Lego has been among the brands that have lived through generations. The name is quite recognized across the world. Even so, 2019 was one of the toughest years for one of the most popular toy brands. Declining sales owing to a loss of popularity and relevance threatened to bring the company to complete closure.
However, Lego was able to turn things around after adopting a more aggressive digital transformation that reintroduced the brand to its consumer base. If big companies can leverage the technologies of today to raise their stock, so can small and medium-sized enterprises (SMEs). While encumbered by limited resources and lacking finances, there still are ways for SMEs to become a more formidable force and thrive.
Leveraging Banking Technology for Business Success
Banking looks nothing like it was a decade ago. Financial technology (fintech) has changed how we bank these days. Today, you have a multitude of digital tools that make banking a critical part of business success.
Your business account should cater to the banking needs of today, such as multi-currency transactions, quick processing, and more security. Airwallex business accounts, for instance, come equipped with borderless and high-speed card transactions, multiple currency options, and an interface that gives you all your financial information at the touch of a button. SMEs can do with accounts that come with such conveniences.
It is among the most important things to ensure they keep growing—and there are statistics to show that an easier banking process leads to more conversions, no matter what product or service you are selling. Customers want a hassle-free experience, and smooth banking is a big part of it.
The Market is Ripe for Internationalization
Geographical barriers have long ceased to be a problem for businesses. You need a banking account that will let you transact on a global scale. With such banking options, you have the chance to reach out to new markets and regions across the world.
Social media and e-commerce platforms like Shopify and Amazon make digital marketing much easier than it seems. Leverage the digital tools to reach a global customer base. The revenue growth that comes with it will make your marketing efforts worth it. Besides, exposing your business to international markets helps you catch trends, business practices, and technologies in your industry as they spring up.
Innovation is the Key to A Competitive Edge
Innovation can be about huge or small incremental changes that add up to make something great. Any kind of innovation you introduce to your business should add to its uniqueness, efficiency, and smart service delivery. The open innovation theory works great for businesses of all sizes looking to reinvent themselves. In the case of SMEs, innovation could involve introducing new products or services, catering to niche audiences, and refining service delivery by being in touch with your customer base.
Another facet of innovation that entrepreneurs have to follow is the integration of new technologies. The business world is ever-evolving, and old ways can have a brand regress on its market growth as customers gravitate to “more modern” alternatives. Taking on new ways of doing things keeps your business evergreen and appealing to new customer bases.
Finding Market Gaps and Specializing
Unfulfilled customer needs present opportunities for SMEs. You will benefit from a higher growth rate if you can offer the best product or service for your customers. Focusing on something niche rather than a blanket approach (trying to serve the whole market) will benefit your business in various ways. The first benefit of having expertise and a reputation in one field is that your product or service commands premium pricing.
Since you are known for having a specific product, you also attract return customers to whom you are the go-to. One of the biggest factors when it comes to customer behavior is that they like personalized products. Clients appreciate your dedication to giving the best in your field and gravitate to it. There is a need to carve a niche for yourself, industry specifics notwithstanding. This way, you can grow a following of customers who like your products and services because they are differentiated from everything else.
Collaborations that Introduce Your Products to New Audiences
Partnerships are among the main strategies that work like a gem for SMEs. With the right partnerships, brands can place themselves before new audiences in regions they could not manage to get to on their own. A great way to do this would be to pair up with a company offering products or services that go with what you are selling. Collaborating with bigger brands will also raise your business’s profile and give you legitimacy among potential clientele that may not have thought to try your product or service out.
Exceptional Customer Service
Customer service is your competitive edge for SMEs. Larger brands may not be able to reach the customer as well as you do. Make sure you give exceptional customer service that makes your brand relatable and reachable to the customer. Giving the best service delivery wins your clients over, and if there is one thing we all like, it’s rooting for the underdog.
Omnichannel presence to make sure you engage with your clients across all digital platforms is one of the aspects that you can do better than larger brands. Have an app, and keep your customers engaged on all social media. Your website should also be another channel where you allow your clients to interact with your business in a way that feels personal. With the use of bots rife among companies these days, a personal touch will go a long way to win your customer over.
Learn and Adapt to Keep Your Brand Fresh
Business is affected by a myriad of factors, and things change fast. Businesses with smaller operations can quickly change to adapt to new ways and approaches. It is one aspect of SMEs that makes them competitive even while jostling for market share against larger brands. The demographic of customers you target also determines how quickly you need to change as the market changes.
Businesses that cater to a younger audience have the pressure to ensure they remain appealing to new generations, which comes with its own challenges. Technological advancements also mean more automation, which companies have to explore to lower the cost of overheads and improve their quality. In changing your product or brand, it is also important to keep the authentic feel of it and not alienate it too much from its core audience. As such, adaptability requires the entrepreneur to strike a fine balance between changing too quickly or too slowly.
Look Forward to New Horizons as You Grow Your Brand
Business keeps changing constantly, and big names can fade away quicker than they got to the top. To thrive, every entrepreneur is called upon to have the courage to forge on to new directions. While the prospect may sound a tad bit scary, today’s technologies make it much more viable. Buckle up for the intrigues that will come on the way to expanding your business. SMEs have to take advantage of every opportunity in the digital age. This way, they are able to compete on a playing field where inventive creations balance out marketing dollars.
