Customer Engagement Strategy for Small Business – Time to Innovate

Sneha Hull | December 14, 2021 | 10 views

Customer Engagement Strategy for Small Business
The entire goal of marketing is to increase customer engagement and build a relationship with customers. Today's buyers' personas, preferences, and dislikes are changing, making it critical to develop an innovative customer engagement strategy in today's marketing landscape.

The term "customer engagement" is distinct from "customer conversion." To increase customer engagement, you must first focus on customer experience improvement. Customer experience has risen to prominence as a primary concern for organizations in recent years, and 2022 will be no exception.

Small firms, on the other hand, encounter a few obstacles on the road to client involvement, including:
  • No time or internal resources to implement a customer interaction strategy
  • Lack of in-house customer engagement experts
  • Outdated systems as well as, using too many systems and software that require outside help for integration.
  • Diminished Brand Loyalty

How and Why Does Customer Engagement Matter?


Customer engagement is the act of communicating with consumers across a range of channels to develop your connection. However, keep in mind that client involvement should be omnichannel, which means your strategy should be consistent across all platforms and mediums that consumers utilize.

Nearly 78% of customers seek omnichannel customer engagement. (Outgrow)

Customer engagement is critical for small businesses because it benefits both buyers and suppliers by raising closure rates while remaining consistent with current B2B customer expectations. Engaging customers before, during, and after purchases strengthens their emotional connection to your business. The more innovative the customer engagement strategy, the stronger the customer’s connection to your brand and the longer they will be loyal customers.

“The more you engage with customers the clearer things become and the easier it is to determine what you should be doing.” 

- John Russell, President of Harley Davidson

According to Outgrow, 64% of customers want personalized experiences based on previous encounters.

The benefits of customer engagement for your small business:
  • Promotes brand experience
  • Improves customer experience
  • Increases sales funnel velocity
  • Increases customer loyalty and trust
  • Provides valuable customer feedback and insight

In addition, be consistent in your customer engagement strategies. Concentrate on developing a more customer-centric marketing approach to increase consumer engagement and satisfaction.

Interesting Tips to Increase Customer Engagement

“Make your customer the hero of your stories.”

- Ann Handley, Chief Content Officer, MarketingProfs
 

Go for Omnichannel marketing:


Today's customers connect with brands across a variety of channels; thus, you must be consistent in offering a uniform customer experience across all touchpoints. The answer is omnichannel, which unifies consumer interactions across numerous communication channels on a single platform.

According to the Aberdeen Group, businesses with exceptionally high omnichannel customer interaction retain an average of 89% of their customers, compared to 33% for businesses with poor omnichannel customer engagement.

An omnichannel customer engagement strategy can:
  • Serve your customers where they are
  • Engage with customers in real-time
  • Improve customer service
  • Gather better customer insights
  • Enhance the shopping experience

Focus on Social Media


The most effective tool for client involvement in social media. Multiple goods and companies compete for user attention on social media, as a result, you should focus on techniques that increase customer engagement.

Regular posting on the platforms is vital, as is responding to consumer comments and concerns and engaging in social media interactions with customers.

Rather than just communicating with consumers, initiate a discussion with them. To do this, engage them with interactive material like polls, contests, and quizzes. Develop a thorough strategy for your social media engagement campaign that provides a long-term home for each consumer.

Utilize Relationship Marketing


Establishing a strong relationship between a business and a consumer is critical to brand loyalty. As a result, employ relationship marketing as a marketing technique as it may be applied at any stage of your organization. Relationship marketing is critical since it enables businesses to maintain close contact with their clients.

Relationship marketing (or customer relationship marketing) aims to forge deep, even emotional, customer ties with a company, which may result in repeat business, free word-of-mouth advertising, and information from consumers that can produce leads.

Push Notifications


Push notifications have been shown to significantly increase consumer engagement. Push notifications are brief messages that appear outside of the browser on a user's mobile or desktop device. Due to widespread mobile internet access, it is the optimal mobile engagement strategy.

Customers are notified about special offers, events, product or service promotions, flash sales, and news. With push notifications, the challenge is to get the information and timing just right. Push notifications will undoubtedly enhance consumer engagement and conversions.

Implement Native Advertising


It is important to target the audience and engage them, and native advertising is one of the best digital engagement strategies. Native advertising has grown over time and now encompasses a variety of ad formats, ranging from video advertisements to app install advertisements to carousel-style advertisements. Marketers may utilize native advertising to pique customers' interests and encourage them to engage with their content and brand.

This is a well-known instance of native advertising. Netflix and Spotify are two well-known companies that make great use of their customers' data to create relevant, personalized experiences. In 2017, the platforms teamed up to create a unique sort of native advertising that garnered worldwide attention.

Netflix and Spotify teamed up to promote the Netflix original series "Stranger Things." Users may activate a "Stranger Thing" mode, which automatically allocates them to a playlist based on a character.

