Finding Small Businesses that will Survive and Thrive
Our partners, enterprises and agencies that sell to small businesses, are finding that category-specific marketing and sales are even more productive than usual in this pressurized business environment. They’ve asked BuzzBoard for even more information and insight into individual categories, to identify the small businesses that will “survive and thrive”.
Categories that are the most active right now
(in digitization*, online presence and advertising)
Some categories have been more active than others in adding digital capabilities, changing their online content, or ramping up their digital advertising. (Spoiler alert: It isn’t necessarily the categories you might think.) We’ll identify the most active ones.
Actions they’re taking
The specific actions being taken, particularly adding digital capabilities, vary by category. Many actions are clearly driven by immediate needs in the crisis, but there are also signs of longer-term adaptive strategies. We’ll enumerate these actions.
Best practices in digitization and online presence
In each category there are small business exemplars that demonstrate the leading practices that leverage digital capabilities and online presence. We’ll describe these for leading categories, to provide a template for small businesses to build against (and service providers to sell into).
Categories that are inherently advantaged in the future environment
A key axiom in business economics is that the industry (or category) in which a business participates is a key driver in the success of that business. Stated another way, there are some categories that have an inherent advantage over others in a given environment. Our experience has shown that this axiom applies to small business as well.
D Score: A New Lens to Capture the SMB’s Digital Essence
These include the business’ use of:
- Cloud-based platforms (for a variety of functions, particularly sales and marketing)
- Flexible communications
- Secure transactions
- eCommerce and “virtual” capabilities
- Supply and distribution chain monitoring
- Customer tracking and management systems
We’ll be laying out our vision in coming articles and blog posts. We trust you’ll find this material helpful in navigating the environment of today as well as tomorrow.
* We define “digitization” as the adoption of key digital technologies and platforms. Many of these are cloud-based, and are used for a wide variety of business functions.
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