{"id":459,"date":"2020-10-15T19:37:00","date_gmt":"2023-06-06T19:37:34","guid":{"rendered":"https:\/\/www.salesforce.com\/?p=459"},"modified":"2023-06-29T04:12:12","modified_gmt":"2023-06-29T04:12:12","slug":"smb-trends-report-2020-insights","status":"publish","type":"post","link":"https:\/\/www.salesforce.com\/ap\/blog\/smb-trends-report-2020-insights\/","title":{"rendered":"Small Businesses Lean Into Tech and Customers During COVID-19 Pandemic"},"content":{"rendered":"\n

The fourth edition of the Small and Medium Business Trends Report analyses the responses of more than 2,300 small and medium-sized business owners and leaders. Chris Yio, Regional Vice President leading the Small and Medium Business (SMB) segment in Asia, shares some key report insights.<\/i><\/p>\n\n\n\n

Business as usual has been anything but \u201cusual\u201d over the past six months. <\/p>\n\n\n\n

In early 2020, as the global economy thrived, most small- and medium-sized business (SMB) leaders were focused on how to win new customers and access capital. But, the onset of COVID-19 brought new challenges, including a health and economic crisis. As a result, SMB leaders have had to adapt, but a surprising number remain optimistic about the future of their businesses while navigating uncertainty<\/a>.<\/p>\n\n\n\n

Today we released the fourth edition of the Small and Medium Business Trends Report<\/a>. The report looks at how 2,300+ global SMBs are evolving in the midst of so much change. These include SMBs from the Philippines, Singapore and Thailand. We had the unique opportunity to survey these business leaders in March 2020 and again in August 2020. Obviously, a lot has happened during those months.<\/p>\n\n\n\n

The report shows how much SMBs have shifted their business operations<\/a> over the past six months. These insights can help SMB leaders adapt and prepare for the next normal as the business landscape continues to deal with the pandemic.<\/p>\n\n\n\n

Here\u2019s a look at what\u2019s changed for SMBs between March and August:<\/p>\n\n\n\n

Businesses are doubling down on customer communications<\/b><\/h2>\n\n\n\n

It\u2019s more challenging than ever to meet customer expectations<\/a>. All businesses have to worry more about safety and clean work environments, meeting local health mandates, and offering contactless service. Implementing these measures is one thing, but making customers aware of them is another. So, it\u2019s no surprise that 55% of the SMB businesses surveyed are more careful about how they communicate with customers \u2014 and almost half have expanded the ways customers can get in touch with them. <\/p>\n\n\n\n

Unsurprisingly, SMBs are leaning into technology to keep customers close. Over half of growing SMBs say tech drives their customer interactions or customer base growth. Really, businesses are meeting customers where they\u2019re most comfortable: 63% of millennial consumers \u2014 and 61% of Gen Z consumers \u2014  surveyed in July 2020<\/a> say they\u2019re more likely to support small businesses with a digital presence. <\/p>\n\n\n\n

SMBs now lean into customer-focused tech in all kinds of ways, from offering online ordering for curbside pickup or delivery, to putting more focus on email and social media messaging. We also see a continued embrace of business technologies like customer relationship management<\/a> (CRM). SMB leaders who use CRM cited delivering better and faster customer service as the technology\u2019s biggest benefit.<\/p>\n\n\n

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\u201c<\/span>Effective use of technology can be a business differentiator across several fronts. For example, 55% of growing SMBs say technology drives their customer interactions.\u201d<\/p>\n<\/blockquote>\n\n