Salesforce Research on Small and Medium Sized Businesses During COVID19 Pandemic

By Rajat Kesarwani| Friday, November 27, 2020 15:25 PM | 5 min read

In early 2020, many small and medium-sized businesses (SMB) focused on acquiring new customers and increasing their profit. But, the COVID-19 pandemic has brought new challenges, including a health and economic crisis, shortly followed by the ongoing injustices against the Black community in the US. So, SMB leaders have to adapt but surprisingly remains optimistic about their businesses' future while navigating uncertainty.

In the announcement made by Salesforce, the company reported its fourth edition of its 'Small and Medium Business Trends Report.' The report analyzed responses from 2,200 SMBs in the industry and how the business world has changed in recent months.

Greg Howell, founder and president of Flexo Concepts commented, "We are starting to have those conversations today that we thought we might have ten years from now, and the platform, and ability for folks to work remotely and quantify the work that's being done, has made all possible."

Here are four ways SMBs have changed customer interactions due to COVID-19.

• Careful about communications
• Expanded ways they can be reached
• Offered more flexibility
• Prioritized developing relationships over one-time interactions

What are the SMB trends identified by Salesforce?

Improved customer communication

As COVID-19 has created different challenges for businesses to acquire new customers and to meet their expectations, new Salesforce research reports that meeting local health mandates and offering contactless services challenges, 54% of companies surveyed are more careful when it comes to communication with their customers, with almost half expanding their techniques of communication.

Additionally, more than half of SMBs believe that technology drives their customer interactions or customer base growth.

Working on Racial Justice

Over the past six months, there has undoubtedly been a rise in racial injustice calls to be addressed. "Data explains Black SMB directors in the US will strive to get more profit, as compared to their rivals of other cultures and ethnicities," commented Salesforce in its report. "Most SMB owners said that they fae work ethics and cultural issues while running a business."

However, "many SMB owners say they are considering racial inequality issues, which includes instructing workers on more common manners of having conversations about race and diversity."

Using Modern Technologies

In addition to providing technology to manage customer relationships, the pandemic encourages organizations to examine new ways that technology can shape the future for the better. More than 60% of SMBs have excited their speed of technology investments due to the pandemic. They also focus on three essential areas where technology can help in customer interactions, workflows, and internal communications," commented Salesforce.