Before we start talking about cost effective marketing techniques for SMB’s there are a few things that are important to know.
70-80 percent of SMB’s are into manufacturing businesses. Most of these SMB’s are suppliers to large MNC’s. International competitions for example China, makes it difficult for SMB’s to sustain. So what SMB’s need to do in order to have their product differentiated from others? How can we implement cost effective marketing? All these questions pop up. Here are something’s that can prove really beneficial for SMB’s in order to grow successful.
Understand your market
Market is filled with so much competition. For every product developed there are different competitors who want their product to standout and shine. Plus we have international competitors like China who are able to deliver a similar product at a very low cost. Hence SMB’s need to first of all understand the real value of their product.
Create a Brand
With so much competition all around it is really important that SMB’s are able to differentiate their product from others by making people aware about their USP. This is the only way how they can create value for their product and generate revenue from it. It is possible only through effective branding.
Digital Marketing of your Business
Digital acts as a tool kit for each and every business to help them expand themselves globally. For increasing global reach of your business and making people aware about what you are doing, digital media is the best solution both in terms of money and reach. What SMB’s need to do is utilize these resources around them and develop their businesses .
Adoption of Technologies
This is probably the most important factor that SMB’s need to take care off. With new technologies all around us it has become really necessary for SMB’s to implement them in their day to daybusinesses. What SMB’s need to understand is they need to focus on the user part of the technologies, SMB’s need to focus on the objective part of technologies. They don’t have to go inside the technical aspect of it. For that they could have assistance from technical people .
To hear all these solutions from the horse’s mouth, you can have a look at the video, which involves discussion of Deepak Goel(CEO – iMET Global | Digitally Next) with the #SMBMan, Sandipan Ray(Director – SMBConnect)
Happy Learning & Growing ☺