SME stands for both small and medium enterprises. In most cases, these businesses do not have enough resources to reach customers at a far place but with the right kind of strategies then reaching customers may no longer be a problem.
In this article, I managed to put together a list of some important aspects that may help this kind of business thrive the current harsh market conditions. These aspects include:
Advertising
Advertising may be one of the most expensive but convenient aspects that a business may face. Advertising however does not have to be done using the expensive sites or channels. In my opinion, i would recommend that a small business owner opts for cheaper means of advertisement which may include posters or social media posts. Trust me if I told you that a properly crafted social media post has a potential to land you to some of the most profitable opportunities.
Existing customer satisfaction
Existing customers are always a chance and potentially your free advertisers. Existing customers have friend and there are possibilities that these customers will tell their friend how great they feel after the service you offered to them. A friend would also want a similar item and they may ask about the purchase place and that is how your existing customer links you with a new customer who would do the same if the quality of service is great.
Market education
Market education is more about telling people about your product. But in our case consider an incident where you just visit a market that didn’t know about your existence or the kind of products or services you offer. In this occasion you might find someone who has been looking for what you offer and that is probably a deal done.
Market segmentation
Market segmentation may help you reduce your costs but as well help you reach more people. Cost reduction is where you deliver to a certain market what they need and reaching more people will be achieved where delivery is timely done and proper quantities are delivered. A market segment will definitely land you to a more satisfying marketing strategy.
Go online
Going online is where your business operates online. One of the most prominent businessmen once said that if your business is not on the internet then you are out of business and I consider this true. A business available online has higher chances of reaching many people. You do not have to own your own website because you can easily open a shop at an online store like Jumia, Ebay or Shopify.
Collect feedback
Customer feedbacks are considered as a reflection of what your business has done and what has not been done. I would advise that you ask your customers how they feel about your business and also consider knowing what other people say about you. This will help you know what needs to be done and by doing things right, you end up gathering more people.
Right product quality.
I wouldn’t be wrong to say that one of the best ways to compete with your competitors is by offering a product better that what they offer. As a business owner, consider delivering the best to your customers and they owe you a free advertisement to their friends.
very helpful
nice
Have learnt something helpful
Great business analysis insight, Thanks for sharing.