It is no secret that SMBs (small and medium businesses) represent the main engine of growth and development of most of the world’s economies since they promote self-employment and independent entrepreneurship. Currently, India has over 51 Mn registered small, micro and medium, enterprises who contribute over 35% to India’s GDP. They employ over 120 Mn people (nearly 10% of the Indian population).
This growth of SMBs is being fuelled by the rising internet adoption in the country. Worldwide, the number of people with internet access exceeds 4 Bn, which represents 54% of the total population. In India, there are around 560 Mn internet users. Internet penetration and digital technology in India are visibly reflected in the transformation of consumption habits and the rise of ecommerce.
Today, merchants are more aware than ever before, of the power of digital marketing, but with many platforms, tools, apps and technology solutions at the disposal, it is imperative to know what should be considered by SMB to grow and succeed in the competitive and changing current scenario?
Here are some of the ways which can help SMBs navigate the digital marketing landscape successfully.
Implementing Targeted Customer Acquisition Campaigns
SMBs need to get the best possible performance from the data they have available, which provides valuable information about their customers’ preferences. Personalising messages and conveying the correct story to the right audience is important.
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This is even more important for SMBs, who do not have unlimited budgets to risk making bad decisions. Optimise marketing spend by sending users convincing messages at the right time and place, would increase the chances of increasing sales.
Using Customers’ Data For Their Benefit
The laws and privacy regulations in force around the world, such as the GDPR (General Data Protection Regulation), are a direct reflection of the needs and desires of consumers, who are increasingly aware of their rights. When formulating a marketing plan, SMBs need to check the following -: Do they comply with the new regulations? and How can they use the data to give customers more added value in return?
Personalisation Is The New King
Consumers today crave advertising experiences that are tailored to them, making generic marketing messages counterproductive. Potential buyers easily recognise depersonalised ads and, as a result, ignore them. If brands/businesses continue with the same marketing strategy, the ROI will exponentially decrease.
In 2019, brands are driving their campaigns beyond sales, evoking positive emotions, curiosity and enthusiasm to drive conversions. Again, businesses need to make retargeting part of the process – by partnering with suppliers who know how to implement it – through ads that promote relevant experiences.
Harnessing The Power Of AI And Programmatic Advertising
AI is for everyone. And yes, for SMBs too. We have seen many marketing companies of different sizes around the world who gave a strong boost to their investments in AI, and this year we are witnessing the evolution of this technology and its multiple benefits.
A question that is frequently asked is why bet on AI? The answer to this that AI allows you to improve and automate your budget decisions, automatically optimise the results of campaigns, standardize marketing processes and promote highly relevant and personalized user experiences.
In addition, AI will also enable many SMBs to migrate external services to in-house, lowering costs and accelerating response times, allowing them to be more competitive in the current digital landscape where the technology giants are still ahead of the game.
In recent years, the development of ecommerce in India has grown by leaps and bounds, and it will touch $84 Bn in 2021 from $24 Bn in 2017, according to the report by Deloitte India and Retail Association of India. This is relevant among India’s SMBs which see ecommerce, especially m-commerce as one of the most profitable and cost-effective resources to promote and sell their products.
For SMB, it is convenient to devote time to reflect and strategically think so that they can optimise the ecommerce resources with them so that they are in tune with the main digital trends and commerce marketing.
As per projections, it is also expected that digitally empowered SMBs will have the potential to drive twice the revenue growth and employ five times more people.