Salesforce

Salesforce launches SMB Trends 2020 Report

The fourth edition of the ‘SMB Trends’ report has Insights from 2,300+ business owners and leaders worldwide

Salesforce released its fourth edition of Small & Medium Business (SMB)Trends Report capturing insights from Small and Medium Business owners and leaders worldwide.

This research was conducted by The Harris Poll in two parts, with a study in March 2020 and a follow-up study in August 2020, providing insights from Small and Medium Business (SMB) owners and leaders at the beginning and in the midst of the pandemic.

For the fourth edition of the “Small and Medium Business Trends Report,” Salesforce analyzed the responses of more than 2,300 small and medium business (SMB) owners and leaders around the world to determine:

• How a pandemic and racial injustices affect their motivations, challenges, and goals
• How demographics shape entrepreneurial experiences and outlooks
• The role of digital transformation in driving business resilience
• How SMB leaders are planning for recovery and growth post-COVID-19

Sunil Jose, Senior Vice President, Salesforce India, commented: Globally, SMBs’ are at a critical juncture. The key to accelerating consumer demand and solving problems for scale, come down to how they leverage technology to deliver the best customer experiences. Amidst a challenging business environment, SMB leaders have displayed remarkable strength and resilience with only 16% of SMB respondents in India expecting an entirely new structure post the pandemic. This demonstrates that SMBs’ in India are resilient and positive of business continuity ensuring they get back on track.

Insights specific to India are as below:

31% of SMB respondents in India implemented a CRM solution in the last year, and 66% have an existing CRM solution.
Top considerations for new tech evaluation among SMB respondents in India are ease of use, trustworthiness of the vendor and impact on customer experience.
Meeting customer expectations is the top constraint on operations for SMB respondents in India.
SMB respondents in India most commonly find it challenging to bring innovative offerings to market, personalise customer engagements and keep up with demand when meeting customer expectations.
Financial management is the top challenge SMB respondents personally face when growing their business and maintaining financial growth is the top challenge constraining future business growth.
Impact of the pandemic on SMB respondents in India:
Reduced customer demand is the top constraint on future growth
Applying for financial assistance is the top consideration for the future of the business.
Post COVID 19
30% of the SMB respondents in India expect business to be as usual and 48% believe it would be slightly modified.
Only 16% of SMB respondents expect an entirely new structure.  

Leave a Reply

Your email address will not be published. Required fields are marked *