Not only did this help advertise the program through backdrop graphics and logo design, but it also resonated with listeners since the playlist selections matched their personal listening preferences.

Native advertisements are not only more effective than standard advertisements, but they are also more amusing and engaging, resulting in more clicks, sales, and brand exposure. This was a popular engagement strategy example.

Bottom Line


Customer engagement strategies for small businesses vary in complexity according to the stage of the firm. Proper customer engagement may assist you in attracting clients to interact with your organization. Additionally, it can provide them with a positive client experience, resulting in positive word-of-mouth exposure. As a result, you'll attract a new wave of clients to your business.

FAQ:


How do you build customer engagement?

  • Deliver exceptional client experiences
  • Boost the effectiveness of your social media promotion
  • Create a brand that is relevant and meaningful
  • Utilize conversational marketing
  • Make use of push alerts
  • With video, you can capture people's hearts and minds
  • Concentrate on retention

What are customer engagement strategies?


The customer engagement strategy is described as the process of developing strong relationships with customers by gaining knowledge of their journey and how they interact with the business over time.

How important is customer engagement?


Customer engagement is a critical component of every successful business. Increased customer involvement equates to increased earnings for your business. Engaging customers before, during, and after purchases strengthens their emotional connection to your business.

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BUSINESS STRATEGY

Time to Reinvent the Small Business Insurance

Article | March 4, 2022

Insurers should reconsider the SME market. Small enterprises face the recovery from disruptions with a new set of requirements. In addition, the pandemic pushed customers’ desires for a broader range of coverage, services, and distribution alternatives. As a result of the sensitivity to business insurance-related complications, business owners conduct a comprehensive analysis of the available solutions. There are various business insurance types available: Business Owner’s Insurance (BOI), Product Liability Insurance, Commercial Insurance, Directors and Officers Liability Insurance, and Workers Compensation Insurance. Insurers view disruptions as an opportunity rather than a threat; hence, they are now better prepared to adapt to a shifting market emphasis. Insurers Pay Attention to Changing Small Business Customer Needs The pandemic made small businesses aware of possible gaps in their insurance policies. The devastating impact of the pandemic on companies and the ongoing economic uncertainties present chances for insurers to take immediate and decisive action. Significant small business owners are looking for more coverage and price flexibility, additional risk management services, and new insurance providers. Insurers are strengthening their market position by launching additional commercial coverage and offering discounts in exchange. In addition, insurers are increasingly likely to offer cyber insurance coverage in a world dominated by the digital economy due to escalating concerns about cyber threats. Insurers are offering more adaptable solutions to increase affordability and satisfy the changing demands of consumers. Similarly, establish chances for differentiation by providing tailored, comprehensive risk management options. In light of the ever-evolving threat to small businesses, their insurance policies must reflect the present state of affairs. How are Insurers Enhancing Product Value as a Way Forward? Insurance is no longer only a product or commodity purchased based on price but, instead, a service solution purchased based on perceived value to decrease risk and control loss. By using data analytics and AI in different parts of their business, like underwriting, claims, marketing, and distribution, insurers can make better, more timely decisions about dynamic pricing for consumers. Below are a few more ways that insurers can enhance their product value for a better future: Redesign current plans to give additional flexibility in coverage, premium payments, and payment triggers Expand the stack by including new coverage like cyber, remote employees, climate risk, and cryptocurrencies Bundle more coverage to save time and money while increasing retention Keep automated tools easy to find, navigate, and integrate via applications and an intuitive website Go Robo offers digital solutions to assist small companies to manage their insurance portfolio, submit and follow-up on claims, and enhance risk management How Should Insurers Adjust to Win SME Market Share? Small business insurance covers everything and may be tailored to the needs of specific sectors and enterprises. However, current conditions provide incumbents with the incentive to reinvigorate their legacy companies and let new rivals enter the market and disrupt them. " Insurers must have the capabilities to understand their customers and have technical solutions allowing them to rapidly evolve and adapt solutions as the market changes." -O'Hearn, global insurance leader at PwC Below are a few ways that insurers can adjust to win SME market share: Concentrate On Prospering SME Segments The growth outlook for SMBs varied by segment and industry. Therefore, insurers must identify the businesses and market areas that will drive the next wave of development and then build products and capabilities to service them. Provincial NordWest, for instance, created a new digital attacker to aid micro and small SMEs. This method enabled Provinzial to target new markets. Develop New Products The liability of small businesses has taken on an entirely new form. The requirements of small and medium-sized enterprises (SMEs) have changed considerably; insurers should build solutions that adequately meet the new realities. Axa XL and Marsh launched usage-based, price-per-mile automobile insurance that allows businesses to pay only for their coverage. In addition, thimble permits clients in the United States to suspend their policy and payments for 30 days without termination. These product solutions directly fulfill the needs of SMEs for improved flexibility and a focus on value, while also encouraging trust and transparency. Future of Insurance for Small Businesses The game of insurance for small businesses is becoming digital. As the SME category has been primarily untouched thus far, there is a considerable possibility for profitable expansion through focused investment and a heightened emphasis on the area. The insurance sector is beginning to give the small company market its attention. The fundamental shift in efficiency and scalability brought about by digitalization, and the increased segmentation and analytical capabilities made possible by modern technology have made small business insurance far more effective. In addition, targeting the SME sector is no longer viable but lucrative. According to Fit Small Business, 36% of small businesses prefer to make an insurance claim online. Conclusion The opportunity exists for insurers to renew and update their business models to better serve small companies. For example, they may change their operating model to be more user-centric, agile, and direct. Regardless of the course insurers choose, the current market void represents a great opportunity. FAQ: Why Do You Need Small Business Insurance? Businesses require business insurance because it helps cover the expenses involved with property damage and liability claims. How much does small business insurance cost? Business insurance costs vary depending on the plans purchased and the coverage levels. Other variables include your industry, personnel count, revenue, and location. Which Type of Insurance Do Small Businesses require? Below are the different types of insurance small businesses require: General Liability Insurance Business Income Insurance Workers' Compensation Insurance

