Retaining your presence in today’s digital landscape, especially for small and medium-sized enterprises (SMEs), is no different than remaining competitive and keeping your profits at a high. Therefore, SMEs from almost every different niche there is, as well as e-commerce brands, are constantly seeking innovative ways to stay relevant online and rightfully so.
With the rapid evolution of technology and ever-evolving / highly influenced consumer behaviors, it’s crucial for businesses to adopt effective strategies to thrive in the highly dynamic online marketplace. Although it is understandable that this could pose a challenge in most up and coming enterprises, especially due to the current nature of the “tech world”, but a right formula of know-how, paired with the right amount of creativity and consistency, as well as staying up to date with your target audience and being prepared to fulfill their needs; simplifies the task at hand and makes it sound less challenging to pursue digital success for small and medium businesses, even theoretically speaking. But is knowing the formula alone enough to be relieved? Absolutely not.
We surveyed a pool of seasoned business and marketing professionals, and nine out of ten answers specifically mentioned keeping up-to-date with digital marketing practices and strategies to maximize your enterprise’s online presence.
To help you further understand the digital needs of every SME, we researched 9 winning strategies that professionals agree on as solutions SMEs and brands can implement to benefit from and increase profits:
1. Invest in a User-Friendly Website: I can only emphasize enough on the importance of this point. To the point where if there was a way to rank it higher than #1 in terms of importance, I’m sure I wouldn’t be the only one placing it that high. And guess what?
Every time a digital or business professional will attempt to justify the importance of this point, their main argument has to be that a business’ website is the virtual storefront of your business, not one bit less important than a tradesman’s physical location or shop. Would you have a better shopping experience in an unorganized shop where the decor and furniture are worn out, and shelves uncategorized?
Or – on the other hand – you could walk into a well maintained and categorized shop, with everything running smoothly, in place, and information kept relevant and clear on every item or feature of the store? Now you decide which way do you want your website to represent your business.
In tech terms, ensure your website is secure, visually appealing, easy to navigate, and optimized for mobile devices, performance, & search engines. Not forgetting user experience and content quality, which play a critical role in retaining customers and driving conversions.
2. Implement SEO Strategies: Search engine optimization is one of the key factors needed to complement your online presence. SEO’s main aim is improving your website’s visibility on SERPs (search engine results pages.) Some of the many steps to achieve that include:
- Conducting Keyword Research that is compatible with the language and tone your target audience uses by identifying relevant search terms with reasonable search volume and competition.
- Applying on-page SEO by optimizing web pages elements such as titles, meta descriptions, headings structure, and image alt text with target keywords to make them more search engine-friendly, improving readability and SEO performance.
- Quality Content Creation by creating ever-green, comprehensive, informative, and engaging content that addresses the needs and interests of your target audience. In addition, focus on optimizing your product pages, and creating high-quality content to attract organic traffic and enhance your online presence.
3. Leverage Social Media Presence for Marketing: being present on social media platforms such as LinkedIn, Instagram, X etc.. is not enough, and is definitely not considered marketing on it’s own. Social Media Marketing is simply a variety of tasks that are performed on accounts on relevant platforms to make your presence on these platforms worth its while, such as creating engaging and relevant content in the form of images, videos, stories, and polls to promote your brand, products or services.
As well as getting in touch with your community by participating in niche conversations, engaging with mentions and comments, replying to messages and enquiries.
Not ending with running social media ad campaigns all while analyzing your SMMA performance using either tools provided by the social media platforms you are on or third party tools. This involves tracking key metrics such as engagement rate, follower growth, click-through rate, conversion rate, and social media share of voice. Analyzing SMMA data helps you understand what’s working well, identify areas for improvement, and optimize your social media strategy for better results.
4. Mobile Commerce for Convenience & Accessibility: Mobile commerce (m-commerce) revolutionizes shopping by offering unparalleled convenience and accessibility through smartphones and tablets. It is imperative to optimize your e-commerce website for mobile commerce due to the growing popularity of mobile device users.
Consumers can shop anytime and anywhere, accessing vast product information, comparing prices, and reading reviews instantly. With streamlined checkout processes, personalized experiences, and location-based services, m-commerce platforms enhance the overall shopping journey. Integration with emerging technologies like augmented reality (AR) and voice assistants further enriches the experience, allowing users to visualize products and make hands-free transactions. Mobile commerce empowers consumers to make informed decisions and shop on their terms, driving sales from broader audiences for retailers and transforming the way people shop in the digital age.
To satisfy the increasing number of mobile users, make sure your website is fully mobile responsive, loads quickly, is easy to navigate, and has a smooth checkout procedure.
5. Invest in Customer Service and Support: This step is a strategic marketing move for small businesses that should not go overseen. Fostering loyalty, satisfaction, and positive word-of-mouth can be the most powerful way of having social proof for your business, increasing trustworthiness and driving more organic sales.
By providing prompt and helpful assistance through various online channels such as live chat, email, social media, and FAQ sections on their website, businesses can demonstrate their commitment to customer satisfaction and build stronger relationships with their audience.
Offering personalized support tailored to individual needs can differentiate a small business from its competitors and leave a lasting impression on customers. Moreover, proactive engagement with customers can lead to higher retention rates, as satisfied customers are more likely to return for repeat purchases and recommend the business to others.
According to HubSpot, 90% of customers rate an “immediate” response as important or very important when they have a customer service question.
Source: HubSpot Annual State of Service Report – 2022
Additionally, effective online customer support can serve as a valuable source of feedback and insights, helping businesses identify pain points, improve products or services, and refine their marketing strategies to better meet customer needs. In today’s digital age, where consumers expect quick and responsive customer service, investing in online customer support can be a cost-effective way for small businesses to enhance their brand reputation, drive customer loyalty, and ultimately, boost sales.
6. Focus on Customer Retention: Prioritising customer retention is a smart tactic to maximise profitability as acquiring new customers can be expensive. To promote recurring business and build enduring relationships with your audience, provide incentives like loyalty programmes, special discounts, and customised awards.
According to HubSpot, 90% of customers rate an “immediate” response as important or very important when they have a customer service question.
Source: HubSpot Annual State of Service Report – 2022
7. Offer Personalized Shopping Experiences: Use data analytics and customer insights to personalize the shopping experience for your audience. Recommend relevant products, send personalized email offers, and provide tailored recommendations based on past purchase behavior to increase customer satisfaction and loyalty.
8. Implement Cross-Selling and Up-Selling Strategies: Encourage customers to purchase additional products or upgrade their orders by implementing cross-selling and up-selling techniques. Recommend related items, offer bundle deals, and highlight premium options to maximize the value of each transaction.
9. Optimize Pricing Strategies: Experiment with dynamic pricing, tiered pricing, and promotional offers to find the optimal pricing strategy for your products. Monitor market trends, analyze competitor pricing, and adjust your prices accordingly to maximize revenue and profitability.
By implementing these nine strategies, SMEs and up-and-coming e-commerce brands can position themselves for success in the competitive online marketplace. By focusing on user experience, digital marketing, personalized engagement, and customer satisfaction, these businesses can maximize their profits and achieve sustainable growth in the ever-evolving world of e-commerce.
