The impact of COVID-19 has triggered a need for SME’s to increase their digital marketing efforts. With consumers spending up to 55% less (Ipsos) and ordering online, the key to launching a start-up or expansion could be in your marketing strategy.
If you aren’t quite sure whether to reach out to a Startwise expert for some direction and support, let’s cover some of the basics of marketing.
For any start-up the question is do you have a product or service that will meet your customers’ needs. Is there a demand for it in South Africa?
For any established SME, you may be at the point where you are looking at diversifying your product range. Whether it be expanding on your existing product, products that enhance it or perhaps splitting your portfolio to meet the demands of a new industry.
As most business owners know, pricing your product is the tricky part. You need to conduct some market and competitor research to see what other products are there and their price points. More importantly, what are consumers willing to pay for your product and how much profit are you looking to make?
When expanding your SME, you may be looking at what price increases would be deemed acceptable. At all times, consider the manufacturing costs and your overheads to ensure your business can operate at a profit.
Place is an important factor when looking at your marketing strategy. In our digitised era, we no longer only consider the geographical locations of businesses and consumers, but where we can advertise online in order to reach them.
If you are trying to grow your SME business, you may want to think about new kinds of customers you can target and how to reach them.
With the above mapped out, it’s time to pull it all together and decide how you are going to promote your product or service to your consumers. If your marketing strategy is aligned and carefully executed, you can reach the right audience, at the right time, with the right product and at the right place.
Contact one of the Startwise marketing experts for advice on any of the above. They will help guide you on all four P’s of marketing to help you grow your SME business through your marketing efforts.
Sometimes all you need is some quick marketing advice and you’re all set. You can also achieve the results you are looking for by hiring a consultant instead of a full-time marketer.
Join Startwise today, navigate to the Marketing & Sales category and chat to a marketing expert.