MSME Marketing Strategies [Grow your Business]Small Businesses and MSMEs have been growing in India over the years. As these businesses are just starting off, they need to implement various marketing strategies in order to increase their brand awareness and visibility. Small business marketing may consist of online marketing strategies and offline marketing strategies. For medium business marketing, you will have to reach out to customers from various parts of society so that your company and its products reach most buyers. Digital marketing for small businesses may consist of email marketing, social media strategies, Google My business portfolio so on and so forth. Marketing a new business requires various strategies to be used together in order to obtain the best results.
Best Online Marketing Strategies for Micro, Small and Medium Enterprises
For small business advertising, numerous online marketing strategies can be implemented. Generally, small business online marketing involves increasing visibility and engagement over various online platforms. There is no one best way to advertise small business but a set of strategies should be used to gain maximum benefits:Be accessible Online 24x7:
Being easily accessible is very essential in the digital age we live in today. In order to be accessible online 24x7, having active social media accounts is important. Through social media platforms like Instagram, Facebook, LinkedIn and so on prospective customers can drop you a message or query directly. Therefore, leads will be generated even when you are not working. Online social media strategies won’t get you results. Online marketing coupled with Offline marketing will give you the best results.
Write about your Product/Service
Many MSMEs are worried about blog writing. They feel they cannot write good blogs. What you need to do is start writing about your products and services first. Jargon or fancy words is not what will attract readers, valuable information will. Write short articles about various aspects of your products and services. You can post blogs with different pictures and videos on social media platforms, websites, and so on. Consistently posting blogs will demonstrate your expertise and develop awareness about your brand. It will also increase your reputation in the market. Using SEO and keywords in your blogs will also help you rank higher on search engines.Use word of mouth
Providing the best products and services is a large chunk of your job, but asking for client testimonials and reviews is also important with respect to your future growth. You can post client testimonials on your website, social media and so on. Working well will not only lead to a loyal customer base but also good word of mouth. Positive testimonials and reviews will help you to gain more customers and increase your sales. You can also get an influencer, celebrity or blogger to endorse your products and services so that the visibility of your brand and products increases further.Advertising on Facebook
Facebook has over 65 million business pages now and 8 million have profiles on Instagram. There are more than 5 million active advertisers on Facebook. Thus the scale of this social media platform has been growing exponentially over the years. Through advertising and marketing on Facebook, prospective customers can learn more about your products, visit your website, download the app, or even ask questions or send direct messages. Advertising on Facebook is, therefore, a strong marketing tool today.Add your profiles on directories such as Google My Business
Google My Business is an efficient marketing tool. Through Google My Business, you can easily connect with your customers across Google Maps and Google Search. On Google My Business, you can post photos, offers, schemes, and so on to make your business stand out and increase your visibility. You can communicate with your customers through calls, messaging, and other tools. You can also check how customers are engaging with your business profile through clicks, calls, bookings, and follows. Thus, adding your profile on directories such as Google My Business is an effective marketing strategy.Implement Email Marketing
Email marketing is one of the most popular marketing strategies. It basically involves sending emails to customers and prospects. Email marketing if done effectively can help you gain leads and create a loyal customer base. One of the most important factors while implementing email marketing is the list of the targeted audience. An email list has to be built and updated regularly. Optimizing your emails for the highest open rates and click-through rates is also necessary. Email marketing is said to have one of the highest returns on investment.Offer a free consultation
In order to attract customers, many firms also use a free consultation or free session strategy. It is a great way to let customers know more about your products and services. A free consultation session can be held at regular intervals. You can speak about your company, the products, services, the team and also invite some loyal customers to give testimonials. Thus it will be easier for the customers to trust your brand and purchase products.PR works wonders
PR is also an essential component of the marketing strategies for MSMEs. A PR strategy should help you to organize your PR activities and make strategic decisions around the best ways to communicate. For instance, you can use your business stories to attract your target audience, increase your sales, and build brand awareness.Write a column/article - continuously
Blogging is a very important part of any marketing strategy today. Try making a writing plan in order to post articles or columns continuously. The articles can talk about your products, services, and various other topics related to your products or services. For example, if you sell fruits and vegetables, you can post blogs about recipes, uses, and benefits of fruits and vegetables so on and so forth.
