SMEs can grow Digitally by answering 6 simple questions
To find out how? Let us first understand what is an SME?
Small & Medium-sized Enterprises (SMEs) are business that consists of less number of employees and has a turnover not more than Rs. 10 crores per annum. SMEs in India are an important category that employs 40% of the country’s workforce. It also helps in the growth of our country’s GDP by maintaining an average growth rate of over 10%.
Digital Marketing plays an important role in any type of business but for SMEs, it can be a crucial factor that can transform a small enterprise into a large enterprise if their online marketing strategies are designed uniquely.
Online Marketing for SMEs has been explained with 5W and 1H model:
Who?
Who should be doing it?
If we want a large number of people to contribute to India’s economy, getting self-employed is the key. Anyone who has a dream of starting his/her own business or wants to build their passion into a full-time business can start & grow digitally. Online Influencers & Counsellors can educate people about entrepreneurial skills & can encourage them to start their own business, for example, several artists like Artists can create a large business out of their paintings if channelized properly. Skilled individuals can also start their own business by providing knowledge to others through digital mediums.
Where?
Where should it be done?
Urban & Rurban areas should develop businesses that can reach out to the niche areas of the country. So, visibility is something that will help you grow your business demographically through digital platforms. SMEs can start by having accounts on various digital platforms like Facebook, Instagram, Linkedin, etc.
What?
What should be done?
SMEs should focus on engaging with the online audience. Online consumers are willing to spend money on various products & services; it’s just that there should be regular engagement with these consumers which will easily help you market your products or services to them. So having daily updates and carousels on your digital platforms will help the online consumers understand your business and will start reaching out to you for the same.
When?
When it should be done?
As we all know currently the whole world is facing a global pandemic. A study by The Times of India shows that many people have increased their online media intake to 4 hours from 90 minutes. So doing an in-depth analysis of your consumer’s online activity will help you understand when is the right time to post your carousel or videos. Check when are your consumers more active on social media so that you can engage with them accordingly.
Why?
Why should it be done?
A study by Datareportal shows that around 624 million users from India are active on the internet. This shows online marketing has a huge potential and can give access to all the users who are looking out for your services online. So, having an online presence will increase your online visibility & revenue.
How?
How should it be done?
SMEs should focus on enhancing their customer’s experience through consistent online postings & answer their queries through social media platforms. SMEs should put their customer first vis a vis maintain healthy relations with them digitally. Digital Platforms can actually help SMEs find their target audience and can convert them into customers. For example, Artists can sell their product online with the help of e-commerce websites like Amazon, Flipkart, etc. This will help them to increase their online reach & revenue.
Conclusion
SMEs are tight on budget so initially, they should focus on expanding their business locally. They can have low budget online campaigns and can create awareness about their business locally. They can use free or low budget marketing techniques like having a presence on social media pages which will give them some exposure to their business. They should also focus on data & content used for marketing as these will help them improve their sales by reaching out to the right customers at the right time. So to conclude, digital platforms will help SMEs improve their marketing strategies which will result in more profits & exposure to their business.
