In a global economy driven by increasingly empowered consumers, small and midsized enterprises (SMEs) are challenged to find new ways to stand out from the competition, create tighter bonds with their customers and enhance the growth of their business. Technological innovation has been a key source in maintaining competitive advantage for SMEs. Although expectations and emphasis for particular technologies varies depending on industry and geography, the overall trend is clear – social media is helping SMEs be closer to their customers, and in turn, grow their businesses.
In a recent study with Oxford Economics, 2,300 SME senior executives across 23 countries were asked about strategic initiatives that were most important to them in driving business growth. Of the respondents, 39 percent cited strengthening customer relationships, a combined 63 percent cited domestic and global expansion, and 49 percent noted expanding product and service offerings. Not only must SMEs work on getting closer to existing customers and meeting their ever-changing demands, but they must also look for ways to increase their market share and attract new customers within both domestic and new geographical markets. Read the full blog post at Business2Community.com.