Midsize Companies Shared Optimism Moving into 2021
Business leaders have prioritized customer and community relationships to combat COVID-19 impacts.
In 2020, business leaders were able to quickly pivot to adjust to a new set of realities. They navigated economic shutdowns, social distancing requirements, and the drastic shift to a digital economy and remote workforce.
A Capital One Business survey conducted by Morning Consult in November-December found that 83% of midsize business leaders said they were confident their business would eventually return to pre-pandemic operations and revenues in 2021. However, leaders still shared their concern of increasing COVID-19 infections in the winter months. Eighty percent of business leaders were at least somewhat concerned about the impact of rising infections on their businesses.
Business leaders also identified the steps they’ve taken to navigate the challenges they faced in 2020:
Building Relationships Through Customer Experience
Doubling down on customer service has been critical for businesses to stand out during the pandemic, according to business leaders. Nine out of 10 midsize businesses said that building relationships with customers through great customer service was a key differentiator for them.
Additionally, 81% of midsize businesses said it was critical to communicate their commitment to providing customers with a safe shopping experience.
Increasing Marketing and Social Media Efforts
According to the survey, 42% of midsize businesses said they increased use of social media to connect with customers. While social media allows businesses to communicate directly with customers, it also enables customers to communicate directly with businesses - all in real time.
Many business leaders mentioned additional tactics like increasing their marketing efforts and offering discounts or promotions to attract customers.
Underscoring Benefits to the Community
Businesses identified the importance of emphasizing their ties with their local communities.
Eighty-five percent of midsize businesses said it was important to communicate their mission and how they are giving back to their communities. This included communicating their focus on hiring local talent and informing the community about how their business benefits the local economy.
Resilience Will Continue to Rise in 2021
While 2021 will certainly present its own set of challenges, midsize businesses have taken great steps to weather the storm and prepare for what’s next. They’ve taken actions to become more resilient - from increasing mission-driven activities to managing cash flow more effectively to transitioning to electronic payments. As 2021 progresses, business leaders will continue to find strategies - and double down on what’s worked - to position their companies for growth.
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