A large portion of small and medium businesses are leveraging various digital technologies to improve their productivity and efficiency and drive growth. Modern digital SMBs utilize high-end digital solutions at different levels such as customer acquisition, risk management, workforce enablement, etc. to maximize output and derive cost- effectiveness.
The major hindrance in the path of IT adoption by SMBs is the inability to adopt IT solutions that are specially designed for the big brands. Moreover, they don’t have enough funds to invest in sophisticated infrastructure and most solutions available in the market are not tailored according to the specific needs of the SMBs. Above all, the solutions are very generic and demand a high learning curve.
The major hindrance in the path of IT adoption by SMBs is the inability to adopt IT solutions that are specially designed for the big brands. Moreover, they don’t have enough funds to invest in sophisticated infrastructure and most solutions available in the market are not tailored according to the specific needs of the SMBs. Above all, the solutions are very generic and demand a high learning curve.
By developing more customized IT solutions that are specifically engineered for SMB use and with optimal pricing, the SMBs can thrive in this highly digital eco-system. Studies reveal that by 2020, the Smartphone usage will reach its maximum and consumers will spend as much as 1500 million hours on the Internet. This is the reason several mobile app development companies are developing solutions that will help the SMBs with customer acquisitions and enable them to offer better user experiences.
To improve their brand value, the SMBs are dedicated to offer ‘better value’ to their customers, more than ever. But to succeed in their endeavors, they need to have better control over the ‘Big Data’. To offer ‘better value’ to the customers, the SMBs need to analyze the customers’ habits and behavior, but the fact is that most them are incapable of handling large sets of data. They record a vast amount of data but have no idea about what is relevant and compelling for the customers. Today’s consumers are much more educated and digitally sound, so in order to satisfy them, the SMBs need to empower themselves with the most relevant and accurate data.
According to experts, to imprint their brand value on the digital domain, the SMBs need to put their customers on top priority. They need to understand customer behaviour and analyze their needs and demands. The biggest challenge is to mine data and acquire unique customer insights and reveal key emotions that influence customer behaviour. New solutions are also being introduced to enable the SMBs to diagnose critical customer data. To improve branding, the businesses need to create strong and long-lasting customer relationships that promise distinctive benefits. So the focus should be on the customers, both existing and new, rather than the price/ benefit gained by the company.
With proper use of ‘Bid Data’, businesses can get valuable insights about customer attitudes and habits, but to make their brand stand out from the others, the SMBs need to dig deeper into the emotional drivers that influence customer behaviour. Thus, by adopting the most relevant IT solutions and offering better value to the customers, SMBs can improve their brand value and stand out from their competition.