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BUSINESS STRATEGY

Fintech Lending Trends Transforming the Small Businesses

Article | March 16, 2022

Fintech lending trends are enabling small business owners to access fresh funding through AI, machine learning, and big data. Fintech is a fast-growing section of the financial industry, yet little is known about its performance. For an extended period, borrowing from banks was difficult for startups, small companies, and entrepreneurs; however, the expansion of industry and Fintech solutions has prompted lenders to assist small businesses using the newest AI and data analytics technologies. “Many of the processes associated with running an SMB have traditionally been very paper-based, difficult and slow. But with the advent of new technological solutions, all of these processes will be transformed.” - Karen G. Mills, a senior fellow at Harvard Business School and author of the book Fintech, Small Business & the American Dream: How Technology Is Transforming Lending and Shaping a New Era of Small Business Opportunity. The global financial industry is predicted to reach US$26.5 trillion in 2022, growing at a 6% compound annual growth rate. (The Business Research Company, 2020) From 2021 to 2025, the worldwide Fintech market is expected to increase at a CAGR of 23.58%. (Research and Markets, 2020) Small companies encounter a few significant challenges when it comes to financial management. Let us take a quick look at a few of them. Pain Points for SMEs Bank lending is frequently constrained because it takes more time and knowledge to comprehend small businesses than to grasp more standardized consumer enterprises. Also, due to the smaller loan amount, the typical relationship-based corporate banking model is expensive when dealing with small enterprises. Frequently, small businesses lack the required information, such as a history of audited financial statements, for banks to accurately analyze their cash flow position. In addition, banks are reducing their exposure to small firms due to regulatory requirements. Future of Fintech: B2B Lending By reorienting customer expectations, Fintech lenders have changed the future loan ecology. Fintech loan approval enables businesses to grow their assets, employment, and sales. Financial technology adoption is critical for small business growth and results in a greater return on investment. What’s Changed in B2B Lending Fintech? Offline businesses have historically relied on traditional financing, but online enterprises have always relied on equity. There are several trends that organizations should monitor, including the following: Cross-Border Payments B2B Lending Solutions Conversational Artificial Intelligence Accounts Payable Automation Electronic B2B Payments Smart Contracts BlockChain Emerging Fintech lenders are addressing this issue by doing more sophisticated creditworthiness assessments using real-time analysis of more data inputs. OnDeck is one such fintech lender. In addition, it uses machine learning to determine the creditworthiness of small enterprises. Debt vs. Equity in Financing Your Business Things with a return on investment of less than one year may make sense to finance using debt, as the return will be reasonably soon. On the other hand, it makes sense to fund long-term investments through stocks. Direct debt is a relatively new phenomenon in the world of Fintech firms. However, Fintech firms have various financing options, and depending completely on debt may be a sensible financial decision. How Can Businesses Take Advantage of Fintech Innovations? "In order to achieve the most from Fintech opportunities, companies in financial services need to treat Fintech innovation as a mainstream activity — and incorporate it within and across their entire organization." - Tek Yew Chia, Fintech Leader for KPMG in Singapore. Fintech organizations use AI and machine learning to automate manual processes such as risk modeling and credit decisioning. The adoption of Fintech solutions is having a profound effect on business operations. The following are the top three reasons why small and medium-sized businesses should invest in Fintech services: The scope of its capabilities and features The services are available for 24 hours a day The service's simplicity of installation, configuration, and use According to Weforum research, equity investment in FinTech startups doubled from $4 billion to more than $12 billion between 2013 and 2014. Due to the efficiency and effectiveness of FinTech solutions on a smaller scale, small firms will be one of the primary beneficiaries of FinTech's disruptive impact. Numerous firms benefit from enhanced, innovative Fintech solutions; here are a few highlighted examples. Reduced Costs Through the use of Fintech, the integration of physical and digital payment methods has been consolidated by combining bank account cards and client ids. This strategy enables organizations to operate more efficiently and at a lower total cost. Financial technology makes it possible for companies to send and receive money in different currencies without having to pay a lot in conversion fees. This speeds up the process of Fintech lending. Compliance and Security Many users disagree that Fintech Lending is secure. However, Fintech solutions are far more secure and safe than traditional banks. In addition, Fintech companies frequently invest heavily in their security infrastructure, both online and off. As a consequence, clients have confidence in the security of their data. Regulatory actions assure sound finances, governance, risk management, and compliance capabilities, therefore minimizing threats to the public safety net and potential harm to customers. Fintech firms do adhere to these regulatory requirements. Increased Transparency With the widespread use of Fintech in traditional banking, the phrase "transparency" is no longer a buzzword. Transparency in the payment sector also entails providing better visibility on payment timelines and outlining the path a customer's money will take during the payment journey. International payment solutions are redefining how the worldwide remittance process is seen. Notifying customers at critical points in the payment process, such as when money is received from a client and when it reaches a beneficiary's account. Overview of a Provider Amazon Amazon Lending was formed in 2012 to extend finance to small businesses selling on Amazon. Amazon's internal algorithms choose vendors based on data elements such as merchants' frequency of out-of-stock situations, the popularity of their items, and inventory cycles. Amazon provides retailers with three- to six-month loans ranging from $1,000 to $600,000 to assist with inventory purchases. According to reports, the firm charges up to 13.6% yearly interest rates. Conclusion Fintech has the potential to significantly and sustainably change small business finance, hence stimulating economic development. Furthermore, by integrating into the Fintech ecosystem, small businesses may access a variety of previously unavailable options. Disrupting the closed-door world of traditional financial institutions and mainstreaming alternative, technology-driven solutions creates a new industry while also enabling more entrepreneurs to start and grow their businesses. FAQ How is Fintech impacting the business? Fintech is transforming payment processing, money transferring, funding, accounting, and e-commerce. It helps businesses improve the process and create operational efficiencies. Why is Fintech so popular? Fintech helps businesses gain a share of online and offline markets, increase the customer base and achieve ambitious business goals. Which technologies are utilized in Fintech? There are some critical technologies in the focal point of discussion: Blockchain, Artificial Intelligence (AI), Security, the Internet of Things (IoT), and the cloud.

