Why Are Some Small & Medium Enterprises Averse to The Idea of Digitization?

The impact of the internet on businesses needs no explanation. It has opened up new horizons for businesses thus, enabling them to reach out to countless prospective online customers across the globe. However, many small businesses shy away from digitization due to various misapprehensions.

Here are few myths that are preventing some small and midsize businesses from going digital:

1. Digitization is a fad that will soon fade out.

2. Digitization is a costly affair that suits big brands.

3. Small companies do not require undergoing digitization.

4. Digitization is quite convoluted; we need a simplified process.

5. We are short of resources.

6. We do not cater to young tech-savvy customers.

These are some of the myths that are standing as obstacles in the path of digital transformation, thus, preventing few enterprises from realizing the potential of digitization in creating long-lasting business value.

Facts about Digitization:

1. Digitization is certainly not a fad and holds all the aces in the present time.

2. Digitization is not as expensive as you think; in fact, it is cost-effective.

3. Digitization is not meant to be implemented only by the big brands; small and midsize companies are equally reaping the benefits of going global by means of digitization.

4. Small companies need to digitize themselves as much as the giant industry players. The internet is rampant with stories of how small businesses have been transforming themselves via digitization.

5. Digitization is a simple and innovative way to streamline any business– big or small. It saves your time as well as money.

6. Digitization is not meant for catering only to the younger generation of customers. The bug of digitization has bitten the young and the old alike.

The ever-increasing popularity of smartphones in every nook and corner of the world is motivating more and more businesses to go digital. Cloud-based technology, real-time mobility, data analytics, Internet of Things (IoT) and social media platforms are helping small and midsize enterprises significantly to digitize their businesses. Thus, considering the current global scenario, it is not sensible to pay no heed to the power of digital transformation as it has kindled many positive developments by bringing incredible business opportunities to countless small and midsize businesses.

How Digitization Helps Small/ Midsize Companies?

1. It increases the opportunities of boosting the number of potential customers in digital space.

2. Offers flawless user experience to prospective customers worldwide.

3. Helps businesses sustain a long-lasting relationship with global customers by developing an emotional connection.

4. Helps businesses cater to customers’ needs by providing a comprehensive picture of the target market with the help of data analytics.

Way Forward: Don’t get left behind

The 21st-century consumers expect every small and big business to provide them with a seamless digital experience, and failure to meet the expectations of the consumers can spell disaster for businesses. Digitization offers multiple benefits to businesses– from new marketing opportunities to greater productivity and efficiency, besides enabling you to eliminate the unwanted and cumbersome business processes. Thus, it is imperative for small and medium businesses to break out of their comfort zone by leaping into the digital era.

How Do You Promote Your Business? Answer: Promotional Marketing

You know that you need great marketing to get your company and its product and services in front of your target market or ideal customer. Creating an effective promotional marketing program will lead customers right to your door, website, inbox, or phone and entice them to purchase what you have to offer.

What is Promotional Marketing?

Promotional marketing is one aspect of your marketing program and includes the specifics of how you’re going to entice customers to take action. The advantage of a promotion is to create some buzz for your business or enterprise, to get your business to be noticed for standing apart from competition and to get your business noticed by your target market – as many people as possible.

Some businesses take promotional marketing to the next level by using promotional products (also known as advertising specialties, swag, or giveaways). What makes this type of marketing so effective is its ability to influence customer behavior, to encourage action, to create goodwill, and to be remembered long after the promotional event. Promotional marketing, if done well, has a lasting benefit beyond other forms of advertising.

Who Uses Promotional Marketing?

Every business can use promotional marketing. A company offering a bonus, gift, or additional benefits with a customer’s normal purchase is benefitting from using promotional marketing techniques.

How can we get more customers into our store? TV commercials, print ads and direct mail offers are the most common methods to offer the promotion to the target market. Think of the mailer envelopes that arrive at your home, filled with coupons and special deals. A restaurant, for example, may have TV commercials that offer a free drink with a lunch order. Or, cosmetic companies offer a free gift with purchase or a department store advertises a 50% off sale for a select type of item. The promotion calls attention to that extra element or benefit, which companies hope will encourage customers to visit who otherwise wouldn’t.

Other companies utilize a technique known as point-of-sale marketing. This helps increase the sales of products of sales that may be difficult to sell on an individual basis. For example, mobile phone companies may offer peripheral items like chargers and headsets at a reduced price if they purchase a cell phone with that item. (“Buy a phone, get a headset for half price.”) Since the customer is already there and has committed to the larger purchase (the phone), they are more likely to buy the extra item because they are enticed by the savings.

Creating Your Promotional Marketing Program

Step #1 – What is the Plan?

Careful thought and planning is the first step of making the promotion effective. What is the objective? What results are you looking for? Increasing revenues, building brand awareness, or launching a new product are just a few strategic goals of promotional marketing. Your business can also promote from within with team building, employee recognition, or safety awareness programs.

Step #2 – Who is the Target?

Before you begin, you’ll have to identify your target audience. Who is the ideal customer? Who is best suited to buy what you have to offer? What are their needs, and how can your products and/or services meet them? Then generate your sales materials with this target audience in mind. The goal of any promotional marketing program is to make people buy your product or service by creating an appealing proposition that requires timely action. You may want to come up with different messages depending on which communication methods you’re using. Remember that this is a work-in-progress, so don’t be afraid to change your strategies depending on what is working and what isn’t.

