(Newswire.net — December 19, 2017) — Every year presents trials to small and medium-sized enterprises (SMEs), old and new. According to the 2017 research by professional business software solutions company, Sage, managing the demands of a business while dealing with time-consuming admin remains a persistent issue, while new challenges in the form of staying updated with the latest best practices for SEO and online marketing have become increasingly difficult as technology and business continually change and adapt.
OECD reports that as business becomes more globalized, problems of utilizing modern technology and staying informed are becoming more acute, so it is more important than ever for SMEs to understand their shared issues around the globe, and the means to not only counter short-term issues, but enact long-term policies which will encourage long-term growth.
1. Knowledge is power
Entrepreneurs have admitted that between marketing a service, handling admin and trying to establish growth, staying informed of the latest industry-specific best practices, trends and technologies is often neglected. Yet, so often it is emerging techniques which help reduce workload or offer market advantages. Thus, SMEs must take steps to enshrine staying informed into the philosophy of the business and emphasize this duty among employees. Team members can share responsibility of monitoring blogs, podcasts and magazines to stay well-versed, and regularly share ideas about important developments.
2. Automation is the future
Machine learning is the form of AI whereby a program is capable of learning without further developer input, and it is rapidly being adopted as a means of automating time-consuming, repetitive tasks. For instance, businesses with cash flow issues can now utilize software to automatically generate invoices, send reminders to customers and integrate with cloud-based banking apps to make payments fast and easy. The number of uses are growing rapidly while the technology itself is quickly becoming more affordable. SMEs will not only reduce their workload by automating admin tasks, but will have more time to dedicate to growing the business.
3. Grow your mailing list
According to the Data & Marketing Association, e-mail remains the “number one digital channel for ROI.” SMEs that are struggling to encourage users to sign up for their mailing list can use a marketing automation service to include an attractive pop-up on their website. Placing a sign up on the site’s About page is also highly effective, as most users who want to know more about a company also tend to want to receive deals via email.
4. Look to competitors & partners for marketing ventures
SMEs can save themselves from spending money on untested marketing campaigns early on by looking to their competitors. Observing where and how the competition is advertising to its target audience is a quick way to get ideas, and a simple means of tapping into the same customer base.
Likewise, partnerships with other businesses who share the same demographic audience allows SMEs to grow their customer base quickly. Cooperating in mutually beneficial marketing strategies or hosting deals that promote both businesses enables SMEs to grow their brand image while sharing resources.
5. Target premium clients
Using testimonials of a well-known company is a great way for SMEs to inspire potential customers about the quality of their brand. As such, SMEs are keen to attract premium clients and some will lower prices to do so. Unfortunately, going too low can lead to clients equating the service with low-quality. Instead, SMEs should invest in an effective SEO strategy to ensure web users can find the site easily in a web search. Further, SMEs should enact a strong social customer relationship management (CRM) model so customers can contact the business online at all hours and receive a fast response.
Using automation, prioritizing new knowledge, and offering a personalized service are essential mantras for allowing SMEs to confront the most common business issues. Not only do they permit owners more time to developing efficient business models and building a strong customer base, but they establish a firm philosophy for tackling future issues and developments.