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BUSINESS STRATEGY

Time to Embrace Networking Platforms and Build B2B Client Base

Article | March 30, 2022

The objective of any successful business is to convert each individual you encounter into a client. This is possible through effective networking. Therefore, business networking is an investment worth making. Picking the appropriate networking platforms is critical to propelling your organization to new heights. Entrepreneurs can create a healthy business environment through networking events. When it comes to client acquisition, B2B organizations have greater complexity and time constraints than B2C enterprises. Businesses that create alliances might operate exclusively for years, implying that corporate clients can outlive people by a large margin. There are several business-related online networking apps that can help you create a solid customer base. Business networking and entrepreneurship are critical components in increasing ROI. Let us quickly examine how networking and entrepreneurship are inextricably linked. Business Networking and Entrepreneurship Go Hand-In-Hand Often, networking is at the heart of small businesses. Whether you aspire to be a corporate behemoth or choose to keep your business small and manageable, you must develop connections in your industry and expand your contacts to other sectors to sustain and grow. Developing relationships can help you enter new markets or work with other businesses as a business owner. As a result, you can enhance your business's image, improve sales, or even open more branches. The reasons why entrepreneurs are using business networking apps are as follows: Networking aids in the discovery of new business prospects Obtain a return on your investment by establishing beneficial connections Through networking, entrepreneurs develop referral networks Increase brand recognition Broadens your business perspective Networking Can Increase Your Business' Net Worth Your network is your net worth. Eloqua, a platform for marketing automation and intelligence, was acquired by Oracle for $871 million in 2012. The transaction went well because Paul Teshima, co-founder of Eloqua, had built excellent relationships with Oracle executives. Indeed, Eloqua was acquired for more than 200% of its projected public market value, resulting in a net worth rise of more than $400 million for shareholders. Networking will give you a more significant negotiating position with investors. The higher the quality of your relationships, the easier it becomes to convince investors to invest in your firm. The availability of various networking apps for business makes it easier to establish connections with your prospective investors. In addition, networking platforms can help you highlight your USP and distinguish your business traits from those of your competitors. Let's quickly take a look at the top 3 B2B professional networking apps that help build social capital. Top 3 B2B Networking Platforms LinkedIn LinkedIn is one of the best networking apps for generating B2B lead generation. It is a professional networking website that solely focuses on professional networking. Over 750 million professionals use LinkedIn for networking, job growth, and other purposes. The platform uses wide range of methods for increasing your business's return on investment, including sponsored content, sponsored messaging, and text or video ads. The portal serves as a dependable source of information for B2B buyers: (Source: Eventige) 50% of buyers consult LinkedIn before making a purchase LinkedIn connects you to more specialists than any other site When it comes to networking over large groups or millennia, LinkedIn carves a niche for itself with its unique possibilities. Whether you're looking for new supply chain relationships, business talent, or nurturing prospects, you can access all the necessary tools and contact information. This is one of the most popular business networking platforms among entrepreneurs. Bizzabo Through virtual or in-person conferences, town halls, and summits, Bizzabo connects with new individuals and fosters professional partnerships. It is one of the greatest professional networking apps for event organizers looking for a virtual solution. To add to its benefits, this app is also available free on mobile applications. The platform is divided into two sections: one for individuals who attend conferences and the other for event organizers. Bizzabo can facilitate the seamless management of ticketing and registration, create an event website, create a plan, and access rich statistics to calculate the return on investment for your event. In addition, attendees may network using the app's capabilities, such as one-on-one messaging. Facebook With the caveat that it is not focused on professional networking as Linkedln, Facebook is an incredible tool for connecting with others. In fact, Facebook is most well-known for its ability to foster personal relationships. In addition, it provides advertising opportunities with the ability to target and optimize specific audiences. According to cazoomi, Facebook is the second-best ad platform for return on investment after Google. You may share ideas, ask questions, and receive comments from like-minded individuals directly through your Facebook profile. As a result, you can build numerous business relationships on Facebook, albeit more personally, than on specialist business networking apps. Conclusion: Choosing the appropriate networking platforms helps you derive quantifiable and definable outcomes from the actions conducted on the media. Leveraging networking entails utilizing it to your advantage to maximize your return on investment. Tracking social media ROI is critical for a dynamic, successful, entrepreneurial firm. FAQ: What are the different kinds of business networking? Casual contact networks Community service clubs Professional associations Online social media networks Which platform is used for professional networking? LinkedIn is the world's most popular online professional networking platform. It is used by millions of people in over 200 countries. Which is the most popular social media platform? With roughly 2.5 billion monthly users, Facebook is the most popular social networking platform.

