Marketing Ideas for Small and Medium Enterprises (SME)

Startups or relatively smaller and medium enterprises don’t have deep pockets unlike their counterparts to invest in conventional advertising. Perhaps you need to discover smarter ways to market your product/service and compete with the reining leaders.

You can start by discussing and devising new age marketing techniques with your partners and associates. Such customized methods of marketing would yield higher efficacy for your enterprise since they are more pertinent to your business model.

Below mentioned are a few proven and cost-effective marketing tricks.

  • Social Media is the most economical and potent way to promote your product. Competent mediums like Facebook, Twitter and LinkedIn are a rage with new age businesses with their widespread global reach. They help you garner audience and business traction with the blink of an eye on an international platform. Subscribe to Google Ad Keyword and other Google Search Partner Networks for filtered inquiries.
  • A website or a blog with all the germane content required to educate the potential buyer will boost your business.
  • Published articles enjoy higher goodwill as compared to any other medium of publicity if you can manage to connect with a few local relevant trade magazines to publish a few articles about your product in their publication. Besides also being cheaper then advertising in the same publication.
  • Repeated utilization of the abstracts from your own dossier. You can come up with an e-book by collating the data available on your blog. You can post subscriber only videos by extracting the data from your webinar recordings. Similarly you can distribute/circulate a leaflet/booklet after compiling the various articles published in magazines pertaining to your product.
  • Community involvement like sponsoring a local sports team would give you good brand recognition with the help of your logo featuring on their tee shirts and in the press release of the said event
  • Participation in relevant workshops and seminars will also give good visibility to your product
  • Grab all available opportunities to nominate your product for a competition or a business award. If you are lucky you would be able to flaunt the recognition on your website, blog etc. which would certainly boost your sales. If not, it would definitely create a buzz word around your product if you are able to publicize your participation properly
  • You need to mark your presence at the local chamber of commerce. By networking with likeminded entrepreneurs and exchanging business ideas with them you can take your business to the next level. You might be able to identify potential customers and partners in them.
  • Try to find out about business networking platforms and different online business forums where you can promote your product. Participating in various networking events will help your product gain higher visibility and create an awareness about your product.
  • By building a business connect with other professionals and enterprises your product can gain a lot of momentum by the word of mouth and referrals provided by them. It is perhaps the most effective means of marketing/advertising your product. Exchanging referrals is a very effective means of developing your business.
  • For sales promotion you can always partner with enterprises from different verticals. This will enable you to venture into larger marketing spectrums with the collective strength. It will also cut down your advertising expense and enhance your reach.
  • Sending personalized greeting cards, birthday cards, appreciation letters etc. to your loyal clients, valued partners, vendors and even to your referral list and your own data base yields unprecedented results.
  • In addition to Facebook, Twitter, LinkedIn and blog, do explore the scope of opening up an interactive forum like a live chat on your website. A toll free number would exponentially increase the number of inquiries regarding your product. Apart from inquiries the feedback generated from your existing and potential buyers would help you improvise your product.
  • Invest in community service. Your customer would feel good if he finds out that from the money he is spending on your product a specific percentage of the revenue thus generated is contributed towards a cause or charity. It gives you a sense of contentment and by adhering to corporate social responsibility norms you can establish a goodwill for your brand. Also make sure such contributions don’t go unnoticed. Send out press releases and other means of communications to make people aware about your noble contributions with specific information about the event and contribution.
  • An affiliate program module would enrich your product with credible brand ambassadors and take your sales volume high.
  • Loyalty recognition programs motivates your existing customers for repeat purchase, rally behind your product and vitalize referrals for your brand.
  • Putting up branding and other merchandise on the vehicles of the business owners, vehicles used for the business purpose, vehicles owned by the employees and partners is the cutting edge revolution in brand recall for your product/brand.