SMBs Pin Growth Hopes on Customer-Centric Strategies in 2024

In the quickly changing and competitive business world, one piece of advice stands the test of time: protect the customer experience to fuel growth. Small businesses today are battling inflation, higher costs, and limited consumer spending. However, they are still aiming to build strong connections and deeper relationships with customers. The latest "Voice of the SMBs 2024" report by Aircall, provides valuable insights into the strategies and outlooks guiding these small businesses.

The customer communication and engagement platform provider has a distinct focus on the success of smaller businesses. The survey asked employees from SMBs across North America, Australia, France, Germany, Spain, and the UK about their key priorities for growth in 2024.

SMBs constitute 95% of the world's companies and impact 70% of the world's population. The report's findings provide valuable insights for SMBs and industry stakeholders to navigate the challenges and opportunities that lie ahead.

The good news is there is optimism ahead as almost two-thirds (64%) of respondents expressed confidence in their growth prospects for the upcoming year.

While the U.S. and Canada are facing challenges like high inflation and a complex political climate, the overall positive sentiment can be attributed to the adaptability and entrepreneurial spirit that is inherent in SMBs.

Most organizations (54%) identified increasing connections and relationships with their customers as the primary growth driver in 2024. Emphasis on relationship-building was seen across all surveyed regions. Also, 61% of businesses revealed they had a strategic shift and are now prioritizing customer experiences over traditional growth strategies in the coming year.

AI is also becoming vital. Fifty-two percent of businesses said they are placing increased emphasis on scrutinizing customer support performance and 47% acknowledged the strong role that personal details play in delivering impactful customer experiences.

Businesses are also directing their efforts toward mitigating staff turnover and cultivating the right talent. Sixty-five percent of businesses said they are using robust training, coaching, and development programs to help nurture their workforce. Particularly in the United States, 46% said they anticipate dedicating more time in the coming year to training and upskilling their colleagues.

“I joined as Aircall CEO at the end of 2023, and this report excited and surprised me as soon as I saw it. Like Aircall itself, I am passionate about small businesses, and The Voice of SMBs 2024 isn’t just a report—it’s a resource-packed guide with actionable insights and tips that will help SMBs problem-solve, adapt, and respond to the shifting business landscape they find themselves in. With the correct strategies in place, SMBs can navigate tight budgets, and big competition—and unlock a kind of growth to be proud of,” said Aircall CEO Scott Chancellor.

Edited by Greg Tavarez