5 Mistakes SMEs Do in Marketing

Marketing makes or breaks a business, reason why big brands splurge on marketing on different platforms. However, just like every decision in business does not yield desired results, marketing too sometimes fail partly or out rightly. Big names or brands, can afford to forgo the wastage of time money in undesired results due to the cushion in budget. But small businesses or SMEs, in particular, do not get that cushion as they run short on time and resources and so there is little margin for error for SMEs.

This is not as much to say that SMEs should not think about using the power of marketing, they should know the right approach to marketing. Much as they need to know what to do in marketing, they should better know what not to do in marketing to avoid the common mistakes SMEs often commit.

If you are an owner of SME business or are mulling plans to start your own business, sooner or later, you should take note of these don’ts that will give your business the boost it needs to become a brand.

Not Believing in the Need of Marketing  

Some small business owners often have preconceived notions such as their business is too small to need marketing at all and they do not need marketing for their products to be sold. Certainly some products and services are strong enough to do that, but not until after people know about them. If you aren’t marketing your business because you think what you have to offer will handle it itself, then you are missing out on opportunities to earn new business, let alone establishing your business a brand.

Some time small business owners think they do not have the required budget to indulge in marketing. This idea stems from the lack of knowledge about or willingness to try new marketing approaches. Digital marketing is the new marketing technique which costs less than traditional marketing campaign and hence is suitable for small business owners or SMEs.

Not Having a Marketing Plan

SMEs often are found lacking in having a proper marketing plan for their business due to lack of clear vision about their own businesses i.e. what their business goals are, how is their business different from that of their competitors.

As a result, many a time, small business owners end up spending too much on adopting wrong marketing techniques. Like every plan in a business, marketing, too, should have a proper layout which is based on the insights about one’s own business and goals.

Not Having Online Presence    

Your marketing starts from having your presence on the internet – that is a website for your business.  SMEs often think they are too small or too local to run an online presence, so they do not require a website at all. But the truth is customers use internet as the first channel to find out products and solutions provider for their needs. So, a website for your business will only add up to the identity building process of your business among customers, both local and global.

Not Targeting Right Customers

The very basic mistake that small business owners commit is that they do not earmark their target customer group and so they target all as their customers. When it comes to marketing you need to narrow down your target to a recognizable group so you can use best use marketing approaches that work more effectively.

A tricky situation that arises here is too often small business owner are some time too blinded by their the idea about target customer segment that they fail to recognize an actually potential customer segment that goes unnoticed.

Not Focusing on Social Media Marketing

Those business owners who are averse to using new marketing approaches show a dull face to using social media marketing. It is true, although, that small business owners often do not have the time to spend in social media marketing. But this platform can be actually be rewarding and an ideal platform for small business owners. Social media marketing is one of the most affordable and effective marketing techniques for business owners who can focus their efforts and maximize their time spent on social media to yield big results.

A key point to remember here is once they start social media marketing they should avoid abrupt absence from it. Since customer these days search online and keep track of your product and solutions online, if a potential customer sees no activity, that often leaves them wondering if you are still in business and they move on to the next company. So, choose your channel wisely and keep updated.

Five points to consider before entering in the Customer Service job

Making your client valuable is the key to success of any business and very important for organizations these days. Building credibility is very tough in today’s era of competition. Business means not only acquiring new clients but also retaining your existing clients. Your existing clients are your ambassadors, who can help promote your business and in turn help you grow. But, this will happen only if they are satisfied with your customer service. In today’s world, client servicing is not an option but a must. You don’t have to struggle for repeat business if your relationship with your existing clients is excellent. Neglecting client servicing means neglecting your business, and that’s why, it has to be taken seriously. It is also one sure way of assuring your organization’s cash register ringing.

If you are in a Client Relations profile, you have to take utmost care while dealing with your customers. Good customer service should come naturally to you and should be a major part of your daily schedule. Below are five guiding principles to abide by in a Client Servicing profile:

1. Effective Communication - both verbal and non-verbal: Communication is an essential aspect of Client Servicing. If you have good communication skills, you will be able to express your thoughts in a much better manner to your clients. This ensures that the information you provide is conveyed effectively to them. Effective communication helps to bind your customer with you for a long term as it is the foundation of any business. The interaction should be personalized, and the clients should feel your willingness to help them. Client relations are effectively maintained if communication is made in a positive manner. Negative communication can make a bad impact on the client. So, communicate appropriately and clearly with your clients.

