Driving SME Growth Through Technology

Do do you know that small and medium-sized enterprises represent approximately 90% of businesses and more than 50% of employment in the world? According to the World Bank, formal SMEs contribute up to 40% of national income (gross domestic product) in developing countries.

It is certainly no exaggeration that SMEs play a major role in most economies, especially in the context of developing regions.

If you look around, chances are you can mention 10 small business owners without thinking too much about it. This is not a shock since unemployment is a difficult problem to solve in many African countries. Despite everything, the SME sector continues to welcome many young people who find it difficult to transform their odd jobs into real businesses.

However, for small business owners, life is not always rosy as they sometimes face challenges that could stunt the growth of their small businesses.

As part of the ongoing digital transformation, small and medium-sized businesses can never risk being left behind. Like large corporations taking advantage of modern technology to stay competitive and drive growth, SMB owners would do well to leverage digital tools beyond their use in the day-to-day running of their business. There is no doubt that when used effectively, technology can help accelerate business growth and success.

Are you the founder of a small or medium-sized business? If so, this article aptly covers the different ways to get the most out of technology. That’s not to say that big companies can’t also borrow some principles that will be shared.

Functional website

You may be focusing on providing services rather than physical products. Nevertheless, you can still use well-designed websites to improve your business.

If you have studied the go-to-market strategy of popular brands, you will notice that some of the advertisements they run refer people to their websites where their products or services are displayed. Having an attractive website with relevant and concise information, not to mention good speed, can attract visitors and potential customers in droves. What people see tends to have a strong impression on their perspective on things.

To gain the upper hand, you can use search engine optimization strategies to increase your brand’s chances of ranking well on the Google search engine as soon as a product or service is searched for. That’s why a .ng domain name that is Nigeria’s hallmark on the internet is still your best bet.

Using websites is part of a smart strategy called mobile marketing. I will come back to it shortly.

Project management tools

Technology allows you to collaborate with, monitor and improve the productivity of your employees while ensuring that everyone is handling assigned projects as they should. There is a wide range of professional tools called “productivity apps” to determine the productivity of your staff. Trello, Asana, ClickUp and Basecamp, among others, are collaborative tools that could be useful to have as a team.

From apps that help you automatically sort your emails and declutter your mailbox (i.e. Sanebox) to others that block distracting websites and mail servers, as well as limit social media addiction (i.e. self-control) technology has given rise to innovative software applications. the use of which can become part of your organizational culture. Also interestingly, COVID-19 has popularized video conferencing platforms that allow you to conduct virtual meetings with your team anywhere, anytime.

e-marketing

Also known as web marketing, digital marketing, online marketing, etc., e-marketing is the process of selling products/services through the internet. Email marketing falls under the category of e-marketing. Let’s talk about that a bit.

Sometimes underestimated by companies, email marketing still plays a vital role in recent times. Don’t make this mistake. With email marketing, you can check the turnover rate or the actions taken using the right tools. Since data is essential, you can analyze your statistics in terms of click-through rate, number of emails opened, etc. The tool also lets you track your customers’ interests and buying journey at any time, letting you know when you need to change your strategy.

I would advise discretion at this stage. While email marketing is great, you don’t want to clutter the inboxes of your target audience as well as prospects with endless promotional emails and newsletters. Building an effective messaging strategy around automation will help you engage with your customers (existing and new), boost sales, and save time.

Social Media

Every business worth its salt should have an online presence. As such, business owners have dominated social media like WhatsApp, Facebook, LinkedIn, Twitter and Instagram to create awareness. Many use these platforms to advertise their products; bloggers, web developers and other online users use the media to showcase their skills and solicit patronage.

Since social media can help businesses engage with their users, gain followers, and engage their target audience, you should consider sharing relevant and interactive content, such as videos, charts, or infographics, on your social media pages.

While big companies pay high-traffic websites to advertise their business, products, promotions, or announcements, after all, they have money. Company and its status, among others). Although annoying at times, these ads achieve their goals, as you can attest.

mobile-marketing

Technology has enabled different parties to send or receive money seamlessly. This has helped boost business tremendously. For online retailers and drop shippers, buyers can make and pay for purchases from the comfort of their own home rather than the stress of depositing money into the seller’s account.

After seeing how mobile banking apps, e-commerce apps, and fintech platforms have empowered online payments, you are expected to benefit.

When used correctly, more advanced technological tools such as automation, artificial intelligence, data analytics, not to mention cloud computing, can turn seemingly small businesses into great empires.

Technology provides the ability to tap into trends available in the outside world. As a small business owner, the ability to adapt your business now and keep up with changing trends can determine its future.

Copyright PUNCH.

All rights reserved. This material and any other digital content on this website may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without the prior express written permission of PUNCH.

Contact: [email protected]

About Madeline Powers

Check Also

New Data Reveals Amid High Inflation, Consumers Want to Support Small Businesses | Your money

CHICAGO–(BUSINESS WIRE)–May 10, 2022– According to new data released today by ActiveCampaign, the leader in …