SMBs can really benefit by taking their business online in the post-Covid World. Dhaval Gupta, ED, CMS talked about how SMBs can take their business online in a recent Webinar held on 29thMay, 2020 by HP under the Be Unstoppable Web Series in association with CMR and BizAnekdotes.
There are several sectors that have been impacted due to Covid-19 like retail, ride sharing, dine out options, etc. “However, there is a brighter side, as there has also been a rise in consumers’ interest in hand sanitizers and masks”, said Dhaval Gupta. He says that while digital adoption used to take 2 years has now happened in just 2 months. The education segment for instance, is transforming at a higher rate since all colleges and schools are moving their teaching to digital, and students are also slowly adapting the new teaching methods.
Dhaval also added that the social media uptake has increased up to 27%, opening a new area and giving opportunities to SMBs. A considerable amount of shift is noticed in the behavioral changes as online buying is creating a massive potential for SMBs. SMBs have a brilliant advantage to make use of online and get their business running. The main challenge that SMBs will have to face is to use technology effectively and how to go about it in the market.They will have to identify the right mix to make sure that they are digitally savvy.
Benefits of SMBs going Digital
Dhaval laid down some benefits that SMBs can expect by going digital:
- Online SMBs will generate revenue by 2x
- The operational cost incurred will be lower by 20%
- It will be a new and unique approach, so will allow innovation across multiple fields
- Opting to go online would help them identify new audience and a fresh database altogether.
- It will help them with a wider base of clients making it convenient for them to reach out.
- It will be a delight and will enrich the customer experience
Aftershocks of Digital Marketing
As they say if you have pros then there can be certain setbacks. Dhaval pointed some aftershocks while planning for Digital Marketing. These include:
- Macro Economic Factors
- Supply Chain and Distribution Chain
- Human Behaviour
Dhaval also suggested to make full use of social media as it will attract new eyes to your brand.Videos can be used for digital marketing to gain audience, native ads, and custom content can help you gain more trust and make your brand more human. While doing the social media promotions, it’s also important to capture and analyse all the data to understand what’s working and what’s not.
Dhaval ended his session by shedding some light on Organic Marketing and how to use it for business. He said that “they will have to look at creating great content and reaching out with promotions”. Organic Marketing has a strong impact on a brand if used the right way and will help get more audience.