Significant percent of all enterprise in developing economies are small and midium business(SMEs). The new paradigm is 'start small and grow big'. Initially people were reluctant to embrace the idea.
However, the hundreds of initially secured jobs are no more secured, thousands are been relieved of their jobs everyday.
Therefore, the latest shift to SMEs is more of a revolution. Thousands of people are now running a business With their full-time day job.
However, in the long-term, few of this new start-up will survive. One of the key to survival is excellent customer service. SMEs needs to create and retain customers. Consistent and sustained growth is key to survival.
SMEs are constrained by the 4 m's of production; manpower, money, machine and material. Therefore, their customer service and growth strategies must be innovative and cost free.
Andrew Carnegie in his book "how to win and influence people" explained the secret of successfully relationship building.
First, to win and influence anyone, get involved in his/her problem. Explore ways of sustaining discussion. Relationship building with customers keeps one in business in the most competative environment.
SMEs can't compete with big businesses price wise. Big companies can sell at a reduced and discounted price due to their cost structure. It would be a huge mistake for SMEs to view big companies as potential competitors.
Therefore, start-up are advised to create and substained honest relationship with their customers.
Viral Advert Video
Innovation is the focus here. Big companies spent huge sum on brand marketing campaign.
SMEs are constrained by resource and therefore, May be practically impossible to secure primetime slot on major television and radio channels.
The viral advert video aimed at creating more awareness of the brand. It's simple: People are paying huge sum of money to comedians to make them laugh.
The viral video strategy is the most creative. Create a comedy clip and includes your business name. Post the video on YouTube. it performs magic.
Thousands of people will download the video clip, therefore, at the end, potential customers will gain valuable knowledge of your brand.
Connect via social media
The focus here is on cost reduction. Brands can connect with their customers, gets real time feedback, create emotional link and engage customers via social media. SMEs with reasonable social media presence make more sales.
Use Customer Relationship Management(CRM)
CRM help to record all the interaction with customers, segment customers based on their spend, enhance 360 degree view of call query via service request. Mobile CRM gives the service team and sale sales real te update of all queries and order. The latest practice is to incorporate all the service applications into one to avoid navigation issue.
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