SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 26 Sep, 2014  

Internet banking generic THMB Adopting cost-effecting tools can help SMEs succeed

internet
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
Bikky Khosla | 23 Jun, 2009
It's understandable that when the economy is down and out and one needs new customers as well as more sales from existing clients, one is in a dilemma whether to increase one's marketing efforts, or to save money. It's also equally true that  small and medium enterprises (SMEs) cannot do conventional marketing because of limitations of resources and also because SME holders think and react differently from the marketing decision-making practices in big companies.

Since SMEs will never be able to compete with large companies when it comes to brand promotion or marketing, they (SMEs) have to make use of cost-effective tools. And if you thought that it isn't possible, you are wrong!

Interestingly, SMEs have several inherent advantages compared to large enterprises. Being small gives them greater flexibility in operations to respond quickly to changing customer needs.

Having said that however, most SMEs have difficulty in describing in clear terms the products they are selling. They are unaware of or are unable to bring out the features that buyers want to know. The worst part about SMEs when it comes to implementing a marketing strategy is that they try to do things cheap. This is actually more harmful. Firstly, you will hardly get any results and secondly, you stand to lose on the small amount of money you had put aside for marketing your products.

But the sorry state of affairs doesn't end here. I'm quite surprised to see that most SMEs don't see the Internet as a medium to promote themselves and their products. They still shy away from entering the domain which can give them not only easy access to potential buyers but also help in branding, which is of utmost importance.

Many entrepreneurs to whom I had advocated the internet as the best medium with which to promote their company and their products, say it didn't work out well for them. One needs to understand that by just creating a website and expecting it to bring in enquiries and expecting it to translate into revenue is completely wrong. It is not going to happen.

Even when going for the Internet to promote one's company and products, one needs to be very clear about 'who one's customer is' and 'what he or she is specifically looking for.' Like offline or traditional marketing, promoting via the Internet too is not an easy task. It needs a fair amount of thinking and planning. This in actuality calls for professional help.

Today, for SMEs who want to adopt the Internet as their medium for marketing and promotion, B2B portals come very handy. Since these portals are proficient in online research, strategy development and in monitoring individual companies' performances, they can be a ready reckoner for one's online marketing and promotion strategy. It's relatively inexpensive when compared to the ratio of cost against the reach of the target audience.

When traditional means are not working, it calls for a change in one's strategy. The principles of business call for change according to market dynamics and adopting the best. Are we doing the same?
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

Cost Cutting
ashwin | Thu Jun 25 06:03:56 2009
Let us please focus on one important factor which all of us are very much dependent upon our for production of goods. In Mumbai where we are based when yu get a 200 plus per cent systematic increase in Power tariff in the last quarter , what are we supposed to do ? Do we pass it on to the client or do we cut on labor, machinery, quality....how do we justify it ? How does the so called negative inflation reflect these increments ? Where do see such a preposterous increase in just one quarter ? Why has this situation happened ? Has any Government body raised a voice ? Has the Industry body raised its voice ? Answer is no. Why ? Because according to Reliance they are doing this with the blessings of the MERC, which is a Government body. Btw, our first doubling in tariff has come with changing of our electric magnetic meters to their electronic meters, for which we have been fighting for 6 months, why so ? We suspect the meters calibration is running faster and we want to compare this with other meters available in the market, but we have not received any answer from Rinfra. Why are they afraid to run independent tests, has MERC given the green signal to calibrate the meters faster? Really we in the Industry are always fighting with one or the other department or official instead of using our energies on creating something productive. Trade-India team shud do a little survey on the effects the Industry is having in these diabolical increases almost every month now.


SME's
Ravi Kumar Ajitsariya,Guwahati | Wed Jun 24 08:43:34 2009
With the greater compitition from the foreign products, perhaps the Indian small and medium industries have taken a back seat in the current scenerio, instead of fighting with those foreign companies, they have choosed to succumb. Now, with the apathy of the government, now the SME have no way to go. They need to boost their quality and advance their marketing strategy. I think this is the best way to thrive.

  Re: SME's
rkiran.metro@yahoo.in | Thu Jul 30 13:08:17 2009
subscribe MSME REVIEW



Murtaza Sakarwala | Wed Jun 24 07:11:26 2009
Dear All. My conection with this portal is very new, I as a cutomer had posted few inquiry and I am very happy with the responds from the suppliers, I think this is the correct time for SMEs to take advantage of the dull market condition by offering competitive rates, due to their low overheads,where the large organisation have difficult time in sustaining high operational cost.


Adopting cost-effecting tools can help SMEs succeed
Satwinder Singh | Wed Jun 24 04:00:24 2009
Mr. Khosla your take on SMEs is correct. Can you suggest people like me who are into Insurance sector(Non- Life) as Surveyor & Loss Assessor about increasing client base. I mean getting to work with some tie-up abroad to help some foreign non-life insurer. I am into assessment of Non-Motor losses(Marine Cargo, Engineering & Miscellaneous).

  Re: Adopting cost-effecting tools can help SMEs succeed
rkiran.metro@yahoo.in | Thu Jul 30 13:09:05 2009
subscribe MSME REVIEW


 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter