Micro Small and Medium Enterprises (MSMEs) are leading in the industries affected by COVID-19. Clear rules on access to financing, markets, and cutting-edge technologies, as well as a favorable environment produced by sensible government policies and legislation, can all be advantageous to MSME. Additionally, they can obtain insight from actual instances of the application of pertinent policies that were effective, such as repurposing that produced large financial returns. In exchange, MSME can serve as catalysts for the post-crisis economic recovery by generating employment opportunities and directing socially and environmentally responsible economic growth, so assisting in the fulfillment of several sustainable development goals.
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The fact that MSME’S need to scale for their growth is not new but the techniques that could be adopted for it are far more and sophisticated nowadays. Following are some of the best practices discussed in detail that MSME’S msme post crisis can undertake :
1) Use of Technology : Focusing on building digital networks could give a lot of thrust to the already impacted businesses of the MSME. The use of social media websites like linkedin, twitter, instagram and most predominantly facebook for local brand awareness can prove to be pivotal in its role for the particular brand’s local outlook and reach across. Conducting small online social events like games and giveaways can also pave way for massive outreach among local circles. Studying the marketing and branding behavior of top brands and how they transition along across seasons and festivals can also be useful in undertaking calculated marketing research. Collecting the data via varied online tools and track the ideal prospects behavior all the while keeping a keen eye on the ongoing trends in the relevant business sector. Maintaining and updating customer purchases data leads to overall optimization and anticipatory marketing for newer services and products. Hiring a local developer to build a basic if not a dynamic website as per the business needs as it is the necessity of the day. If you don’t have an online presence virtually, it means your brand doesn’t exist at all.
2.) Connect with NGO’S AND NPO’S : This is a relatively old tactic used for SME development. The more the brand connects with the local audience the more widespread is it’s marketing net. In the past business owners used to physically setup meeting with the NGO authorities for discussions regarding products and services, employment generation etc. All of this can be done online via Email now and if the preliminary conditions are satisfied between both the parties this would lead to a very fruitful collaboration between them. Such organizations help in bridging the void between marketing and employee generation within local areas and businesses. Reaching out to them is a best bet as a marketing strategy for MSME. Devoting more time in connecting with such organization also help in regulatory filing and other government proceedings as they are more closely tied up with the law and order for their undertakings and operations.
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3.) Sales and Service(CRM) :CRM stands for customer relationship management and is a very smart strategy to sustain and preserve the ongoing relationship with the current customers as well as future customers to support the organization’s growth. It is applicable in all growing industries. CRM software was arranged to compile the company’s customer contact details including company email, website, products, phone number, services, live chat, and so on. It also offers useful data such as staff names, phone number, history of sales, feedback, suggestions and so on. CRM software gathers all the customer-specific information and records into a single CRM folder. It is an easy and effortless way of running an organization and offers a structured view of the bond between customer and employee and ultimately leading to growth of SME in India.
These were some of the most essential tactics that could be undertaken for the role of marketing of MSME and could help in MSME msme post crisis exports eventually. The wave of “Make in India” ushered by the Indian Prime minister has lead to the resurgence of homegrown e-commerce platforms and this has furthered the macro economic landscape due to Trade facilitation agreement approved by WTO.