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INDUSTRY OUTLOOK

How to Calculate the Growth of a Company and Improve It?

Article | April 12, 2022

“Growth is never by mere chance; it is the result of forces working together.” - James Cash Penney, founder, JC Penney Is the growth of your company healthy? If you are looking for an answer to this, you must measure its growth. Small business growth can be measured by using different types of metrics. However, effective business management demands meticulous planning and strategic judgments based on your organization's past performance. Assessing your company’s growth rate gives you an understanding of the current state of your organization. It also allows you to plan for the future and effectively allocate limited resources to your small business. In this article, we will discuss how to calculate the growth of a company and the ways to improve it. What Is Company Growth Rate and Why Is There a Need to Measure It? A company’s growth rate measures how a particular variable has changed over a specified period. Growth rates are frequently used to refer to the compounded annualized rate of growth of company revenue (CAGR), earnings, dividends, and even macroeconomic variables such as gross domestic product (GDP) and retail sales. The primary objective of a company's growth rate is to illustrate the company's current state and influence future planning. Rapid growth rates help you keep your success going, whereas slow growth rates highlight areas for improvement. The growth rate can be calculated on a weekly, monthly, or yearly basis, depending on the industry and the development stage of the business. It may be computed at any business growth stage, provided the firm or investor has the necessary data. It is important to calculate the company’s growth rate to evaluate how profitable and sustainable it can be. Key Factors for Calculating Growth of a Company Calculating the growth rate enables you to have a better understanding of your company's current situation and plan more effectively for the future. The true challenge, however, is how to determine the growth rate of a business. For instance, if you want to compare overall sales growth from Q3 last year to Q3 this year, you'll need the relevant revenue figures for both the quarters. The company growth rate formula is: Total revenue growth = [(current period revenue - previous same period revenue) / previous same period revenue] x 100 Define Your Business Goals and Gather Data Based on the Goals The first step in measuring your business's progress is setting your objectives. Companies can focus on various growth metrics, including revenue, increased sales, profitability, and an increased client base. Having a realistic approach will help you succeed. Data must be collected to achieve the goals after the organization has determined it. Collecting more data can help track business growth more accurately. Additional data can also assist in identifying and resolving possible business difficulties. Evaluate Sales and Earning As a small business owner, the first things that you will consider are sales and revenue generation. Therefore, a steady increase in money earned from commercial activities is an important indicator to keep an eye on. The focus should be on boosting earnings after determining the core sales figure. Various factors impact earnings, such as operational costs, financing, assets, and liabilities. Analysts frequently want a continued rise in earnings per share (EPS). A company with a high EPS is considered more profitable — a regular review of sales and profits assists in forecasting the growth rates of the business. Compute Revenue Growth Revenue growth is one of the easiest ways to track a business's progress over time. The compounded annual growth rate (CAGR) is used to calculate growth. This computation helps quantify growth over extended periods, such as five, ten, or twenty years. Let’s have a glance at the formula used to calculate the compound annual growth rate. The formula for CARG is: FV / PV)1/t – 1 = CARG However, you need to follow certain steps while calculating the compound annual growth rate: Divide the investment's ultimate value by its original value Increase the results by one divided by the number of years in the investment term Subtract one from the preceding result Use the trailing twelve-month figure to obtain the most up-to-date results. Benchmark Your Company Against Competitors While growth is critical within your organization, comparing growth to your competitors’ helps determine success in your domain. If you build your reputation in the market, you will get more clients and expand your business. You can obtain competitors’ data through various digital channels such as websites and social media platforms and compare it to your own. In addition, you can get more information from news stories, trade journals, or media coverage of your competition. It gives you valuable insight into your industry's competition and helps you expand your market share. How to Improve Business Growth? The growth of a company is the top priority for small businesses. After all, growth and expansion create additional revenue prospects. Enterprises expand as a result of continuously refining and adjusting procedures throughout their operations. The following are a few ways to make your small business more efficient, which leads to a faster growth rate for your business. Improve your conversion rate: You can increase revenue by improving your conversion rate. Only a small percentage of people who are introduced to your product or service end up buying it. Create a sales funnel: After creating a classifieds-based sales funnel, you'll be able to identify and target the stages during which the majority of clients decide not to move elsewhere. In addition, by establishing a proper channel, your clients will be able to observe how they are now engaging with your organization, which will make transactions less risky and time-consuming. Improve customer retention: Having a loyal consumer base helps you expand your business. A retention rate is the percentage of customers that continue to use your product over time and make repeat purchases. A CRM framework can aid you in maintaining control over client relationships. Conclusion It is important to measure the growth of a company regularly. Regular calculations help company owners maintain records that provide valuable insight into their business's performance, development, and expansion. Additionally, it ensures they expand at a rate, consistent with their established goals. FAQ: How do you calculate company growth? You can calculate company growth by: Defining the settings and collecting your data Subtract the revenue from the previous period from the income for the current period Divide the difference by the revenue for the preceding quarter How do you calculate the future growth rate of a company? Calculating the growth rate can be achieved by dividing the difference between the end and start value under consideration by the start value. Growth rates give insight into a firm's success and may be used to forecast future performance. What is the formula to calculate growth? Total revenue growth = [(current period revenue - previous same period revenue) / previous same period revenue] x 100

