New Bellwethr Report Highlights the Devastating Impact Coronavirus is Already Having on US Small Businesses
Thursday, April 2, 2020
KANSAS CITY, Mo., March 25, 2020 /PRNewswire/ -- Machine learning-powered customer conversion and retention platform Bellwethr has released findings from its new report The Impact of Coronavirus on US Businesses [March 2020].
The goal of the survey was to better understand the specific ways coronavirus is already impacting day-to-day business operations and how business owners feel about what will happen in the upcoming months.
Commenting on the report, Bellwethr COO and co-founder Daron Jamison said, "While the results paint a dark picture of the reality that many businesses are facing right now, there is a tremendous opportunity for those companies who are able to calm their nerves and use this time to test new ideas, double down on what they know is working, and look for ways to improve efficiencies."
Key Findings:
-- 20% of businesses have taken on additional debt with the average debt
amount of $1,000-$5,000.
-- 44.4% believe they will need to take on additional debt and 55% are
worried that they will have trouble accessing capital.
-- 55% of businesses have seen a negative impact from coronavirus.
-- The most common impact was a decrease in sales/revenue.
-- 57% of businesses believe they will see a major impact in the next 1-3
months.
-- 51% have seen their sales decrease or have lost customers.
-- 49.25% have delayed hiring.
-- 48% have decreased costs/overhead with marketing costs being the most
commonly reduced expense.
Methodology:
Bellwethr's findings are based on the results of an online poll that targeted a sample of 400 small business owners with at least five employees. The survey was conducted online from March 17-19, 2020.
Respondents' businesses were divided into the following categories:
-- Physical location (retail store) - 18.3%
-- Restaurant/Food truck - 7.8%
-- Service business (Consultant, Agency, Lawyer, Advisor, Designer, etc.) -
31%
-- Create and sell products - 14.2%
-- Software business - 3.5%
-- Non-profit/Charity - 3.3%
-- Other - 22%
Findings from the report are available HERE.
About Bellwethr:
Bellwethr is an artificial intelligence platform that increases customer retention and lifetime value. The platform automates personalized, next-best actions for the most critical events in the customer journey. RetentionEngine, Bellwethr's flagship product, automates customer cancellation requests, saving up to 41% of customers who would have otherwise canceled their subscription. The company was founded in 2017 by Matt Moody and Daron Jamison around the idea that the power of machine learning and A.I. should be simple for businesses to use.
Media Contact:
Holly@FrontLines.io
Related Images
image1.png
View original content to download multimedia:http://www.prnewswire.com/news-releases/new-bellwethr-report-highlights-the-devastating-impact-coronavirus-is-already-having-on-us-small-businesses-301029469.html
SOURCE Bellwethr
|
|
|
|
JND eDiscovery Receives National Law Journal Hall of Fame Award in Two Categories | Mar 28, 2024
|
|
Trip.com's Global 3.3 Promotion Sees Record Success in Asia and Europe | Mar 28, 2024
|
|
Europe Fibercos and Towercos Market Dynamics Report 2024: Lessons Learned and Key Takeaways for Telcos and Infrastructure Companies | Mar 28, 2024
|
|
China Non-Invasive Prenatal Testing Analysis Report 2024: Testing Volume 2018-2032 and Market Estimation Forecasts 2024-2032 with Focus on Mergers & Acquisitions, Collaborations, and Partnerships | Mar 28, 2024
|
|
Global Highly Potent API (Active Pharmaceutical Ingredient) Industry Research 2023-2033: Advancements in Containment Technologies, and Increasing Investment for Manufacturing Units | Mar 28, 2024
|
|
Exclusive Networks announces a major step in its growth strategy in APAC with NEXTGEN Group acquisition | Mar 28, 2024
|
|
United States Self-Monitoring Blood Glucose Devices Market Research 2023-2032: SMBG Devices and CGM Systems Surge - The Shift from Traditional Blood Glucose Meters | Mar 28, 2024
|
|
"Bleach: Brave Souls" Thousand-Year Blood War Zenith Summons: Reinforcements Featuring Meninas, Rangiku, and Yumichika Begins March 31 Alongside a Spring Festival Campaign | Mar 28, 2024
|
|
Evolution enters Delaware through Rush Street Interactive | Mar 28, 2024
|
|
IDTechEx Discusses the Sustainability of Electric Vehicle Fire Protection Materials | Mar 28, 2024
|
|
|