Start with basics: What is Digital Marketing?
Digital marketing is a method to reach more customers via electronic devices as well as the internet with a combination of various tools for your business. With a good strategy and efficient usage of social media tools, businesses can expand their customers all around the world thanks to digital marketing. With the increasing usage of social media and the internet, the importance of digital marketing has increased as well.
What is SME?
SME means small and medium enterprises which can be identified via the number of employees and turnover rate of the enterprise. According to the EU, enterprises that have less than 250 employees can be determined as SMEs. Also, enterprises with less than 50m turnovers, can be classified as SMEs as well.
Why SMEs are important?
SMEs are creating areas of employment which is critical in terms of economics. According to the EU (2016), SMEs created 88.8 million jobs all across Europe in 2013. Thanks to SMEs, productivity and innovations are increasing all around the world which empowers the world’s economy.
SME Limitations
However, SMEs have their own limitations because of a lack of financial budget or network access which discourages SMEs from marketing. Moreover, because qualified employees prefer to work in bigger firms instead of SMEs, they generally have to deal with a lack of expertise. The limitations of SMEs lead them to have unstructured and spontaneous marketing strategies which are not as efficient as digital marketing. Moreover, SMEs can not adopt traditional marketing strategies because traditional marketing strategies request expertise, time, and huge financial support which SMEs are not able to afford.
Why SMEs should adopt Digital Marketing?
Digital marketing can help SMEs to reach customers efficiently with an affordable cost as well as measurable results. While SMEs have their own limitations on financial and human resources, with an efficient digital marketing strategy, they can increase both the number of customers and the profits of their business. Because digital marketing is an efficient way to communicate with stakeholders, SMEs can adopt relationship marketing. Moreover, digital marketing enables SMEs to create their brand awareness with a useful branding understand and SMEs can increase their visibility.