Brave new world for Cambodia SMEs.
Reposition your business in the digital age. Businesses in Cambodia were very happy before COVID arrived and forced many business owners to adapt to these new challenges in order to survive and hopefully thrive in the future. SMEs are the heart of any thriving economy, there are 510,000 registered firms in Cambodia, and more than 90 percent of them are SMEs. The rapid pace of digitalization has caught many off guard and are struggling to find new customers and generate revenue. Pre-COVID revenue was coming in and business owners were making a decent income, but now their customer base has shrunk and there is more competition now than ever. It’s an experience that many SMEs go through in their business journey. One of the key factors in running a business is understanding the customers’ wants, and expectations will change over time, and it’s up to the business owners to adapt quickly to the market shift or face dwindling revenue and eventually closure of business Success in business is straightforward, businesses that are able to grow and scale to new heights are those that are able to evolve or innovate their products and services to meet the ongoing changes in customers' tastes and needs. The key is the ability to quickly discover and pivot your business strategy to fit and align with their future needs. As many business owners are currently facing, this is not an easy process. New digital technologies such as e-commerce, social media marketing trends are all the rage at the moment. There’s no road map to success just because you have embraced these new mediums. Technology is moving so fast that the truth is, you will always be chasing the technology. There will always be a gap between a customer’s needs and the response to that need. The magic formula is that a successful company can’t just adopt technology and automatically be aligned with their customers. The best way to understand and meet the needs of the customer gaps is to UNDERSTAND your customers. Customer-centric gap analysis 1. Understand where you position with customers
This is an essential step but many business owners fail to perform this on a regular basis. Getting feedback from your customers to improve service, product, future needs. Also focus on people that are not your customers. Understand why they are not buying from you, and buying from a competitor, where are they buying from, what will it take for them to buy from you. Once you understand the market needs then you can properly position your products and service to address the buying customers’ needs. 2. Analyze and Strategize Once you have collected the data, the next critical step is to be able to analyze it and create a strategy to fill in the gaps and needs of your target customer range. If done properly, this is where product or service innovations will be achieved. The new strategy will reposition your place in the market to kick start your next level of growth and capturing more of the market share. Assess your Competitive landscape
Who are the main competitors that are going head to head with you? Understand the point of difference that they are offering and why customers are going to them. How are they marketing to their audience, why is it effective? What do you have as your unique selling point? The better you know your competition the better you will be able to change your business to play to win in the future. Identify Opportunities and Gaps in the market
The more research and data you have the better chance that you be able to come up with a unique service/product to fit your target customers’ needs. This will provide you an unfair advantage over your competition. Go find that Niche/Emerging market
Where are your current non-customers? What does your new potential customers look like? how do they behave? What are their buying patterns? By finding these unmet market needs, you have the potential to have these customers to yourself for the time being as long as you can provide and meet their needs. 3. Evolve and Refine Be Agile and Act Fast
The data and research will provide you insights but it’s up to you to implement things fast. Maybe it’s a new service, a product variation, or better support. Whatever you decide, take the first step and keep moving. First to the market, holds the lead position. Test and Test Again
The market is ever-changing, the customer behavior is constantly changing also. As more Cambodian embrace the digital economy. They are just at the beginning of their customer journey. As the digital market improves, their behaviours will change to reflect the ongoing improvement in taste, habits and trends. We need to constantly monitor and be on top of these behavioral changes. Fail Fast and Reiterate
In the West, we like to move fast and test out our ideas before we put them into the plan. Iteration is a key component of successful entrepreneurship from our findings. Don’t be afraid to pivot, change and modify your product/services. Keep moving and trial new ideas and products, this is where innovation thrives. Good luck on your journey and keep pushing yourself to new heights. The future of a better Cambodia is driven by SMEs.
Reposition your business in the digital age. Businesses in Cambodia were very happy before COVID arrived and forced many business owners...