet, and most especially for SMEs. As dependency of SMEs on IT increases, so does vulnerability to new IT threats.
Big data has a huge impact on SMEs as data generated can be converted to insights in growing the business. A larger collection of data can provide SMEs with a better understanding of the state of their company both presently and in the future.
It is therefore important that SMEs focus on keeping their customer’s data safe by offering a safe environment for business.
More obvious now is that small businesses must compete for every client acquisition and retention. The cost of this has more impact on small businesses than it does on big businesses ,as big businesses have larger budgets on advertising. With good customer service comes client acquisition and retention as customers will keep going back to businesses that they feel treated them well, and also refer other people to the business. Companies should also endeavor to bring customer service to the place where most customers are which is on social media. Due to this, inclusion of chat apps is necessary.
MORE MOBILE ADAPTATION
It’s no news anymore that mobile internet users have surpassed desktop internet users. The fact that mobile phones can be used for so much more than making calls has made it a center of interest for SMEs. Penetration of mobile phones into developing countries is fast making businesses aware that majority of their clients are mobile phone users.With internet and phones becoming cheaper due to competition, it is becoming enticing for SMEs to carry out their work on phones as well.
PERSONALIZED MARKETING TECHNIQUES USING AI
As it turns most SMEs and even big businesses rely on IT to carry out a lot of tasks and this has been instrumental in defining the success of businesses. However, most SMEs are reluctant to adopt new technologies like AI. The reasons given is that AI is not suited for small business, and also due inadequate funds. But as it is, even small businesses need technology and its benefits in order not to be left on the side lines as the dynamics of business keeps changing. If these tools are used at their best, they can completely turn things around for SMEs for good.AI will be used to support, not replace, human employees, allowing them to function at higher levels