2. Be a good Listener: Active listening is another important aspect of Client Relations. Listening carefully helps avoid miscommunication as miscommunication can cause us to lose a great deal of business. It helps us in resolving client queries effectively. Active listening makes the client feel that you can relate to their needs. It helps you focus on the problem completely. Show respect towards the client by avoiding any interruption during the conversation. Be focused.

3. Understand the Customer Needs: Try to understand the needs of your customer and act promptly. Think from the clients’ perspective and try to offer them solutions accordingly. This ensures the clients’ trust in you. It makes your clients feel that you care for them and their business. For this, you need to thoroughly understand your clients’ business, as you can offer solutions as per their needs. You have to regularly interact with your clients to know the current trends and to know any future developments at their end. Knowing about your clients can help you anticipate what you can offer them. This gives you a better edge over your competition.

4. Know-how of the Service Catalog: Strong know-how of your organization’s service catalog is another attribute of the Client Servicing profile. Knowing your services completely can help you map the customer’s needs more effectively. Because of your strong know-how of the services, you can eventually spread your footprints in the customer landscape. You can be more confident while dealing with your clients as you can address any query immediately.

5. Patience - A crucial factor for customer servicing Patience is the key to relieving all the problems. Be patient with your clients, especially when they are angry or irritated with you due to any reason. Empathize with them and give them extra attention to understand the problem. Try to keep calm and cool, when dealing with a dissatisfied customer. Being patient helps to avoid any impulsive decision and also plays a major role in winning the client. As it’s said, patience is a virtue, so have lots and lots of patience.

Client servicing is all about how to know the pain areas of your clients, take feedback from them, and provide them solutions promptly as per their needs. There many more attributes to a Client Relations profile, apart from the ones mentioned above. Client servicing is not a one-time job, but it needs continuous improvement. The more you improvise, the better you get at it. Your style of customer service can leave an impression on your clients’ mind for quite a long time, and your client will start recognizing you as the face of your organization. 

Lastly, remember that great customer service is an art and can help you to maintain a long-lasting relationship with your clients. Make your customer feel valuable and increase the chances of your organization’s growth. 

Storytelling is the new marketing

In the world of marketing, big FMCG brands or fashion houses are all that seem to glitter, while manufacturing or B2B industry has always been perceived as dull, boring, dangerous, and unfashionable, often compared with glamorous, behind-the-desk industries. 

We say they are all, but myths!

Think of a company that has really changed of how manufacturing is looked at or a brand in B2B industry that has made a real difference in changing our perception of the industry. There are several that come to the mind. Right!

The products lines from phones and computers to their tiny accessories; from a car to its engine, to its tyres, from the biggest of appliances to their tiniest of the parts, and many such products that surround us! Wondered why? 
They are telling the compelling stories about their products. Stories excite people. When people buy a product, they don’t just buy a product, they carry an experience with them – a story with them. 

Don’t have a story? Think again!
Everyone has a story! 
Every product has a story. It is the story of the process of manufacturing masterpieces every day; not one, but thousands with the same quality, precision, and innovation. The final product is hard earned through every day of doing what makes it a unique.
Manufacturing is a story of an idea coming live, a dream becoming true; it is a story of a creation of a masterpiece. It is the story of creating thousands of masterpieces every day.
It is a story of making small differences in people’s lives; bringing them innovative solutions. Solutions which are brought with utter hard work and dedication. That hard work is your story. 

Why tell a story at all?
There is the collective effort of millions of people every day for providing innovative solutions. Every day people who invest their time and effort in making this possible, manufacturing the small parts of a machine or an appliance that now are installed in their houses solely to bring ease to their lifestyle.
We, at The IMPALS, have made it our mission to tell these stories and get them across... So the world could hear them too.

If you think you have a great story to be told, get Impalsified!

Time-for-a-New-Sales-Strategy

Gone are the days when a client would call you with his complaint, he would rather post a review on social media badmouthing your company. So, when your customers have moved on to the digital world, why should you be struggling with old ways of communication?In the past few decades – with the global technology ushering in sweeping changes in the economy – the dynamics of the Manufacturing Industry has changed dramatically!

However, this has not yet translated into hyper-growth for the Indian Manufacturing Industry. There is a tremendous pressure from the competitive and substitutive forces in the Red Ocean of similar products. Still, the challenge is not the production of the product (we all aim to create the best out of given resources, don’t we!); it’s the sales that have lagged behind. It could be because of competition, undervalued product, or lack of serious efforts. Here’s the thing: It is none of these reasons, it is the communication that is not getting channelized properly!