Marketing Strategies for SMEs
SME marketing should be carried out in an organized way. Marketing strategies for small business should consider various factors such as resources, target audience, so on and so forth before choosing an approach. Here are some key ways to advertise a small business:Define
Defining the target audience is one of the basic steps involved in marketing SMEs. You can define your target market based on various definitions by experts, consultants, industries to penetrate the market effectively. Defining the market based on homogeneity is essential to avoid further confusion and wastage of marketing efforts. To find your place in the market and use its immense potential is important.Analyze
Once you define the target market, analyze the existing environment of the market and scope of a company in tapping the targeted customer segment or market. You can use the SWOT analysis to study the strengths, weaknesses, opportunities, and threats of the market. In turn, you can also understand your competitive strength to penetrate the existing market and how you would utilize the company resources to explore the new opportunities.Design
After analyzing the internal and external environment of the market, you can now design a set of marketing strategies for your company. Some of the popular strategies are the trickle-down approach, inclusive approach and so on. A Trickle-down approach is an approach where firms do not change their existing market approach irrespective of the urban or rural market. The inclusive approach includes the involvement of various stakeholders, NGOs, Govt. and the customer itself in the creation of the market. Designing your strategy depends largely on the availability of resources, type of product/service and target market.Execution
Proper execution of your chosen approach is important. Only planning and designing an approach without implementation is not useful. Companies should pay proper attention while implementing the approach by utilizing the available resources up to the maximum. Proper planning and execution of a set of strategies will help your company grow rapidly.Control
After executing your approach, you should control the performance by using the market information system and market intelligence to check if your approach is working. Market intelligence lets you know about the usage of the products or services by consumers. It may also help you to innovate something new after understanding how customers are using the product. It is also useful to get feedback about how your product/service is being used by the customers.
Involvement Based Strategies
Some MSME Marketing Strategies are involvement based ones. The level of involvement required and the price of the product are two very important factors while developing the marketing strategy. Here are some of the major Involvement Based Strategies:Low Involvement - Low Price
When a product or a service is low priced and requires lower involvement of the customers in making a purchase decision, an SME can take the opportunity to develop it as a distribution channel to sell its product directly to the target audience. Such products or services require no demonstration but just selling efforts for the marketer through existing Haat Bazar Sellers. Daily usage and FMCG products are under this category.High Price - Low Involvement
The High Price - Low Involvement requires both push-pull strategies to sell the products. If a product is too high priced a demonstration or awareness campaign is required to make the customers aware of the product. Discounted offers and schemes can be introduced to sell such products. The products require low involvement but are high in price so both sales and marketing efforts to attract the customers are necessary. Seasonal products which are essential for customers are in this category.High Price - High Involvement
For the High Price-High Involvement category, you can use the Haat Bazaar as a place to demonstrate and create awareness about the product. Also, it gives a chance to the customers to experience the product and to get their feedback. Heavy machinery, electronic items, tractor, and other durable products are in this category. This activity may be used as a lead generation activity and sales must be avoided at the initial stage.
Use of 4A approach
The 4A approach has proven to be beneficial for many MSMEs and SMEs. Here is what you need to know about the 4A approach:Awareness
In rural areas, the literacy rate is very low. Therefore it is difficult for marketers to promote their products. Thus raising awareness about a product rather than promoting it is necessary for a rural market. Now, most villages and rural areas have televisions and such other electronic devices at home. But raising awareness about various products and services is still important.Availability
The availability of the product should also be ensured especially in the rural areas. Sometimes, companies find it very difficult to channelize the supply of their products to various places. Some companies thus adopt the right channel strategy to ensure the availability of its brand and the products in the rural market.Acceptability
The Size, color, weight, name, and usage of the product should be acceptable for all customers including rural and urban ones. Rural consumers are usually a little more skeptical in choosing products or services as compared to urban counterparts. Rural consumers focus on the usefulness of the product rather than the brand.Affordability
The rural economy is mainly based on agriculture and its allied services. Agricultural production is largely dependent on the monsoon. Monsoon is uncertain and therefore the income of the rural population is also uncertain. Thus the rural people have to spend their money more carefully. Companies, therefore, should price the products accordingly so that every section of the society can buy it.
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Posted On 7 Aug, 2020
Posted In Marketing.