Recent insights from American Express (Amex) suggest that a lion’s share of UK-based SMEs are not just navigating the business waters but are diving deep to discover untouched territories – strategic innovations.
With 64% of SMEs diversifying their offerings, it’s evident that adaptability is no longer an option but a requisite for business leaders.
In today’s rapidly evolving business landscape, how are UK’s SMEs ensuring they remain at the forefront of innovation and growth? What tools and strategies are they harnessing to not just survive, but thrive?
- Enriching Customer Interactions: A notable 43% are reinventing their communication touchpoints, ensuring they resonate deeper and wider with their clientele.
- Redefining Service Portfolios: Expanding horizons, 38% of SMEs are introducing new services to their roster, responding dynamically to market demands.
- Special Offers: Not just content with regular services, about a third (32%) are rolling out tailored offers, aiming to provide value that’s hard to resist.
- Boosting Visibility with Marketing: To make their voices heard amidst the market cacophony, 41% are ramping up their marketing endeavours, with a clear sight on the months ahead.
The Amex Beacon
One can’t discuss the rejuvenation strategies of UK SMEs without mentioning the giants backing them.
American Express’s latest research shines a light on the invigorated spirit of SMEs.
They’re not only revitalising their campaign ‘Busy is good for business’ but also offering insights into how SMEs can capitalise on their network – a network that has grown by a staggering 37% from the last year!
So, how does American Express aim to bolster this growth?
- Leveraging Social Media: In collaboration with TikTok, Amex is set to offer exclusive webinars and tutorials. These tools aim to equip SMEs with the dexterity to captivate new clientele, ensuring they make a mark on this bustling platform.
- Building Business Virtually: From mastering financial management to honing customer relations, virtual workshops are on the anvil to provide SMEs with the arsenal they need.
- Gleaning from Success Stories: James Sinclair, a beacon in the UK entrepreneurial space, will be spearheading a YouTube series. Diving into an array of topics, these videos promise to be a treasure trove of insights for business growth.
Insights from the Vanguard
Dan Edelman, a stalwart in the Merchant Services realm at American Express, puts it succinctly.
The sheer zeal displayed by SMEs in retaining and acquiring customers is commendable. They understand that ‘busyness’ isn’t just about hustle but growth.
In the words of Edelman, “For small business owners, being ‘busy’ is the best feeling in the world”.
And indeed, with the tools and strategies at their disposal, they are poised to make this ‘busyness’ synonymous with success.
As the business tides ebb and flow, one thing remains clear: UK SMEs are not just prepared for the challenges ahead but are equipped to ride the waves with strategic innovations.
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