Step #3 – How to Make the Promotional Offer?

There are dozens of ways to actually get your message out, including social media, internet marketing, custom web landing pages, promotional products, and direct mail. Remember that your target audience will dictate the method of advertising. For example, if your target market is those over age 65, you may want to rely more heavily on direct mail or a print ad; however, if your market is under age 25, you’re definitely going to want to take advantage of newer technology methods, such as online marketing, social media, and text messaging.

Step #4 – What are the Results?

In order to judge the promotional campaign, it is critical to measure the program. How many did you offer to? How many actually used the offer? How much new sales revenue was generated from the offer? Without measuring the promotion, there is no way to improve and set the bar higher to make the next promotion better. Promotions are a way to test the market. Does your promotion generate more sales with a discount, a free gift, or bonus? Promoting your business helps generate excitement about a current service or launching a new product.

Internet Marketing Advertising Tips

Internet marketing advertising can actually be far more effective than all the forms of marketing and advertising. Traditional forms regarding advertising such as utilizing the print media and also other forms of electronic media for instance TV and radio could be less effective nowadays than it was previously. Although people carry out still watch the TV SET and read any newspaper or magazine to help keep themselves abreast with all the happenings of the entire world, you would recognize that almost every particular person today owns your own computer or any laptop. Even when one doesn’t very own a PC, they will definitely spend several hrs each day creating an online business, whether for perform, studies or enjoyment. Good online marketing advertising techniques are usually therefore invaluable!

Numerous websites offer totally free classified web ads that might be used by equally businesses and individuals to promote various products. What better approach could one find to promote his products? This form of internet marketing advertising will become particularly useful should you have just started a small business. Compared to an existing business, these smaller organizations have little sources and cannot manage to spend excess amount on different kind of promotions. Online marketing advertising will therefore be the best option for them.

Several companies offer you services whereby they might carry out your online marketing advertising to suit your needs. This would be beneficial to bigger companies or perhaps independent businessmen who usually do not want to spend too much effort carrying out general market trends and then inserting advertisements on diverse websites. The internet marketing advertising services given by these companies are usually excellent, provided needless to say, you find an excellent company. It is always best to see a few and have any other friends that have tried out such internet marketing advertising techniques, as to which is the better. The company would certainly typically find other websites within your niche and next place advertisements in your stead, in return to get a fee. They would furthermore use other marketing techniques to assist you find more prospective buyers to your product. They might also use email marketing being a form on internet marketing advertising, whereby they would distribute emails to a listing of clients who they think could be interested. This involves gathering email addresses from your directory and next sending them advertising material. You would have to know who the target group will be, in order to position the ads efficiently.

You need to make note of that although this could seem a tempting kind of internet marketing advertising, like direct email marketing, overdoing it may annoy the consumer! It’s always best therefore to use whatever internet marketing promotion technique inside moderation. Trying out diverse techniques would explain to you what works best for your business.

Private Equity and Digital Transformation – Creating Value Through Vision

The Holy Grail for private equity is to find a business you can grow rapidly and profitably. One area of growth that private equity (and everyone else) cannot ignore is the power of Digital Transformation. OK, that sounds a little like the start of a super-hero film but give this a moment.

Actually, a superhero doomsday setting isn’t that far off the mark. It’s a fact that a huge number of businesses are not prepared for the digital age. They don’t have a digital strategy and they are going to begin to fail more frequently, more rapidly as all aspects of digital marketing and digital buying continue to be felt.

So what does that mean for private equity firms? First and foremost, there are going to be some pretty good deals out there soon, but only for firms that understand the power of Digital Transformation. Instead of just growing value through acquisition and better management, prudent firms can target companies that can’t figure out how to transform their business model or processes to cut costs, gain more market share, and profit through digitization. Turning around these companies might be as simple as instituting a CRM system, or putting up a truly strategic transactional website to attract and convert more visitors. These are going to be the Private Equity Rockstars in the coming years. But that is the future – it’s now that counts.

The private equity firm that starts Digitally Transforming now is going to be way ahead of the curve. Look at the possibilities, the CRM, the strategic website, but look up, way up – two words: mission and vision. Think of the best companies on earth and you know what their vision is. Apple’s vision is to provide their customers with endless tech toys that all link together seamlessly. Netflix is all about bringing you endless entertainment for a monthly fee – and smashing the cable companies along the way. U.S. Steel is – steel. Nothing fires up a company more than knowing who it is and where it’s going.

This is an area that Digital Transformation excels at – transforming a company through vision. And in this case the vision is not a core principle – but the idea that the core principle needs to be transformed. Digital Transformation is about taking a company and growing profitability while you move the company into the 21st century. And that is exciting! Not only does it mean employees enjoy their work more as you eliminate duplication and admin work, but it conveys to everyone a new sense of purpose. Digital Transformation is really about changing HOW a company operates and not necessarily WHAT it does. Steel is steel – but that doesn’t mean U. S. Steel can’t digitally transform.

Think about that from a private equity setting. Supercharge a portfolio by transforming companies from within utilizing best practices for the 21st century – make them more profitable, revitalize entire cultures – maybe a Digital Transformation is a little like a super-hero movie! If you want to build ROI, create efficiencies, and drive a successful portfolio, you have to know how to implement a Digital Transformation.

Just one thing – stay in the suit – form fitting spandex is definitely a step in the wrong direction!