technology can improve SMEs

How Digital Transformation can Improve SMEs & MSMEs

With the arrival of the digital age, many businesses small, medium or large across several industries have digitally transformed themselves or are in the process of doing so. 

With the evolvement in technology, brands have been continuously adapting to technological ways of running an organisation which includes seamless communication both internally and externally of the organisation, ultra high-speed data transfers and even catering to the customers and/or clients through the internet. Internet marketing is considered to be one of the most effective ways of marketing and largely due to the data proven analytics it provided after each and every campaign.

Another major factor to start adapting to technological transformation is to not leave behind the competition who have achieved the desired results by implementing internet marketing strategies. Therefore, technical skills have become a crucial part for SMEs and MSMEs across industries.

With internet marketing or more commonly known as digital marketing, a business is able to cater to the customer base more swiftly and efficiently. Considering, customer retention is the most valuable aspect to businesses around the world, loyal customers are the ones which make a business sustain longer in the market and for the years to come.

Therefore, customer retention can be imparted by targeting only the specific group of people which have the potential to convert from a lead to a customer. For that matter, audience targeting and retargeting is a long term process which takes time to generate results and full planning is done beforehand. 

Digital transformation after coronavirus
Digital Transformation’s emphasis is more than ever after COVID-19 crisis

At the end of the day, digital-first strategy is definitely here to say which means technology especially in the present times should not be overlooked rather put it for a profitable use such as marketing of your exports business.

SMEs & MSMEs – The Backbone of an Economy

Small-to-Medium Enterprises (SMEs) and Micro, Small & Medium Enterprises (MSMEs) are considered as the backbone of the country especially the developing ones such as India. As the name suggests, these are enterprises operating on a medium scale where the turnover ranges between Rs. 10 crore to as high as Rs. 250 crores in a given year. 

Improve MSEs and MSMEs through technology
Government takes initiatives for SMEs & MSMEs from time to time

As mentioned above, SMEs and MSMEs are the backbones of an economy due to the fact that these are scattered in huge numbers across the country where these cater to the audiences by selling products according to the requirement. Apart from this, these are important for a country because the businesses initiate exports not only within the domestic market but also export to international markets where the demand arises. Exports from a country have a positive effect on the GDP of the country as it brings in cash flow into the country. But to the contrary, SMEs and MSMEs such as B2B Exporters may often find themselves in challenging situations where there can be lack of buyers, brand awareness which hinders the performance of buyers. With technology, SMEs can be improved.

SMEs & MSMEs in context to Technological/Digital transformation

Now we know that how important SMEs and MSMEs are crucial, their growth and expansion is equally important in order to generate maximum turnover. This is where digital transformation comes into the play which – delegates internet marketing, improves efficiency within and outside the company and even digitalises the organisation processes for swift completion of tasks. 

Here on we will focus more on the digital and internet marketing part because that’s where most SMEs and MSMEs lack and are in need of.

Digital marketing can improve SMEs and MSMEs
Some perks of Digital Marketing for small & Export businesses

Considering most SMEs and MSMEs deal in the import-export industry, their target audiences are the ones which buy products in bulk & wholesale quantities in the industries like agriculture (most important), jewellery, handicrafts among many more. The main struggle arises to not find the right buyers because the marketing lacks the persona to attract most customers.

Digital Transformation can improve SMEs and MSMEs in the following ways:-

Improve Businesses by Digital Transformation

  1. Different marketing approach – With the implementation of technology in marketing and branding, SMEs and MSMEs can reach a wider audience which never was and never will be possible with traditional marketing strategies. That’s just the power of the internet and businesses can harness it for the good.
  2. B2B marketing – Since SMEs and MSMEs are businesses dealing with other businesses in a market, this can be said as B2B. Accordingly, the marketing approach will be B2B oriented. Some aspects of digital marketing with context to B2B are:-
    1. SEO – No matter what industry a brand or company is in, SEO can bring them fruitful sales, leads, brand awareness and most importantly making them a credible brand among the stakeholders. Targeting proper & long-tail keywords and being more specific to the target audience should be emphasized.
    2. Social Media – Social media can definitely at times be boring for B2B companies but a different approach according to the audience can be fun and interesting. Posting company insights like how work is done in the factory, industrial insights & news and being a little more transparent attract eyeballs. People are often curious to check out what exactly happens behind the doors and providing them with exactly that in a subtle way can be a good social media strategy.
    3. Content Marketing – One of the most effective is content marketing where the brand conveys the message through blogs, images, infographics, videos, short videos etc. It is extremely helpful for SEO and driving traffic. Different forms of content drive interest among the audiences.
    4. E-mail marketing – This is considered the most formal way of marketing for B2B businesses where B2B leads are targeted through e-mails. Here a mutual understanding can be built and conveying the message and how it can benefit them in the long term
  3. Advanced Customer & Inventory Management Systems – Adopting technologically advanced software to manage customer & inventory can go a long way where tasks become swift and automated. Less human intervention increases the efficiency of performing certain tasks.
digital marketing in exports and SMEs and MSMEs
B2B platforms aim to expand exports businesses

A perfect example of digital marketing put in place in B2B is in the export-import platforms also commonly known as B2B platforms such as Global Trade Bazaar where all parties here are B2B businesses. In an export-import industry, a seller or exporter is looking to sell its products in bulk be it domestically or internationally and that’s where digital marketing comes into play. The exporter’s website will be created and when there’s a website, SEO can be implemented to drive sales through search engines when visitors visit the website. A website for a business is considered as a strong asset.

Similarly, a social media strategy can be to run campaigns and get buyers for the exporters to sell to. Google Ads is a great form of inbound marketing where search ads are run on search engines and appear on the topmost rank for particular search queries.

Technology is here to say and those businesses who haven’t hopped on to the digital transformation train are definitely missing out on sales, branding and most importantly even revenue.

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