Word-Of-Mouth Isn’t a Thing Anymore

It’s the world of busy - half the people don’t have time to listen to you and other half are not interested in what you are saying; by all means, your word is getting unheard. Yet, word of mouth seems the only way out for many businesses, especially B2B sector.
The manufacturers may be oblivious to the potential of marketing in the current scenario - contented with the word-of-mouth or cold calling and settle with the same.
But, the news is that the world doesn’t operate on the old ways anymore!
The world is evolving with the technological advancement- digital and compact. The size of the screen of our laptops, mobile phones have become small significantly only to have the world on our tips, a few clicks. The world, now accessible through social networking sites, operates on view-of-eyes.

Cold Calling Should Not Be Your Sales Strategy
Reaching out to someone is as simple as punching few buttons on a cell phone. Be it personal or official call, people enjoy the fancy the device can provide – it connects us to the people that are important– connections that matter.
The device with such a potential does appear as a good prospect for attracting clients, while you may be just pushing them farther. It is likely that your potential client blocks your number or even marks you as spam, dumping all the possibility of actually reaching out to him.
The mistake that most of the salesmen make is not to care for personal space. You may be barging in your customer’s space with your repeated calls. Your customer has a job too!

Tune in the digital channels
The rigorous social interaction today is impeccable. Be it debates for a social cause or voicing personal opinions, social media has always come to the rescue. Digital space has ushered marketing into its future
In 2004, when Facebook had gone live, as a social portal for casual interactions, revolutionized the communication altogether. Today, it is being used for personal and business promotions extensively, from the start-ups, small business, to global business and MNCs. What is more amusing is that Facebook is just a piece of the whole. To name few – there are portals – Twitter, Linkedin, and Instagram, etcetera.
The new era calls for a different strategy for your sales. The time and space have shrunk and so should our communication. Instead of badgering your customers into a conversation, the attention must be gained in a time window of few seconds, with a human touch and play of words and colors & creative. The focus should be on the exchange of ideas than pitching the customers, and that must be done on a subconscious level. Instead of getting unheard and hung up, the business should focus on leveraging the channels where your prospective customers are!

If you are facing a similar problem, get Impalsified!

When Dreams are Exploited

Recently, on a Sunday evening, I was having a casual talk with my friend, when we came to discuss about challenges he is facing with his start up. The story is no different from mine or anyone, because be it a new business or old, the troubles we face are universal. Often we are not able to identify our problems, because of being caught in our own yes and no. But at the same time, it becomes easy for us to find the troubles in the other person’s business and give solutions. Vice-versa we also get the same suggestions, and I am sure we all here have such different experiences. There is nothing wrong in this, as simple corrections are missed upon by an entrepreneur; it is like editing your own article.

 The discussion finally came to the initial investments he is making on his marketing and branding activities right now, having no visible results, but all the resources are being spent vaguely following success models of established companies, which actually have different dynamics. Now this is where I feel the dreams of people are getting exploited. 

 Successful companies established earlier say 3-4 years back or more, grew up in a different business eco-system and today the eco-system is completely different. With changing time, the approach also needs to be different, but in reality this is not happening. There cannot be copycats or imitators. Every new business has to be dealt in a new way with innovations to gain opportunity in the market. Simply following success models would definitely lead to nowhere.  

 Today, the objective of a start up is not coming out with a successful sustainable business model, and get it run on its own, but rather get an investor on board. All the energies are brought in to convince an Investor, rather than concentrating on real work. This is where we get into a lot of jugaad work. With shortcuts being the mantra for quick results, I consider a ‘convinced investor’ as winning a Lottery, wherein the lucky one gets in, and all others try for another time.

 You cannot follow any successful models in establishing a brand, as the objective at each different point of business changes. The real effort is to understand this dynamics, which requires various understanding - about the product/ service offered, market conditions, customer behavior, technological advantages or disadvantages etc. It's easy to make strategies in B2B businesses, but it becomes more complex for B2C products. When geographic regions and customer age groups expand, the money and resources spent need to be high, which will be impossible for a start up to invest heavily. You need to check your strategies effectively and time to time.

 For a product to be commercially manufactured, making a prototype and ensuring its feasibility is must, and naturally the same should be applicable for a Start Up. I am always open to explore opportunities around us, and often able to come out with one or the other out of the box thoughts. I would like to hear from you if any of the points I discussed above make some sense, so that we can expand our knowledge base.