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The Small Business Development & International Trade Center (SBDITC) provides a unique set of resources to assist potential and existing businesses achieve success! Our staff and counselors are here to assist you in realizing your business goals in the global market.

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FINANCE,BUSINESS STRATEGY

M&T Bank Launches Multicultural Small Business Innovation Lab for Connecticut Business Owners

M&T Bank | July 01, 2022

M&T today announced plans to open its Multicultural Small Business Innovation Lab in Bridgeport, Connecticut. This seven-week program is intended to assist local multicultural business owners in flourishing, growing, and pursuing new ideas by providing guidance and skills to expand and operate their businesses. Up to 50 entrepreneurs will be accepted into the program. M&T will collaborate with the Innovation Center at the University of Bridgeport. Classes will be held at the John J. Cox Student Center at the University. The Innovation Lab will cover topics such as creating a business plan, credit fundamentals, marketing, legal entity formation, and pitch tips, among others. The program will conclude with a pitch competition, with M&T funding grants of up to $6,000. Entrepreneurs who wish to participate in the program must submit an online application by August 5th, 2022, and must meet the following eligibility requirements: Black/African American, Hispanic/Latinx, or Asian American; No more than three years in business; and Annual business revenue of $150,000 or less. The M&T Bridgeport Multicultural Small Business Innovation Lab will begin on September 21, 2022 and conclude on November 2, 2022 with a pitch competition. "This program will have a positive impact not only on local businesses, but on the entire community, benefitting the area's multitude of talented and diverse entrepreneurs, Through our conversations with state and local officials, community leaders, academic institutions and many local business owners, we have worked together to deliver a proven approach that can help these businesses thrive and grow." -Frank Micalizzi, M&T Regional President and Head of Commercial Banking for Bridgeport, CT The Connecticut Multicultural Small Business Innovation Lab is part of M&T's bank-wide mission to create a culturally fluent bank that understands and addresses the needs of the communities it serves. M&T established the Multicultural Banking & Diverse Market Strategy segment in 2020 to specifically address the needs of multicultural communities, businesses, and individuals.

