Marketing Solutions for Micro Small Medium Enterprises (MSMEs)
“Having trouble finding good employees? Facing a lack of liquidity in running your business? Do your customers interact a lot? Is there too much competition?”- Well, you are not the only person who is facing these issues. Perhaps you need to find smart ways to market your product/service and compete with leaders who shine again.
Well, the biggest sector where MSMEs get sick is raising capital to run their business. But this is just the tip of the iceberg. It’s more important for us to understand how you run into a cash flow or liquidity crisis. The most important thing in growing your business is that money is not the answer to all your problems, and you’re not just facing all these problems.
Here are 5 marketing solutions that you can use to take your business to the next level
1- Build People – They’re the pillar to build your Organization.
Startups are typical cases of leaking buckets and are, therefore, a group of MSMEs. The biggest reason is that your top performers left your organizations behind. Charting the growth path of top performers sees how they’re growing personally and professionally. You will know, they will beat the organization. You should try to maintain them. However, more importantly, you need to make sure that a next man is ready to fill their and that their subordinates have learned from them.
2 - Budget! Budget! Budget! - do it Right.
The budget is only prepared by finance, but it is a collaborative approach of all departments in which procurements forecasts price variation and buying period, HR growth provides for personal and ancillary costs, marketing provides sales of activities and expenses, predicts receipts and sales projections which are carried out by the finance department to determine the company’s financial outlook in the coming months.
3 – Marketing- it’s not sale!
Marketing is the backbone of sales, but if we look at MSMEs and startups they have the sales team, but no marketing team and therefore, market research, market collaboration, customer feedback, customer retention, product or service improvement not up to the mark is. Thus, this is much neglected area of marketing doesn’t give momentum to the company. In addition, a right marketing person is one who has worked in sales for years and has learned about industry trends, consumer behavior and small things.
4 - Business development is like Mr. India – Invisible
Most people do not know this aspect of the business or merge it with sales. Help me to understand you can only milk a to the maximum extent within a set time. So what do you do if you need more milk? Very easy! Find another or develop other products from milk that can get more value (benefits). In fact business development is all about finding new sources of revenue to ‘grow’ your business or take it to the next level.
5 - 'PR' stands for Progress Report of your company!
I always believe that 'PR' is not public relations, but it is your company’s progress reports it can tell you everything you need to know about your company. If your company isn’t known to people, then this is a story to tell about your growth. If there is no visibility, there will be no trust or credibility and therefore no profitability. If I don’t tell my own tales, how people shall know my journey?
These are 5 simple Marketing Hacks that can work on, in your company to the next level. Remember this is not a onetime activity; it’s a continue process and the functions mentioned above have to work in tandem like body parts and not independently.