{"id":70055,"date":"2022-11-18T15:46:01","date_gmt":"2022-11-18T22:46:01","guid":{"rendered":"https:\/\/www.act.com\/how-smbs-can-combat-inflation-with-crm-software\/"},"modified":"2023-03-21T10:49:15","modified_gmt":"2023-03-21T17:49:15","slug":"how-smbs-can-combat-inflation-with-crm-software","status":"publish","type":"post","link":"https:\/\/products.act.com\/en-gb\/how-smbs-can-combat-inflation-with-crm-software\/","title":{"rendered":"How SMBs can combat inflation with CRM software"},"content":{"rendered":"

\"financial<\/h1>\n

Inflation is affecting <\/span>small business owners<\/span> everywhere.<\/span> According to research by the NFIB <\/span>Small Business<\/span> Association<\/span><\/a>, 37 percent of <\/span>SMB<\/span> owners cited <\/span>inflationary pressures<\/span> as the single most important problem facing their business. That’s the highest level since 1979.\u00a0<\/span><\/p>\n

Yet, we know that <\/span>small business owners<\/span> are resilient. Over the <\/span>past year<\/span>, they’ve faced a <\/span>pandemic<\/span>, <\/span>labor shortages<\/span>, a war in <\/span>Ukraine<\/span>, and more. <\/span>High inflation<\/span> is another challenge they can and will overcome\u2014with the right tools, like <\/span>customer relationship management<\/span> (<\/span>CRM<\/span>) software in place. Here’s how<\/span> CRM software<\/span><\/a> can help <\/span>SMB<\/span> owners survive this <\/span>inflationary period<\/span> and get back to business as usual.\u00a0\u00a0<\/span><\/p>\n

How inflation impacts small businesses<\/span><\/h2>\n

Inflation cuts into profits due to increased <\/span>supply chain<\/span> costs. Higher food and inventory costs result in <\/span>higher prices<\/span>. <\/span>Raising prices<\/span> can be a risky proposition for <\/span>SMB<\/span> owners. For starters, <\/span>small businesses<\/span> can’t always compete with their big-box counterparts that face the same situation. Secondly, <\/span>raising prices<\/span> is difficult for <\/span>small businesses<\/span> that earned customer loyalty through years (or decades) of consistency.\u00a0<\/span><\/p>\n

On a positive note,<\/span> research by Kabbage<\/span><\/a> found that <\/span>small business owners<\/span> nearly doubled their revenues between July 2021 and July 2022. And, even though the majority of <\/span>small business owners<\/span> are concerned about inflation and a potential recession, 80 percent said they’re confident that their businesses can weather a downturn.<\/span><\/p>\n

How a CRM can help small business owners<\/span><\/h2>\n

The right <\/span>CRM software<\/span> can help <\/span>SMB<\/span> owners combat inflation in a few important ways.<\/span><\/p>\n

Keep up with critical metrics<\/span><\/h3>\n

During economic downturns or periods of inflation, it’s critical to make sure things don’t fall through the cracks. <\/span>CRM software<\/span> solutions provide insights into pressing <\/span>business needs<\/span> including detailed metrics about inventory costs, percent-to-goal sales quotas, forecasting, marketing efficiency, and more.\u00a0<\/span><\/p>\n

Entrepreneurs<\/span> and <\/span>small business owners<\/span> who use this data to make key decisions every month\u2014or even every week\u2014get a distinct advantage when it comes to getting through a <\/span>high-inflation<\/span> period.\u00a0<\/span><\/p>\n

Maintain employee productivity\u00a0<\/span><\/h3>\n

Employees are often stressed during periods of inflation. They may be uncertain whether they’ll be laid off or their hours will be cut. One way to help with this is to implement a <\/span>CRM<\/span> solution and culture of transparency throughout the business.\u00a0<\/span><\/p>\n

