An advisory piece for SMEs as it relates to advertising.
On advertising and SME Growth
It is important to have good product/ services to offer people, but it is very important to get the message across to the target users of our products/ service offerings in a very deliberate manner. Advertising is one form of getting the message across to customers and this message include the features, advantages and benefits of products/ service offerings.
On branding and advertising
Effective branding cannot be overemphasized, it speaks to the core of who we are as a business and what we represent. At all time, our brand values must be communicated in standard ways across all touch points to our customers and with effective advertising, SMEs can grow their bottom-line significantly.
On common advertising mistakes
Common mistakes made include not being able to understand various customer segmentations require different marketing/ advertising tactics/ strategy. SMEs also don’t usually factor in advertising as part of their budget from inception and therefore see it as not important. Small businesses therefore don’t measure the impact of advertising on their bottom-line.
On cost-effective advertising
SMEs need to understand the niche they serve and target touch points of their market. Many people are on social media today and different social media types focus on specific demographics or segment or sector. SMEs need to be part of various programmes (workshops, trainings, conferences) organized by their banks like FCMB who are glad to exhibit these SMEs’ products offerings for free at some of our events. SMEs need to attend networking events to speak about their product offerings.
Some of the challenges SMEs face as it relates to advertisement include, knowledge of their target market- capacity gap, lack of data for proper data trend analysis and then funding limitation.
Editor’s Note: This article was originally published in The Spark Magazine. Find the magazine here to read other articles.