Digital Marketing / Inbound Marketing
The Role of Digital For SME’s
Digital for SMEs The small and medium businesses (SMEs) in India comprise of 63.4 million units and accounts for approximately 1/3rd of India’s GDP, offering employment opportunities to an approximate figure of 460 million people. Similarly, in terms of exports, the SMEs contribution is estimated at about 45% of the…
Digital for SMEsThe small and medium businesses (SMEs) in India comprise of 63.4 million units and accounts for approximately 1/3rd of India’s GDP, offering employment opportunities to an approximate figure of 460 million people. Similarly, in terms of exports, the SMEs contribution is estimated at about 45% of the total exports. Despite the SME sector contributing to a sizable chunk of the country’s economy, traditional and out-dated business strategies and the low rate of technology influx has started to hinder these industries in enabling them to achieve their full potential. A primary barrier has been technology adoption, and this is where SME’s must strive to understand and adopt new-age digital channels to help amplify their businesses. New Mantra’s for SME’s With evolving habits and behaviour patterns, SME’s must stay up-to-date with ways in which they can understand their target audience and how to maximise their satisfaction.
- CRM tools are a great way to increase customer retention - you can only think about approaching new customers once your current ones are happy enough.
- Similarly, to attain an even more detailed understanding of their customers, You can consider carrying out a ‘KYC’. A KYC is a detailed onboarding process where businesses can collect and store detailed information as per their requirements. A KYC process can be made mandatory and helps promote transparency along with in-depth analysis of the buyer persona.
- While social media has many uses, one of the primary benefits is the influence they have in maintaining reputations of brands. This is precisely why exploring ORM (online relationship management) tools to help customer interactions is a smart move.
- Similarly, by adopting an automated email marketing tool, you can build and hone strategies to target a large number of stakeholders. These tools can help in creating highly personalized messaging in emails and elevate the impact of your existing email marketing strategy.
- Lastly, exploring a Whatsapp Business API is another innovative way to build relations with both new and existing customers by offering them digital support and assistance. This offers a highly personalized experience and helps give your brand an identity - rather than an SMS - where a string of digits do not leave the same effect.
- Consider price, features, support, ease of use and performance while choosing an e-commerce builder.
- Augment your e-commerce platform with the help of insightful product descriptions, video content, and quirky blogs. This helps keep visitors engaged and helps offer them an insight into your brand rather than just serve as a transactional platform.
- Tinker around with diverse sale strategies and promotional offers to help understand your audience even better, and evaluate how these strategies affect your sales and revenue.
- There are plenty of e-commerce platforms which are offering free assistance to businesses affected by the pandemic that are worth exploring.
- Evaluate whether you need an on-premises or cloud hosting environment to run an efficient e-commerce platform.
- Utilize Facebook’s ‘Business Resource Hub’ that includes a ‘resilience toolkit’, helping businesses prevent disruptions. The Small Business Resiliency Toolkit holds a framework for small businesses that lack the time or resources to create an extensive plan to recover from business interruptions. The Toolkit is based on best practices and is designed to educate you on basic business resilience activities and approaches.
- Leverage Instagram’s ‘Support SME Sticker’ - a feature that allows brand users to easily show their love for businesses through stories. They can tag businesses directly in the sticker to give their followers an overlook of the account. This feature is a great way to promote local businesses and help them thrive on social media.
- Similarly, on LinkedIn, SME’s can make use of the ‘Open For Business’ feature. This feature allows freelancers and small business owners to add their services to their LinkedIn profiles, which helps make them discoverable on the LinkedIn search engine.