When you’re small, it’s easy to be overlooked in a crowd. This is especially true for Micro, Small and Medium Enterprises (MSMEs) trying to be noticed by customers in a crowded and competitive market. The World Economic Forum notes that despite the vital role SMEs play in the global economy contributing up to 70% to employment and GDP, 67% of SMEs are struggling to survive.
Fortunately, marketing technologies have emerged as a key tool to facilitate a more equitable playing field that ensures that “Entrepreneurship is for Everyone”, in keeping with the theme of Global Entrepreneurship Week 2024. These technologies are helping MSMEs to overcome the limitations of size by providing affordable solutions to improve product promotion and reach customers across the world! Simply defined as the application of technology to plan, implement, streamline and optimise marketing efforts, marketing technologies are increasing being used by MSMEs for tasks such as email marketing, social media marketing, search engine optimisation, pay-per-click advertising and more.
For any small business seeking to punch above your weight, marketing tech can be the game-changer that you’ve been looking for. Let’s take a closer look at how you can use marketing technologies to your advantage.
1. Wider Market Reach
One of the greatest advantages digital marketing offers is global audience reach. Without having a high budget, even small companies are able to reach their target audience through the various channels. Technology enables MSME’s to access global markets through e-commerce platforms, digital marketplaces, and online marketing channels.
- Email marketing allows businesses to send personalised emails to customers, whether it’s for a new product launch, promotion or simply for information.
- Social media platforms such as Facebook, LinkedIn, Instagram, Tik-Tok and X (formerly known as Twitter) allow small businesses to connect with audiences in a cost effective and accessible manner.
- Search engine optimisation (SEO) techniques allows small businesses to optimise their website and content to rank higher in search engine results. This can therefore increase their visibility online without having to pay for advertisements.
- Pay-per-click advertising helps companies analyze keywords related to their products or services. This can be very effective since a higher number of clicks can eventually lead to higher profits.
2. Better Customer Relationships
Customer Relationship Management (CRM) also supports businesses keeping track of all the relevant customer information needed in one place. Whether it’s to store customer information, track interactions or manage sales, CRM helps MSME’s streamline their operations, enhance customer satisfaction and drive growth, thereby contributing to long-term success for the organisation. Marketing technologies that facilitate data analytics can help MSMEs gain valuable insights into customer behaviour, marketing campaign performance and sale trends. Through these, they can further make more informed decisions, take steps to refine their strategies and ultimately improve Return on Investment. These analytics are important as they allow businesses to see how well they are doing in staying connected and engaging with their customers. Thereafter, areas for improvement are identified and marketing strategies can be revised to suit the business needs.
3. More Efficient Operations
E-Commerce platforms are quite popular in the world today, and have opened major opportunities for small businesses, enabling them to sell products and services online with little effort. Customers very much appreciate the convenience and the ease of perusing, selecting and paying for goods and services online anywhere and at any time, allowing for seamless transactions. MSMEs, in turn, benefit from boosted sales, greater customer satisfaction and enhanced cash-flow management. Enabling commerce platforms are digital payment technologies that help MSMEs receive payments without having to physically go to the customer or having the customer come to them. For example, Republic Bank has developed digital payment solutions E-pay and EndCash to better serve the needs of business customers. With E-pay, this affords businesses the opportunity to receive online credit card payments without having a website while our EndCash mobile wallet present a whole new way to send and receive payments digitally using a smartphone.
In this fast-changing world, digital technologies including digital marketing technologies have evolved to give small business the same opportunity as large organisations. They have the ability to grow their business, engage more customers and increase sales. While the technology is available, it is important for each MSME to select the right tools needed, for each business as each would be unique in its own way.
Armed with the right digital marketing strategy, your small business can make the transition from being overlooked in the crowd to being the belle of the ball.
This article is one of a five-part commemorative series by Republic Bank in celebration of Global Entrepreneurship Week 2024. To read all, visit https://republictt.com/republic-journal.
Author: Republic Bank
