How Small Businesses Can Recover & Grow in 2021

It is undeniable that 2020 has been a challenging year for businesses of all sizes, but that is especially the case for small to medium sized businesses which have suffered sharp decreases in revenue.  

In order for smaller businesses to survive and thrive in 2021 and compete with larger enterprises, these businesses are going to need to attract new customers and generate increased amounts of revenue in both the short and long-term.

While there have once again been increases in national lockdowns across Europe, there are going to be opportunities that present themselves in early 2021 for businesses to take advantage of and work towards generating new business and revenue.

With that in mind, take a look below at ways in which small to medium sized businesses can work towards having a successful 2021 and beyond.

Host a Virtual Event 

Many smaller businesses are reliant on events and conferences for marketing and lead generation purposes, meaning that the past year has been a particular challenge due to events across the globe being cancelled. The highest profile of these was the GSMA’s Mobile World Congress in February 2020.

It seems unlikely that there are going to be in-person events for a long time, meaning that it is important that small businesses remain agile and ensure that they are doing all they can to reach new customers.

One way in which this can be achieved is by working with a virtual events company to plan and host a virtual event to assist in increasing brand awareness and engaging with existing ones. 

In this way it is possible enjoy all of the benefits of a physical event and utilise the material and data gleaned for future marketing campaigns to support your company in your quest to increase revenue and growing your customer base.

Increase Your Online Presence 

Another change in user behaviour that has resulted from the pandemic is that even more people are comfortable operating solely in the online sphere. This will mean that if you are not developing your online presence then you are likely to fall behind competitors in both the short and long-term, meaning that it needs to be a priority for businesses of all sizes.

Moving into a digital-first mindset will mean that you are putting your business in good stead to place yourself where your current and potential customers are going to discover and interact with brands and companies.

You should make sure that you have a strong presence across a variety of touchpoints, including search engines and various social media channels. You should encourage your customers to leave reviews and share positive feedback about their experience with your brand. This is important for online social proof and showing that new customers can trust and purchase from your company, meaning that more people are more likely to purchase from you based on these positive experiences.  

Social Media Marketing

If you are small business owner and someone who is looking to expand your customer base, increase sales and generate revenue, then social media marketing should be a key tactic to focus on.

While social media platforms were previously dominated by younger people, this has changed over recent years and they are now popular with a range of demographics, meaning that there are a plethora of opportunities for companies to get themselves in-front of new audiences and work on increasing revenue.

This applies whether you are working in the B2B or B2B sector as both can be utilised with effect across the various social media platforms that are available. 

Utilise the Power of Data

In this digital age there is an abundance of data available to business owners in relation to their online behaviour. This data can be analysed, and learnings taken from this to better understand your audience and predict future behaviour and fully cater to their needs to assist in increasing the amount of revenue generated.

It provides high-levels of insights into online behaviour of customers, meaning that you can refine and tailor your products and services to your customers and target audience in both the on and offline spheres.

It is also possible to use CRM and analytical tools to complement this to track, analyse and identify the most important user data to help enhance your marketing campaigns. 

There are also additional benefits when it comes to Big Data as it also assists businesses in reducing overall costs by identifying inefficiencies in operations and help resolve issues that will be beneficial in the long-term.