KANSAS CITY, Mo, March 25, 2020 (Newswire.com) - 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.”
- 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.
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.
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.