Call it the epic battle between David and Goliath. From downtown New York, Venice, and Paris to Munich, the number of micros, small and medium enterprises (MSMEs) outnumber the number of blue-chip multinational corporations doing business.
Yet, the tragedy of this truth is that the population of MSMEs across the world makes for statistical data and a crowd but established market-leading brands that come under the shelter of scaled-up blue-chip corporations are the ones that people know, recognize and transact with.
In other words, blue-chip corporations have a reputation that could range from great to good or bad. MSMEs on the other hand despite forming the pack of the global economy are the herd; the ones that investors, customers, and employees do not know.
Digital marketing companies and consultants including us at TIS acknowledge the fact that in best cases MSMEs at best struggle to build a reputation and thus are unable to leverage it as a move of strategic behavior and branding.
The gravity of the challenge only increases if the reputation is bad. However not everything is lost and at last paradise, it seems can be regained. Thanks to the evolution of the digital ecosystem for doing business and the cost, process, and time efficiencies of online reputation management being offered by digital marketing companies, MSMEs can look forward to reinventing the rules of competition in the market.
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From having a website that is fully functional and running, investing in social media marketing to creating laser-focused content that showcases the key brand differentiators, there are tons of things that MSMEs can pursue within their stipulated budgets.
The key is to take a top-down insight into the rules of engagement, get the basics right, and place digital marketing initiatives and programs for online reputation management at the center of the business model, not at the periphery. This calls for a change in mindset and a leap of faith; believing that the net of their investments in online reputation management will appear when they need it.
For MSMEs to succeed with their reputation management before target audiences of investors, customers and employees, it is vital for them to understand that the point where digital marketing outscores conventional brick and mortar marketing are: scalability, data-driven approach to decision making, and costs.
According to reports from Bitcoin Revolution, once the culture barrier is broken, it is advisable for MSME brands to take a holistic view of the grey areas that need their immediate attention. Remember that the urgent areas may not necessarily be the most important ones, but are those that need to be dealt with straight away before committing precious resources to a scaled-up program or initiative.
As leading online reputation management, we at company TIS have diagnosed insights and experiences of working with both blue chip corporate and MSME brands across the globe to find areas that need improvement. Further, we also suggest the following benchmarked practices that in our view shall empower and enable brands of small businesses to be more and do more:
Why do MSME brands fail to showcase their product offerings? Is it the lack of utility in it or failed customer excellence? In most cases, it is the lack of product placement in the value market that leads to its downfall. As a matter of fact, the product manager is extensively responsible for taking the product through a product process framework, studying each of its behavioral reactional in the climate chain, and objectifying the brand’s goal.
It is important to knit and grit the complete departmental structure into a single thread to ensure one voice for an overall business. When each department has the same message to deliver, across all its platforms, channels, and products, the sense of authenticity is delivered into the minds of the audience, creating an inevitable reach for your business. But you need to be consistent in enhancing the customer experience and product catalog to always be on the hit list.
The key priority of the online visitor is the “Rich User Experience”. The presence of numerous alternatives has made your task even tougher to always stay ahead of your competition. For the search engine ranking, user experience (UX) is the first factor to consider, having failed to deliver it you might lose the audience in a matter of seconds. As a brand, you need to be fluence your data analysis and focus on the area where you lack perfection and work in accordance to generate a rich user experience for your visitors.
Focus on the premium quality product is ever increasing with the augment of e-commerce in India. We as an audience don’t just want things to be quick but the best (without going through the hassle of pick-in pick-out) with a tentative conclusion. Explain to them your premium products in the first display to become their first preference (especially the millennial crowd).
Heard about the data leak from the leading fintech company in India? That’s what leniency in giving concentrated focus towards data protection can lead to. With the increased number of cybercrime reported on a daily basis, it is really important for internet companies to build and advance the level of data protection to safeguard consumer data and maintain its’ social reputation.
As a result of constant feeding and general outlook, we tend to show strong trust in domains like .com, .org, and .co.uk., it is primarily due to the authenticity we have been associating with it and that’s exactly what you got to for your business. Choosing the right domain for your business can build a sense of trust and authenticity in your brand with easy customer attraction.
Social reach is the most effective fundamental for augmenting your online reach. With the boost of Twitter and Facebook for voicing opinions, social media has gained pace and so should be your integrated marketing. Link your existing social presence to your domain names, such as social media platforms, product pages, and websites to redirect people into viewing your product detail through any of these links. Search for, select and set up the perfect custom domain for your brand—all within Bitly, a single brand-building platform. Start taking advantage of the power of branded links.
India is in a constant run to go digital. So why should your business lag? But getting a fancy and branded email for your business is only possible after the successful completion of creating a website for your blog with a specific name. usually, the email name is linked to the domain that is created based on your company’s name. Getting one such email for your company will augment your online reputation management and in building the consistency of your brand throughout the internet management chain.
At TIS, we have worked with both top blue chip and MSME brands and thus here we offer a snapshot of the insights on what MSME brands can do to surmount challenges to reputation building they are faced with, by leveraging digital marketing. First, think of all the reasonably good to great locations in your location for retail commercial spaces.
It costs less to design, develop and rank a website on search engines than to rent or lease a brick-and-mortar location in a posh area already inhabited by big brands. Second, social media marketing offers a scalable and cost-rationalized solution for branding and reputation management than say the use of media vehicles like print, radio, and television.
Third, an MSME brand can track and analyze data to get clear-cut insights on digital media platforms, something that is very costly in a conventional brick-and-mortar platform to keep track of their reputation in near real-time times.
Fourth, accepting digital payments through payment gateway development and integration navigates an MSME towards online tax returns submission and enhances compliance and regulation that further augments reputation.
With the above-mentioned elements of value addition that online reputation management can offer, MSMEs can look forward to not just competing but winning against blue-chip brands. Yes, at TIS we believe that David can win against Goliath.
Brand awareness is the most powerful tool that any business owner can use to get the best out of their marketing campaign. If you have a good brand awareness for your company, it always has a very huge impact on how the customers perceive your products or services and thus leaving repercussions on your revenue.
So, follow the tips and tricks mentioned in this guide to create and enhance awareness for your brand and gradually you will find a loyal audience towards your brand which acknowledges your brand among your competitors and prefers your products or services repeatedly and also recommends you to their family and friends.