The majority of businesses are proving resilient against the economic pressures of the current pandemic. However, there’s still a great deal of caution being exercised when it comes to preparing for the future.
So to create some clarity, we built a quiz that helps brands self-identify their ‘ThriveScore’. Each question (12 in total) is designed to assess how well equipped they are to flourish in COVID-19’s aftermath, and how to protect themselves from disruption moving forward.
We surveyed 84 business owners and senior executives. These were the biggest takeaways.
British business remain resilient
According to our research, the majority of respondents felt confident in their ability to withstand the current crisis. 76% typically ranked themselves as in either a ‘strong’ or ‘stable’ position, indicating a determination almost unheard of in current business reporting.
This is despite the fact that almost 66% of respondents claimed that business had been reduced or severely impacted as a result of the pandemic.
Of those 76% high-scoring respondents, 23% ranked ‘strong’. This meant that they weren’t just resilient, but capable of adapting to the social distancing economy. Unsurprisingly, these same businesses displayed confidence in the positioning of their organisation and have widely adopted online sales and marketing channels.
Agile organisations can brush off disposition
Another prominent trait among ‘strong’ respondents is the ability to test new ideas and continue marketing campaigns throughout lockdown.
Businesses that place digital channels at the centre of their strategies came out on top. Simply put, those with the tools in place to nurture leads throughout the pandemic, even with a reduction in employees, have experienced the most success.
As a result, it’s clear that greater adoption of online sales and marketing is needed; it remains the biggest opportunity – and challenge – among all respondents. Yet despite its positive impact, only 52% said they take little advantage of online sales and marketing channels.
Digitalisation improves relevance
As expected, those without an online presence suffered the most – with 43% of respondents not profiting from online transactions at all. This is arguably down to relevance and the ability to stand out from prominent competitors.
While 57% believed they did indeed stand out, the ability to differentiate between competitors proved to be the biggest divide between those in the higher- and lower-scoring categories.
This points to the fact that businesses with too broad a reach are unable to deliver a strong impact. For the best results, we suggest refining your offering, better understanding your audience, and continuing to nurture leads that aren’t quite ready to buy.
Airbase can help
If lockdown has revealed the holes in your sales funnel, check out our guide to getting your business back on track post-COVID-19.
For those interested in more hints and tips, we’ll also be discussing how to future-proof your business alongside a number of industry experts at the More Sales Less Work Summit. Join us online from the 2nd July.
And if you’re in need of a little more hands-on support, get in touch. Our team can seamlessly integrate the processes you need in order to truly thrive.