The SME marketplace has become highly competitive with speed and change taking precedence. Today’s customers expect more features and new updates on a regular basis. Also, the rise of new technologies and platforms are affecting the way they are doing business.
Many of them are realizing that a market-driven approach is needed to market their products. Above all, a knowledge on the market is extremely important, develop and sustain a strong position in the market. Here are some ways in which SMEs and startups can market their products effectively.
It is a very simple yet a powerful way for an SME to market its product. Email is something every individual check daily. As per ExactTarget, 91% of consumers check their e-mail daily, and according to The Direct Marketing Association 66% of consumers have made a purchase online as a result of an e-mail marketing communication. The best way of email marketing is that once the company has the client’s data entrepreneurs can send updated feeds all at once. This way the clients will be updated about the developments of the products or brands. Nowadays every e-commerce portal, sends email notifications with the offers, coupons and new arrivals to attract their clients.
When it comes to Leaflet distribution everything depends on the target market. It is also a good way to inform clients about product availability, coupons, discounts but not in a large way because the product or service will limit the clientele reach. For example, if somebody owns a local restaurant then it could be easy to share pamphlets and leaflets in the locality. Whereas restaurants which have outlets nationwide it will be difficult. Box8, a Mumbai-based startup restaurant distributed their pamphlets near the crowded and corporate areas available in the locality where there is a requirement for good food so that they reach maximum clients for their products.With over 2,000 transactions per day, Box8 has grown 10x in the past 15 months. The start-up is currently present in Mumbai and has 22 delivery units across the city. “We want our customers to keep coming back to us and therefore making the end-to-end experience frictionless for our customers is very important. We manage the technology, product and delivery therefore allowing us to have complete control over customer experience,” said Raj and Anshul Gupta cofounder. Box8
Organizing Public Speaking Seminars
Organizing Public speaking is another way to market products or services where the entrepreneur can engage more and more people and attracts them to avail. For example, Niranjan Yadav, the founder of Switch Idea a portal which provides internships and fresher jobs to students explains that he often visits schools and colleges to organize the seminar for empowering youths about internships and he revealed that he has received a great response through this. So it is a very innovative way to promote products or services.
Networking can be a great way to market the products in front of the existing market people. Whenever an entrepreneur attends an event related to his or her products or service it becomes easy to connect to people and build a referral network which will help in a long run of the business. Networking helps a person to interact and exchange views on the new and existing and in turn attracts more clients in the business.
Social Media Promotion
This is the fastest medium to market SME Products or Services. Through Social media promotion, the SME will not only connect with its target customers – whether at a local, national or global level and at very little cost. There is a wide range of social media platforms available for the SMEs - Twitter, facebook, Instagram, where they can market their products and reach to the maximum amount of clients for business. Nowadays every business has a Facebook page. Therefore the following steps are listed through which an SME can market their products:
- Setup Page: When an SME set up a Page, he/she can request a web address such as "facebook.com/yourgreatcompany", which makes it easy to find. To maximise the impact, include this address on business card, website and other marketing materials.
- Identify the audience:Not only one can reach more people through Facebook but one can reach the specific people who are most likely to become customers.
- Make Business Come Live:As one post updates, photos and more, think about what customers find interesting and inspiring. Experiment with different kinds of posts.When one notices that a post is getting a lot of engagement, promote it to reach even more people. When people like, comment on or share posts, their friends are also eligible to see those posts in News Feed.
- Advertise: One can use Facebook Adverts to raise awareness, stay connected and drive sales. Boost posts so that more people will see them, or create targeted adverts for different audiences based on their location, interests and more. one can set budget and measure the results of every advert.
- Measure and adjust: Find out what's working well so one can maximise the impact of every post and advert