Small and medium enterprises (or fun-sized, if you will) can have a powerful market presence. In the words of Shakespeare: “though she be but little, she is fierce.”
SME marketing is the key to maximizing growth.
A good strategy targets customers’ precise pain points to increase brand awareness and conversions. An SME should aim to build consistent marketing campaigns across multiple digital channels. Through this, a business can establish a strong brand reputation that promotes loyalty and trust.
Let’s dive into the top SME marketing trends.
By the end of this article, you will learn how to build an effective digital marketing strategy for your business.
SME Marketing Strategy
While SMEs tend to target a smaller market, this can have certain advantages.
For one, although a bigger business can reach a wider customer base, it may take a more general approach as a result. Meanwhile, an SME can focus on a specific audience. More targeted and personalized marketing enables a business to attract favorable leads and connect with customers better.
Admittedly, bigger corporations have more resources to expend than SMEs. However, they’re also limited by more approval processes. With a shorter chain of command, a smaller business can wield more speed and flexibility in its decision-making process.
You’ve probably heard of AIDA, the time-tested sales and advertising model:
Awareness – Attract and engage with consumers who are unaware of your business.
Interest – Convey to potential customers how your products or services could benefit them.
Desire – Build trust in your brand’s value.
Action – Present a call-to-action that converts leads into customers.
While AIDA still provides a solid framework, innovation in technology has infinitely expanded the possibilities of marketing today.
SME Digital Marketing Strategy
The advent of the internet has changed the world of SME marketing. Businesses can now leverage social media and online marketing channels to expand their market reach. Digital mediums have also made room for more creativity and versatility in content marketing.
It’s not just a one-off event, either. Businesses must find and create opportunities to continuously and consistently engage with audiences across various stages of the marketing funnel (tofu/mofu/bofu):
- ToFU: Awareness and engagement
- MoFU: Consideration and remarketing
- BoFU: Conversion and retention
However, this boundless potential has been made available to all businesses. With so many fish in the sea, one must fight to make its mark—specifically, its position on SERPs. In SME digital marketing, understanding the benefits of SEO is crucial to boost your website’s Google search engine rankings.
SME Marketing Funds
The funding options available for small and medium-sized businesses vary depending on country and industry. For instance, Singapore SMEs can tap funds for digital marketing through the Productivity Solutions Grant.
While self-funding is always an option, there are many ways that small business owners can receive external funding. Examples include investors or venture capitalists, crowdfunding, loans, and grants.
SME Marketing Trends
New technology and changing demands contribute to an ever-shifting business marketing landscape. Here are 5 of the top SME trends today.
Video Marketing
Video ads are not limited to one platform and are an effective way to market SME products and services. Visual and auditory elements make video content more engaging than still images or plain text.
Video marketing can also create familiarity around your business. For instance, you can upload a tutorial or course on how to use your products and services. Having a face or voice representing your brand can help offer a more authentic and personal feel.
Instant Messaging
Instant messaging is a direct way to connect with customers and build loyalty and trust. Having a platform for first-hand communication with your company gives users an easy and practical way to write in for support or inquiries.
Be sure to prioritize efficient responses too! Quality customer service is essential for creating a positive reputation and building better relations.
Virtual Events
The rise in online business communications in recent years has made virtual events a necessity, and even a preference for many. Global Newswire estimates the global virtual events market to reach USD 504.76 billion by 2028.
Participating in events with a relevant industry focus is a great opportunity for companies to interact with potential and existing clients. Since technology isn’t limited by geography, even an SME can extend its reach worldwide through virtual event platforms.
Social Media Advertising
With 4.76 billion social media users across the world, a robust social media presence is essential for brand exposure. Social media marketing allows you to serve content to both broad and niche audiences.
A business can leverage multiple platforms for content marketing. You can also promote sales of your products or services through paid ads and campaigns. Social media platforms also provide demographics, allowing businesses to identify their target audience more clearly.
Influencer Marketing
One pillar of social media marketing is influencer marketing campaigns. There are influencers across various niches, from lifestyle to entrepreneurship, with a wide following and—well, influence.
A business can leverage an influencer’s pre-existing audience to market products through collaborations and sponsored posts. This has the ability to expand market reach and enhance brand reputation by association with a well-loved figure.
SME Marketing Tips
Now that you know the top trends in marketing, here are a few ways to make the most of your SME strategy.
#1. Determine your marketing goals
Of course, a business wants to achieve success in all areas. However, different achievements require different strategies. By setting specific and measurable goals, a company lays out a definition of success for each of its marketing campaigns.
Are you looking to raise awareness, generate new leads, or increase revenue from sales?
The bigger picture is important, but so are the details. Businesses should also develop customer personas to better understand how to connect with their target audience.
Determining your marketing goals guides short-term plans and actions in support of your long-term vision.
#2. Use data analytics tools
In digital marketing, you need to make data and technology your best friend.
Data analytics tools help you evaluate the success of your marketing campaigns. They also display the sources of your website traffic and key audience demographics.
There’s often more to data than meets the eye. For instance, higher engagement is not necessarily positive. If users are spending a long time on certain pages, this could mean you need to make your website layout more user-friendly.
Such insights are invaluable in guiding your future digital marketing strategies.
#3. Combine the 3 types of media
Like sugar, spice, and everything nice, marketers can earn success by taking advantage of the 3 forms of media:
- Paid media – Paid advertising, such as search ads and sponsored posts.
- Owned media – Digital content a business creates and controls, such as a website blog and social media content.
- Earned media – Positive coverage that enhances a brand’s reputation, such as reviews and customer recommendations.
The three work in tandem to boost exposure and sales for companies on various platforms.
#4. Stay on top of industry research
All industries are constantly shifting to accommodate consumers’ changing needs and demands. With technology in the picture, we can also expect the ways businesses operate to evolve in digital maturity.
SMEs have a slight edge over bigger companies, with the flexibility to respond more efficiently to market trends. So be sure to make full use of this by keeping up to date on all industry news and trends.
Conclusion
Size isn’t a limitation when it comes to strategic business planning. Effective marketing can give your SME’s reputation a needed boost to rival the big guys. In the digital age, you want to ensure consumers are finding your website.
SEO is an essential skill to improve organic traffic and search rankings.
In SME digital marketing, you compete with all sizes of fish in the sea. Still, a pretty koi fish is much more recognizable than the bigger common carp. Creating a distinctive brand identity can set you apart from the competition.
So be sure to learn how to market successfully in Singapore.
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