Giving employees access to <\/span>CRM<\/span> not only gives them peace of mind, but also helps streamline and <\/span>optimize<\/span> their workflows, improve collaboration, reduce redundancy, and ultimately increase productivity.<\/span><\/p>\n

Personalize interactions<\/span><\/h3>\n

Personalization works, and customers notice when it’s missing.<\/span> According to McKinsey and Company<\/span><\/a>, 71 percent of consumers expect personalized interactions, and 76 percent get frustrated when they don’t receive them.<\/span><\/p>\n

Using an all-in-one email marketing and <\/span>CRM software<\/span>, <\/span>small business owners<\/span> can deliver personalized offers or communications based on the customer’s purchase history, their personal details (such as a first name or a birthday greeting), as well as automated <\/span>follow-ups<\/span> when <\/span>respondents<\/span> provide information or requests via lead capture forms. These personalized communications keep your business top of mind for your prospects and customers and improve customer loyalty and <\/span>retention<\/span> by helping them to stay engaged.<\/span><\/p>\n

\"71<\/p>\n

Communicate consistently<\/span><\/h3>\n

Raising prices<\/span> isn’t always realistic for <\/span>startups<\/span> or <\/span>small business owners<\/span>. But, if it’s unavoidable, communication is key. <\/span>CRM systems<\/span> allow businesses to keep customers informed about price changes, inventory issues, store hour adjustments, and more.\u00a0<\/span><\/p>\n

Providing consistent and thoughtful <\/span>messaging<\/span> during tough economic times can enable you to forge more personal and deeper relationships with your customers.<\/span><\/p>\n

As we look to 2023, and businesses continue to feel the impacts of rising inflation, <\/span>supply chain<\/span> uncertainties, and other unique challenges,<\/span> in a recent survey<\/span><\/a> conducted by Act!, we find that <\/span>SMBs<\/span> that are already using a <\/span>CRM<\/span> seem to be more optimistic about their future -with 70% of <\/span>respondents<\/span> showing signs of <\/span>optimism<\/span>.<\/span><\/p>\n

Weather economic uncertainty with Act!\u00a0<\/span><\/h2>\n

Entrepreneurs<\/span> and <\/span>small business owners<\/span> need an all-in-one <\/span>CRM<\/span> and marketing <\/span>automation<\/span> platform to accomplish these tasks.<\/span> Act!<\/span><\/a>, a leading <\/span>CRM<\/span> provider, does this and more\u2014and at an affordable<\/span> price<\/span><\/a> that’s well worth the return on investment. From pipeline management and email marketing to lead scoring and analytics, Act! helps <\/span>startups<\/span>, and small and midsized businesses strengthen their customer relationships and increase their profits.<\/span><\/p>\n

If you’re looking to combat inflation and make your business recession-proof, <\/span>try Act! free for 14 days.<\/span><\/a> No credit card or download is required.<\/span><\/p>\n

\"Call<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Inflation is affecting small business owners everywhere. According to research by the NFIB Small Business Association, 37 percent of SMB owners cited inflationary pressures as the single most important problem facing their business. That’s the highest level since 1979.\u00a0 Yet, we know that small business owners are resilient. Over the past year, they’ve faced a […]<\/p>\n","protected":false},"author":4,"featured_media":69917,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[183],"tags":[],"acf":[],"yoast_head":"\nHow SMBs Can Use CRM Software to Combat High Inflation<\/title>\n<meta name=\"description\" content=\"Learn how small business owners can use CRM software to combat high inflation and maintain a quality customer experience.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How SMBs can combat inflation with CRM software\" \/>\n<meta property=\"og:description\" content=\"Learn how small business owners can use CRM software to combat high inflation and maintain a quality customer experience.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/products.act.com\/en-gb\/how-smbs-can-combat-inflation-with-crm-software\/\" \/>\n<meta property=\"og:site_name\" content=\"Act!\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-18T22:46:01+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-21T17:49:15+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/products.act.com\/wp-content\/uploads\/SMBs-combat-inflation_Feat_111822.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Act! 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