The previous years have been a bumpy ride for Small and Medium Enterprises because of the drastic shift in economic climates due to the global health crisis. Trends have been faster as most industries across borders transitioned from physical businesses to digitally engaging enterprises.
For small businesses, the action plan must be clear and directed towards growth. Now that Thailand is walking out of COVID-19, here are some of seven strategies to jumpstart your business growth.
Strategic Supplier Partnership
As a startup, you should be aware of scarcities within the supply chain. Business owners and distributors dealt with concerns on the supply chain with subsequent disruptions in the economy. You can overcome manufacturing and transportation challenges through collaborative efforts with your suppliers. Leverage their new rollouts and work to grow these products.
Strengthening Online Presence
Consumers have been going fully digital and continue to favour online shopping. It would help if you expanded your online footprint to gain a significant proportion of customers from the current market. The internet has opened up numerous alternative channels for entrepreneurs. You can sell products by establishing a seller account on e-commerce platforms like Lazada, Shopee, and JIB.
Collaborative Businesses
Employ partnership marketing to reach a broader audience. Collaborate with complementary businesses as this can be the most viable path for small business growth. A partnership can provide extra resources concerning knowledge, skill sets, workforce, equipment, or technology, depending on your business type. It might also enable both small enterprises to expand into new markets without direct competition.
If your target clients are similar, you can pool your resources to further your marketing techniques and expand your reach. For example, plumbers and electricians may join forces to help each other win a greater market share by coming up with complementary construction services as a package deal. Customers save time, money, and construction delays by getting rid of the need to find and contract with separate service providers.
Video Marketing Immersion
You may want to learn video strategies to rank higher on search engines. Nowadays, video advertisement has become an integral part of a successful marketing strategy through live videos on platforms like Tiktok and Instagram. It is estimated that videos will account for most consumer traffic in the future. You should incorporate short-form videos into your website and see how much organic traffic you will gain. You can hire a video editor or learn the essentials of video content creation in making these videos.
Regular Client Communication
Your focus as a business owner must not only revolve around attracting new customers. It is equally important to retain existing clients. Increase your customer base through promotions and bonuses. You can entice potential and existing consumers by attracting them to buy your products or acquire your services. Email your audience about new products, sales, and events. You can ask your customers for feedback through surveys or personally thank them for their support and suggestions. Remember to always stay in touch with your regular and new customers.
Creative Marketing Deals
Challenges in the digital marketing landscape are forcing digital companies to explore other sales channels and marketing strategies. If a marketing strategy seems ineffective or inefficient for your business, it is time to look for other methods of business expansion.
You can use shoppable links, where customers are immediately directed to a specific product page upon clicking a link. You can also try to personalise messages in email marketing. Consumers care about what you can do for them, their company, or their industry. So introduce all the benefits of your products and services in your marketing strategy.
Lastly, you may want to utilise chatbots to help visitors find resources. Live chatting is only applicable during business hours. Using chatbots that provide information, education, and direction to the customers can be highly effective and efficient.
Dynamic Product/Service Offerings
Increase your market penetration through dynamic product or service development. You may sell for less than your competition to expand your customer base. This sale increase could help offset the loss during the price drop. Another feasible option if it does not work is to appeal to an average consumer’s desire for a bargain. You can offer a first-time customer discount, a free trial, or bulk order discount. Also, in enhancing your products or evolving your services, appeal to the habits and preferences of your target audience. Watch for trending activities and goods in your industry and base your marketing deals on these.
Conclusion
By applying these strategies, you can capture a large market share, increase revenue, and stay on top of the competition. At the same time, your customers are delighted because of your exceptional products and services.
Partner now with Reliance Consulting, a trusted company registration firm in Thailand that helps you establish and grow your dream business.
