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MSMEs need to try innovative marketing strategies
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Bikky Khosla | 21 Jun, 2011
Traditional Micro, Small and Medium Enterprises (MSMEs) usually rely on word of mouth approach to increase their customer base, but the market realities and rules of engaging a customer today have changed. A huge chunk of the country's MSMEs today face stiff challenges of marketing their products. Undoubtedly, all will agree, that weak marketing today is a main constraint for the sector, which otherwise could have done much better than what it is doing now.
I strongly believe that in today's market context, increasing one's product basket and confined to being a part of the supply chain is not enough at all. Each and every MSME now has to find a niche for itself to market its products through either through strategic alliances or directly.
What saddens me is the fact that most MSMEs are missing out on one essential requirement - that is to focus on brand management. The players of the sector need to understand that marketing is no longer a specialized activity and it encompasses the entire business and is thus of utmost importance for a healthy business.
MSMEs also need to understand that every aspect of marketing, be it their products, channels of distribution, pricing, or marketing communications, affects the customers' response to a product or service tremendously. They need to see from the customer's point of view and then decide their marketing strategy.
There may have been occasions when many potential customers had probably shown an interest in your products or services in the past, but didn't end up buying due to several reasons. You must ask yourself this question: have I tried to keep them interested in my products? Invariably, by keeping past customers within one's reach, one can drastically increase the ability to spread news of one's new product range in the market.
Moreover, most MSMEs feel that marketing via the web is a wasted exercise. You cannot be more wrong, if you think so. If you have not been generating revenue via your web presence till now, I think it is time you adapted to take advantage of this medium. Tens of thousands of companies have profited from their presence on the web...you could be the next!
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Marketing Strategies!
Ajay Agarwal | Tue Jun 28 08:11:20 2011
I second the article, it shares my view on the current scenario of the Indian markets. I am an MBA from the US and I know what is expected to be done to attain success, however, this is not easy in a country like India. Having said that, it is also not impossible to achieve it.
We need brands and for the same brand management is very important. I handle my Dad's traditional business and at times it becomes difficult to make them understand a few trends in the market
MSMEs need to try innovative marketing strategies
SUMIT DEY | Mon Jun 27 06:29:37 2011
In the editorial as mentioned the editor has not missed focussing his product i.e business thru web but what is need to be understood is the difficulties faced or inhibitions of an enterpenuer in marketing his products and most suggested is getting in depth of any media one is concentrating on. Because hail done anything is or will never be fruitful.
Agree with your opinions
Judy Green | Mon Jun 27 02:05:10 2011
I do agree with opinions of you and you remind me of something important. Thanks very much.
Question
Devesh Sharma | Sun Jun 26 09:06:22 2011
How i can take the advantage to increase my business through web. I am in the business of food products like Pickles, Jams, Sauces, Tomato Ketchup
Incentives
Nazmi Abu Ali - Jordan | Sun Jun 26 00:16:17 2011
should find fast marketing strategy solutions , as competitors from other countries will fill the gap , then it is difficult to get customer's back - ( customer from jordan)
On line promotion
Pradeep Badam | Sat Jun 25 09:27:01 2011
Hello,
Article is self explanatory to all the people those who are involve in on line promotion of their products.
But most of the times customer will not buy with us after getting enquiry, main reason behind this is in Indian market most of customers will go with price variations & compare with cheaper products instead of quality products.
This is my experience in present working company.
marketing with new age tools...
mathew jacob | Sat Jun 25 04:26:06 2011
marketing and advertising with new age tools is very important for a small business to be successful.
over a period of time the medium by which customers receive information has changed drastically.
TV Internet and mobile are the mediums by which they get information and entertainment.
mobile and internet can be used for penetrating the niche market an sme is trying to focus like never before.
penetrating a niche market has become easier because of the usage of internet and mobile telephony by the masses and could be leveraged for positioning your brand
Product launching strategy
vimal pasari | Fri Jun 24 16:31:38 2011
This is most timely editorial in my life time.This is such a time when I am going to launch my first Imported Electrical Kitchen Appliances business in North Eastern region Of India.
My main motto is to established my brand name in the Indian market.
I would be thankful to you if you would guide me or give me some tip to take my products to every household.
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