Have you heard the term Default alive? Default alive is a startup company that is on track to make it to profitability with its current resources. In other words, revenues will cover expenses before cash runs out. The term can also be applied to a program or project that is currently within its schedule and budget.
A huge percentage of small businesses fail, and they fail quickly with the U.S. Bureau of Labor Statistics reporting that close to 50% of small businesses will fail to make their 5-year anniversary celebration.
Investopedia reports that 90% of all startups will fail, meaning this category of business has an even murkier future.
There is another term used for companies that have failed but don’t realize it yet. They are called Zombies. During the pandemic, many governments put in place short-term measures to protect companies from failing, such as not having to report insolvency. But these measures are being rolled back, so we are going to see more companies fail in the future.
There are ways to prosper, and in this article, I’m going to share some hugely successful digital solutions and marketing strategies used by small business owners to reach this state of Default Alive.
The good news is this is the sort of activity, behavior, and approach to business that is recession-proof and pandemic-proof. In fact, I’ll go as far as saying that these activities are far better for companies to focus on than worrying about the latest doom and gloom being pedaled by the so-called ‘experts’.
Before we get to discussing digital solutions, let’s talk about a fundamental law that underpins the success of the business. That is listen to and take care of your customers. If you know what your customers need and want, and keep in close personal communication with them, you will be more successful than companies that don’t. As a small business owner, this is also a secret weapon against larger competitors who will never be able to act and communicate as personally as you.
The trick is using digital solutions to give you some scale to your activities and communications. And that is where E-Commerce 3.0 comes to the fore. E-Commerce 3.0 solutions integrate all your customer solutions in one platform.
Smart business owners are migrating away from older E-Commerce 2.0 systems which are not integrated and take up the time and resources of your team trying to keep them up to date.
Customers want to be treated like individuals – not numbers – and with E-Commerce 3.0 you can treat them personally as you have all the relevant information in one place, easily accessible and up to date.
You know you like dealing with brands and companies that are easy to deal with and ‘get’ you. As a business owner, take this knowledge and make it a reality for your business and your customers and it will ensure your success well into the future. New customers are way more expensive to acquire than keeping existing customers delighted with your offer. Move the needle on this balance between acquisition and retention, and you’ll move your business onto solid ground, establishing a foundation for long-term success.
In summary, E-Commerce 3.0 can empower your business, your team, and your customers. They will allow you to automate the things that are always done the same way, freeing you up to get closer to your customers.
Stop paying people to spend time getting different programs to talk to each other.
Being close to customers is the secret sauce for small business owners. It helps you level the playing field against larger, more well-resourced competitors. It will breathe life into your business and unlock the Default Alive status now and in the future.
Mikel Lindsaar, CEO and founder of StoreConnect, is an experienced technology entrepreneur whose mission is to infuse small and medium-sized businesses with the power to be successful in eCommerce 3.0 and scale to meet growing demand. Small businesses can’t waste time setting up their business on a platform only to repeat the process by changing platforms when they want to scale, nor do they want to waste time figuring out how to integrate multiple platforms. StoreConnect (built on the World’s Number 1 CRM, Salesforce) gives clients a complete, powerful, configurable eCommerce and CRM solution where they can manage their website, online and in-store sales, provide amazing customer service, run all their digital marketing campaigns, and have up-to-date detailed metrics, reporting and full understanding of their customer. They were awarded Salesforce’s 2021 International Partner Innovation Award of the year for the Retail sector and are changing the ease with which small businesses are run ─ with a manageable price tag. StoreConnect is Time. Well spent. Visit getStoreConnect.com.