In the 21st century, SMEs are rapidly increasing. SMEs (Small and Medium enterprises) are the ones that appoint a large portion of India’s working population, but they always face the risk of not being able to keep their team intact. India is the second largest base of MSMEs/SMEs in the world. These enterprises are involved in the manufacturing of over 6,000 products which cover both traditional and hi-tech appliances.
They are able to add a lot of value to the country’s GDP and account for the majority of its business, but they are rarely able to scale up and the majority of the time, this is because of lack of proper marketing and sales.
Now the question arises how you can effectively market your product or service to achieve the growth you deserve. Marketing has always been the vital wedge for a business irrespective of its size. That said, SMEs can all the time propel their production through marketing. Marketing can be both online and offline and are equivalently helpful for growing an enterprise.
So,Insellers is eager to take you through this micro voyage of online marketing for SMEs and help to achieve the targeted goals.
First, let us take a peek at what online marketing is. The marketing procedure, Internet being the base that uses tools, protocols, and methods to promote items and services. This marketing type is also called Digital Marketing, Internet Marketing, and Web Marketing.
List of Online marketing strategies for SME
There are mainly Ten types of online marketing to look for. They are-
- Search Engine Optimisation (SEO)
- Email Marketing
- Pay Per click
- Video Marketing
- Content Marketing
- Social Media Marketing
- Network Marketing
- Affiliate Marketing
- Contextual marketing
Why Online Marketing for SMEs?
Living in this digitized generation we are always attached to one or other technology. The internet has become an unavoidable part of our life. So, it’s the best way for SMEs to correspond and connect with their audience.
Some of the merits of online Marketing are
- Minimum expenses
- Excellent conversation rate
- Promotion of customer service
- Provides a competitive advantage
- Potential in numerous platforms
- Absence of a geographical barrier
Online Marketing Channels
Now since digital marketing has the internet as its base, there are many secondary channels through which when used in a well reconcile fashion, will give the best results.
A maximum Return On Investment (ROI) is always the target for any campaign or marketing bid. Irrespective of what’s the budget, the focal point will always be the biggest bang out of the bucks.
This targeted ROI can be achieved by wisely opting for various online channels. Insellers have specially fabricated the details of the online channels to help SMEs in online marketing.
The website is one of the best channels and one of the important too. This is the place where all the critical and permanent pieces of information get displayed for the world to see. A particular website acts as the professional interface between the customer and the proprietor.
A particular website is the first impression of the enterprise, so it should always offer a good one for the very first time only. It should represent all the characteristics of the service provided or product manufactured by the enterprise.
People do a lot of work online, and it has been seen that a person is present online for 6 hours and 42 minutes on average per day. It’s always possible for your website to pop up in search results. Along with this, the web traffic generated from search engines is almost 95%.
There are some metrics which will help to enhance the quality of the website.
- Site Audit
If we put it in general terms, it is a process of analyzing all the factors related to the visibility of a website in search engines.
There are many online available tools available for helping in completing your site audit.
SEMrush, neilpatel.com, WooRank, Alexa.com are some of them.
- Web Analytics
In this process, we particularly get to know the traffic we are getting along with the audience personas.Precise scores of traffic and detailed demographic of the audience, page view, cookie, session duration, bounce rate, acquisition, behavior, conversations, etc.Google Analytics is the best for the comparison of said properties.
The contents of the website should always be optimized for its better rank on SERP (Search Engine Rank Page). 90% of users often don’t visit beyond the 1st page so it’s important to create good quality contents that are search engine optimized.
- Social Media
Social Media platforms have enormous users active at a time. A person tends to spend 144 minutes on average on social media per day. It’s good engagement and attracts more traffic making it a big player in online marketing.
It has the potential of community building since people actively reach out to their necessities. 4 out of 10 people follow their favorite brands on social media.
At the present day, there are so many social media platforms- Facebook, Instagram, Twitter, LinkedIn, Pinterest, Snapchat, Reddit, etc.
There is a huge increase in the number of users reaching social media for research or buying decisions hence incrementing ROI. Moreover, they have inbuilt analytic tools.
While concentrating on marketing through social media platforms we should always keep the points in focus are-
- Relationship with audiences
Some tools for managing social media contents are
Canva – Social Media Graphic
Trello – Content Calendar
Grum – Scheduling Tool
Ripl – Crafting and Measure Social Media Content
Social Blade – Social Media Statistics Tracker
It’s marketing or promoting the brand through commercial messages i.e. e-mails.Marketing through emails has a high frequency.The marketer or the sender gets full-fledged control of the message that would be sent.That said, it gives a gateway to personalization and customization. Different segments of the audience can send divergent messages according to their interests and demands. It’s also cost-efficient and has the best ROI guaranteed from any other channel.
Global audience can be reached with sophisticated segmentation.These benchmarks have been given by mailchimp
Some points to keep in mind regarding emails are-
- List Building
The list of audiences who will be e-mailed should be collected through organic mediums. Such as subscription, sign-ups, learn more, report download are some that are used. The most important point to remember is to never buy an email list.
- Key Performance Indicators
The Performance of a campaign is maintained through some metrics.Open rates, Bounce rates, Click-Through rates, Traffic and sales generated, and Un-subscribers. Mailchimp and Sendinblue are the two best email marketing tools at present.
- Video Sharing
Marketing through sharing Video is also most common. Consumers like to watch rather than read.One-third of daily online activity is spent watching videos. It’s a great way for enterprises to showcase their service. Every month there are 18 videos on average published by marketers.That said, its ROI is more than 75% as detected by proprietors.The reason for its high engagement acquiring capacity is
- Better understanding of the particular service.
- Great conversion rate of website
- Its audience retention rate is high.
YouTube is the largest video sharing platform today. According to statistics 5 Billion videos are watched on youtube every single day. This also pushes a lot of traffic.
There are other platforms available like MX Taka Tak, Tik Tok, Like, Helo, IGTV, Vimeo, etc.The video contents for other social media are also cupids of traffic.
- Online Aggregates
In this particular channel, the goods are sold under an aggregator. Here the price/rate is also determined by the aggregator.The aggregators act like the glue that helps to connect businesses and enterprises with other platforms or sectors.
It has a good ROI promise since
- Various services for different standard prices
- Heavy Brand Exposure
- Reduces both Production and Marketing cost
- Promotion in broader market
- Product differentiation leading to good comparison of goods.
Some popular marketing aggregators are Amazon.com, Flipcart.com, Indiamart, etc.
- Online Advertisement
Online advertisements are various kinds through which the promotion of products and achieve the desired target of ROI.
It has come to attention that online advertising drives an 80% higher rate of store or website visits for local businesses. Also, global spending on advertising is more than $13 billion.Ads are basically paid means of marketing. Marketers have to bid according to the strategy.Ad Networks that are much popular are SEM, PPC, Display, Universal app campaign, video ads, leads, sales, etc.
Google Ads is the best online advertising platform. Besides this social media can also be used for advertisements.
The overview of Online Marketing for SMEs has provided various data and facts. After surveying these and putting them into action, there will be a significant outcome for your enterprise. The ultimate decisions depend on the service provided and on the marketer. Nevertheless, the way chosen, the targets and goals set should be accomplished to have a healthy business. Try everything and settle for the best.