What are holidays if not for the pleasure we get out of giving? This holiday season, we decided to reward the small business owners thriving to find their way. As Small Business Saturday is set to kick off this November 26, we would love to pick up the unique business problems and challenges you face in terms of data, technology, or the digital transformation you have been putting back, worried about the complexities involved.
If you are running an SMB, read through to find what’s in store for you!
Be it online or offline— your customers need an uninterrupted experience. They no longer want to wait for your customer care calls that keep them on hold for hours. Their expectation of interactions has also changed – their purchase journey has become more complex to crack, and they need easy resolutions.
With this pace of changes around you, as a business, it is imperative for you to innovate continuously to stay ahead in the game.
Assessing your data strategy
At Mobius, we have been dealing with problems and use cases of various types at different scales for almost two decades now. And if there is one thing that we have always realized time and again is that companies that have stood the test of time have always had their data strategies figured out early. Forming your data strategy makes your vision clearer. And it also makes sense as catching up to clean comes with a cost. Being an SMB, having your data strategy in place gives you an unbeatable edge that your future business prospect will thank you for.
So When should you plan your data strategy?
Where do companies go wrong?
Companies often wait to collect more data for the data to make sense. More often than not, they are late to take advantage of what they already have. And at some point, when they realize it becomes difficult to form a hypothesis as they go into silos and these silos create leakage that the organization is often unaware of.
How early elimination of data silos helps
Many important insights and information about your business exist as data silos in your organization in various places like your CRM, ERP systems, email, documents, and much more.
But this information becomes obsolete as the market evolves, and time does not stop if you don’t watch the clock. However, when you decide on picking up to streamline to eliminate the silos, the augmented data may not reflect the current playing field.
Here is why having a data management strategy can be of great help in allowing you to understand the true value of your business, market, and customers.
An information provider who has been a critical data insights firm for the oil and gas industry had a huge volume of industry reports and presentations. But they were unstructured data across various places in the organization. They spent a lot of time and effort cleaning and curating them. Mobius saw through the challenge they faced and built a custom portal. This portal contained all the augmented documents in a single repository. An ML model was developed to train for content-based tagging and augmentation of all the documents to aid page-level retrieval.
This skyrocketed their operational efficiency and avoided any duplication of work. You may wonder about the need for data preparation and data integration tools for small businesses. But things like this help you scale up your pyramid from data to knowledge to become the brand you always wanted to be.
Attune to changing customer needs
Today, convenience and comfort are no longer a luxury but a necessity. Customers want to buy things from the comforts of their homes. And Covid has a huge part in accelerating this contactless digital shopping. Ecommerce has become a game-changer in the world of business and has paved the way to a borderless world.
However, it has been a culture change for traditional brick-and-mortar retailers. And this space has become highly competitive to create mindshare for your brand. And to thrive, it takes quite a few efforts to create and retain a strong customer base. Mobius addresses a few key challenges the SMBs face in setting up and building a successful ecommerce platform.
Monitoring your competitor’s pricing strategy is one of the keys to navigating your business through the competition. However, most retailers face the problem of each brand having different naming conventions and SKUs, which is often difficult to identify. Mobius seamlessly helps product matching through competitors’ websites to successfully monitor their strategy. This is also helpful in identifying and analyzing the inventory gap to execute optimal metrics to realize added margins for your ecommerce business.
Find the emotional motivators for customers
The other aspect of attuning comes with a clear understanding of customers and the experience you’d like to give. Customers wanted to be aware of their choices, and the internet has made it very much possible. This has been a blessing not just for customers but for businesses as well.
In the digital era, the internet and social media help businesses to find a larger audience for their products and services, and online reviews play a huge role in making the business findable in an authentic sense. People wanted to know what others have to say about your business. So, if you are a small business owner, how are you going to leverage the word out there on the web about you?
At Mobius, we’ve been helping thousands of small businesses monitor their brand’s online reputation across the web. We help you measure the audience sentiment to build a loyal customer base for your brand. Find out the discussions around your business, get instant feedback, benchmark against your competitors, and become the brand that customers love!
Running a business is hard
Success is not an overnight phenomenon, and running a business is not a bed of roses. But you learn to get better every day. And what defines your business success is how fast you are to be aware of the challenges and adapt to the changes around you.
If you are a small business, make use of the code SMBMOB22 to get special discounts through November 30, 2022.
When you thrive, we thrive! Contact us today.