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BUSINESS STRATEGY

Priority Software Acquires Silverbyte, A Leading Provider of Property Management Software (PMS)

Priority Software Ltd | June 28, 2022

Priority Software Ltd., a leading global provider of business management solutions, announced the enhancement of its product offering with the acquisition of Silverbyte, a leading provider of property management software. The purchase agreement with Silverbyte will broaden Priority's business management suite offering to customers operating in the hospitality sector. Operating in over 30 countries, Silverbyte provides an innovative, scalable platform that allows accommodation providers of all sizes and from various hospitality industry segments to easily and intuitively manage all aspects of their property, from end-to-end in-house operations to external distribution and booking systems. Silverbyte's solution is implemented in leading hotel chains worldwide, such as Leonardo, Fattal, Crowne Plaza, and Holiday Inn. The acquisition of Silverbyte is the fifth acquisition made in the past 15 months by Priority, which continues to expand with an impressive range of solutions that give Priority a significant advantage over competitors. Silverbyte's acquisition is synergetic to the company's operation and will enable Priority to continue delivering highly advanced solutions through the integration with Priority's cloud ERP and retail solutions. By acquiring leading solution providers in multiple business sectors, Priority assumes a leading position in different market verticals, including retail, education, and hospitality. "Silverbyte's innovative solutions expand our business management offering for the hospitality industry. Combining our technology and market reach with Silverbyte's solutions will increase our capability to deliver new, innovative solutions to the global market. This acquisition is another important step in Priority's evolution and vertical expansion, positioning the company as a market leader in the fields of ERP, Retail management, HRM, Logistics, Education, and now hospitality." -Sagive Greenspan, Priority CEO. Silverbyte CEO, Einav Peleg, said: I am very pleased to join a leading technology company. Being part of Priority will allow us to offer an end-to-end solution, developed by a single company, that includes an ERP system, point of sale (POS), workforce management and Silverbyte's PMS system. The synergy between the companies will provides a unique value to the hospitality market. ABOUT PRIORITY Priority Software Ltd., a Fortissimo and TA Associates company, is a leading provider of scalable, agile, and open cloud-based business management solutions for various industries and organizations of all sizes, from global enterprises to small and growing businesses. Recognized by top industry experts and analysts for its product innovation, Priority provides real-time access to business data and insights from any desktop or mobile device, enabling organizations to increase operational efficiency, improve the customer experience, identify new opportunities, and outpace the competition. With offices in the US, UK, Belgium, and Israel and a global network of business partners, Priority empowers 75,000 customers in 40 countries with smart and intuitive business management platforms that drive accelerated organizational growth. For more information, visit www.priority-software.com.

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MANAGEMENT,BUSINESS STRATEGY

Fundbox Announces Partnerships: Adds Former Goldman Sachs Exec as Chief Product Offer with a Vision of Expanding Payment Capabilities

Fundbox | June 27, 2022

Fundbox, a small business embedded working capital platform, announced today that it has partnered with Galileo Financial Technologies, an open API platform that enables unique and differentiated financial solutions, and MetaBank®, N.A., a leading economic empowerment company, to accelerate its product roadmap and bring innovative products to market. In addition, jin Hwang, who most recently served as Head of Product - Platform at Marcus by Goldman Sachs and previously led the product team at Intuit QuickBooks Capital, has been appointed as Fundbox's new Chief Product Officer. Fundbox's collaboration with two leading fintech infrastructure companies, as well as the appointment of a Chief Product Officer, are part of a larger effort to expand its working capital platform. Fundbox has seen significant growth and rapid adoption of the product, with payment volume increasing by more than 80% quarter over quarter, and the median active customer using it more than five times per month for applications such as payroll, inventory, and rent. Fundbox solutions are available to business owners through embedded experiences with business systems and accounting solutions, as well as directly through the Fundbox website and mobile app. Fundbox's platform has enabled access to over $3 billion in working capital and has connected with half a million businesses. “Our new partnership with Galileo and MetaBank enables us to expand and scale payment offerings on our platform, We will introduce a number of new Flex Pay capabilities later this year, including a bill pay functionality where customers can make fast and easy payments to third party merchants on the platform.” -Prashant Fuloria, CEO of Fundbox.

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FINANCE,BUSINESS STRATEGY

M&T Bank Launches Multicultural Small Business Innovation Lab for Connecticut Business Owners

M&T Bank | July 01, 2022

M&T today announced plans to open its Multicultural Small Business Innovation Lab in Bridgeport, Connecticut. This seven-week program is intended to assist local multicultural business owners in flourishing, growing, and pursuing new ideas by providing guidance and skills to expand and operate their businesses. Up to 50 entrepreneurs will be accepted into the program. M&T will collaborate with the Innovation Center at the University of Bridgeport. Classes will be held at the John J. Cox Student Center at the University. The Innovation Lab will cover topics such as creating a business plan, credit fundamentals, marketing, legal entity formation, and pitch tips, among others. The program will conclude with a pitch competition, with M&T funding grants of up to $6,000. Entrepreneurs who wish to participate in the program must submit an online application by August 5th, 2022, and must meet the following eligibility requirements: Black/African American, Hispanic/Latinx, or Asian American; No more than three years in business; and Annual business revenue of $150,000 or less. The M&T Bridgeport Multicultural Small Business Innovation Lab will begin on September 21, 2022 and conclude on November 2, 2022 with a pitch competition. "This program will have a positive impact not only on local businesses, but on the entire community, benefitting the area's multitude of talented and diverse entrepreneurs, Through our conversations with state and local officials, community leaders, academic institutions and many local business owners, we have worked together to deliver a proven approach that can help these businesses thrive and grow." -Frank Micalizzi, M&T Regional President and Head of Commercial Banking for Bridgeport, CT The Connecticut Multicultural Small Business Innovation Lab is part of M&T's bank-wide mission to create a culturally fluent bank that understands and addresses the needs of the communities it serves. M&T established the Multicultural Banking & Diverse Market Strategy segment in 2020 to specifically address the needs of multicultural communities, businesses, and individuals.

