Implementing various marketing and advertising strategies for SME growth in India is extremely important. SMEs makes for an important part of Indian industrial sector and contributes significantly to the Indian economy. Having said that, there is n number of SMEs operating in India that gives cut-throat competition to each other. This makes advertising and marketing an important element for SME growth.
However, in situations where every single spending is monitored due to less liquidity of funds, expenditure on advertising may seem overhead. But there is a saying “IF THE WOLRD DOES NOT KNOW ABOUT YOUR PRODUCTS AND SERVICES, THERE IS NO USE OF MANUFACTURING THE BEST QUALITY PRODUCTS AND SERVICES.”
So, not spending enough on marketing is the wrong approach. Whether big or small, all businesses need advertising. It brings brand loyalty, credibility, and helps in building a strong customer base. And when an SME thinks of investing in advertising, all it needs to think and give due importance to is the tools and methods to be utilized.
Rightly chosen methods and tools for the target audience and their correct utilization will work in both ways, returns as well as costs. Thus, the cost can be minimized and the results can be maximized. Read on to know a few things that an SME owner must consider when using advertising for SME growth and expansion.
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No advertising campaign will work without proper research. You must know who the target audience is, what they are interested in, and how you will present it to them. The research will help in identifying all this. It does make sense to know all these factors before just preparing to serve anything to the audience.
In addition, proper research will help in identifying who the present customers are and who must be targeted (potential customers). It is suggested to also research the marketing and advertising methods used by the competitors.
It is important to take the expenditure of hiring a full-scale advertising agency as an investment. It is okay if you cannot hire a top-notch advertising agency. But it is important to hire a small agency which is efficient in its services. Advertising does not work on its own. It is dependent on strategy, creative thinking, and brand position. So, you will have to hire an agency with professionals in order to achieve your advertising goals.
It is imperative to check if the mode of advertising that you are employing is working or not. If you are using traditional methods of advertising, such as print and mass media, the advertising impact can be tracked by finding if there is an increase in sales. Depending on the time when the ad was put on, the impact can be tracked and linked to jump in sales if any.
If new media, online advertising, is used, then the tracking metrics used by other platforms, such as Google AdWords and Facebook can be used.
When it comes to advertising for SME growth, a lot of efforts are being directed on online advertising these days. Online marketing, or digital marketing, includes advertisement on Google and boosting ads on Facebook. Sponsored ads on Facebook can also be used.
When digital marketing is being used, it is important to understand that conversions take time. And therefore, the patient is the key here. In addition, it is crucial to target the right customers and demographics. You can get a sense of frequent visitors on the website and page- this will help in understanding the target customer base.
If done right, online or digital marketing can be very rewarding for the business. In most cases, it builds up brand loyalty leading to new and repeats customers.
Advertising is certainly an optional tool for small and big businesses. You can make it work for you to reap rewards and build brand loyalty.