1. Use “phygital” tools like social discounts and pop-up events
Customers will increasingly anticipate “phygital” purchases in the future, which combine components of both in-store and online experiences in an omnichannel setting. Small firms, on the other hand, may find phygital solutions like as augmented reality—allowing a potential consumer to use their smartphone to, say, equip their flat with a digital hologram of a custom-made armchair—cost prohibitive. Is there a solution? Businesses can reward their followers for sharing a discount coupon, for example, on social media sites like Facebook and Instagram, which attracts new traffic to the store and encourages past consumers to buy again. Seasonal pop-up shops can leverage consumers’ geo-location data to target the right physical place for setting up a temporary venue for online-only stores.
When a brand is located in a prominent region, it can take advantage of events such as Black Friday. Customers are increasingly anticipating “experiences” when they shop—whether online or in person—so merging the two worlds could be the quickest way to generate a memorable engagement for customers.
2. Small-business insurance makes it simple to stay safe
In a world that changes as quickly as this one, staying up to date on the latest digital technology is just as important as staying ahead of potential new threats. Fortunately, State Farm offers virtual assistants 24 hours a day, 7 days a week to help business owners choose the right agent to create a business insurance plan that suits their individual needs. Over 300 different professions, from photographers to plumbers to accountants, engage with local State Farm agents to ensure that their assets are protected.
They meet with business owners in their preferred location (in person, online, or over the phone). According to Investopedia, State Farm is the best choice for small business insurance since it offers a wide range of coverage options over a statewide network and has local agents who are themselves business owners.
3. AI Assists in Creating a More Personalized Customer Experience
Large enterprises already employ artificial intelligence (AI) and machine learning (ML), but technology advancements are making it easier and less expensive for small firms to use these technologies as well. Entrepreneurs can streamline research and development, detect supply-chain inefficiencies, find the greatest employment prospects, and increase cybersecurity by using AI/ML software applications. But it is perhaps in reaching customers that technology has the largest impact. Small-business owners can use AI-enhanced software or plug-ins to send real-time, personalized marketing and messages to customers, allowing them to better segment customers, interact with repeat customers, and create push alerts.
Furthermore, AI-enabled chatbots are fast improving. Previously, chatbots had to be programmed with a certain written response to questions, which annoyed many customers. However, with AI-powered chatbot programs, the more sessions logged, the more helpful the computer program becomes, providing a simple approach to improve customer service online while simultaneously freeing up staff to better assist consumers in person.
4. Sales are boosted by social communities.
Even if it’s just to provide information to clients, most small businesses use Facebook, Instagram, or Twitter. However, small businesses are increasingly using such platforms, as well as others like TikTok, to build their own communities. Big firms have been doing this for a while now by creating unique offers such as online lessons, which allowed Michael’s, a craft store, to maintain in touch with its clients throughout the pandemic. Small enterprises, too, have tapped into this trend, offering everything from virtual chocolate tastings (chocolatiers) to online educational programs (local hardware stores).
This fosters personal relationships with the brand as well as an online community of like-minded individuals who are interested in the firm. Once a business owner has that group, advertising campaigns on social media platforms with “buy-now” links make it easier to contact members of that community, effectively turning the platform into a version of Amazon’s one-click purchase experience. When used together, social community and social commerce can provide any small firm a big boost.
5. Cybersecurity risks can be found almost anywhere
Small businesses are becoming an increasingly common target of cybercrime, which is at an all-time high. According to one study, 47% of small firms had a cyberattack in the previous year, with 44% experiencing multiple attacks. Despite this, nearly 60% of small firms believe they will not be targeted, according to BullGuard data. Small firms must take the threat seriously, as well as seize the opportunity. Businesses that prioritize cybersecurity technologies will not only lessen the repercussions of assaults, but they will also win consumers’ trust and promote additional business from them. In essence, enhancing cyber security is a simple approach for business owners to secure their assets while also instilling trust in their customers and expanding their brand.