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BUSINESS STRATEGY

Priority Software Acquires Silverbyte, A Leading Provider of Property Management Software (PMS)

Priority Software Ltd | June 28, 2022

Priority Software Ltd., a leading global provider of business management solutions, announced the enhancement of its product offering with the acquisition of Silverbyte, a leading provider of property management software. The purchase agreement with Silverbyte will broaden Priority's business management suite offering to customers operating in the hospitality sector. Operating in over 30 countries, Silverbyte provides an innovative, scalable platform that allows accommodation providers of all sizes and from various hospitality industry segments to easily and intuitively manage all aspects of their property, from end-to-end in-house operations to external distribution and booking systems. Silverbyte's solution is implemented in leading hotel chains worldwide, such as Leonardo, Fattal, Crowne Plaza, and Holiday Inn. The acquisition of Silverbyte is the fifth acquisition made in the past 15 months by Priority, which continues to expand with an impressive range of solutions that give Priority a significant advantage over competitors. Silverbyte's acquisition is synergetic to the company's operation and will enable Priority to continue delivering highly advanced solutions through the integration with Priority's cloud ERP and retail solutions. By acquiring leading solution providers in multiple business sectors, Priority assumes a leading position in different market verticals, including retail, education, and hospitality. "Silverbyte's innovative solutions expand our business management offering for the hospitality industry. Combining our technology and market reach with Silverbyte's solutions will increase our capability to deliver new, innovative solutions to the global market. This acquisition is another important step in Priority's evolution and vertical expansion, positioning the company as a market leader in the fields of ERP, Retail management, HRM, Logistics, Education, and now hospitality." -Sagive Greenspan, Priority CEO. Silverbyte CEO, Einav Peleg, said: I am very pleased to join a leading technology company. Being part of Priority will allow us to offer an end-to-end solution, developed by a single company, that includes an ERP system, point of sale (POS), workforce management and Silverbyte's PMS system. The synergy between the companies will provides a unique value to the hospitality market. ABOUT PRIORITY Priority Software Ltd., a Fortissimo and TA Associates company, is a leading provider of scalable, agile, and open cloud-based business management solutions for various industries and organizations of all sizes, from global enterprises to small and growing businesses. Recognized by top industry experts and analysts for its product innovation, Priority provides real-time access to business data and insights from any desktop or mobile device, enabling organizations to increase operational efficiency, improve the customer experience, identify new opportunities, and outpace the competition. With offices in the US, UK, Belgium, and Israel and a global network of business partners, Priority empowers 75,000 customers in 40 countries with smart and intuitive business management platforms that drive accelerated organizational growth. For more information, visit www.priority-software.com.

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MANAGEMENT,BUSINESS STRATEGY

Fundbox Announces Partnerships: Adds Former Goldman Sachs Exec as Chief Product Offer with a Vision of Expanding Payment Capabilities

Fundbox | June 27, 2022

Fundbox, a small business embedded working capital platform, announced today that it has partnered with Galileo Financial Technologies, an open API platform that enables unique and differentiated financial solutions, and MetaBank®, N.A., a leading economic empowerment company, to accelerate its product roadmap and bring innovative products to market. In addition, jin Hwang, who most recently served as Head of Product - Platform at Marcus by Goldman Sachs and previously led the product team at Intuit QuickBooks Capital, has been appointed as Fundbox's new Chief Product Officer. Fundbox's collaboration with two leading fintech infrastructure companies, as well as the appointment of a Chief Product Officer, are part of a larger effort to expand its working capital platform. Fundbox has seen significant growth and rapid adoption of the product, with payment volume increasing by more than 80% quarter over quarter, and the median active customer using it more than five times per month for applications such as payroll, inventory, and rent. Fundbox solutions are available to business owners through embedded experiences with business systems and accounting solutions, as well as directly through the Fundbox website and mobile app. Fundbox's platform has enabled access to over $3 billion in working capital and has connected with half a million businesses. “Our new partnership with Galileo and MetaBank enables us to expand and scale payment offerings on our platform, We will introduce a number of new Flex Pay capabilities later this year, including a bill pay functionality where customers can make fast and easy payments to third party merchants on the platform.” -Prashant Fuloria, CEO of Fundbox.

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