Communication & Technology – A must for an SME trader

Do you know that almost everyone looks up the internet in the following situations?

• Making a purchase decision
• Start a new business
• Look for a new supplier
• Business joint ventures
• Sourcing raw material
• Sourcing packaging material
• New buyers
• Comparison of products
• Product reviews
• The list goes on!

Since internet is easily accessible and more and more business is taking place online, it has become a necessity rather than an added advantage to make an online presence for your business.

But how easy or difficult is it to get online? It takes a lot of effort in making a neat website, update the content, put the right kind of images and keep the website updated all the time. Plus, because of the plethora of websites, you need to invest in SEO, SEM, social media marketing, etc.

Usually, since traders and other business people do not have the expertise to handle all of it, they go for one of the following two options:

1. Outsource the entire activity (which comes at a high price)
2. Do it in-house to save on cost (but the outcome is quite bad because of lack of knowledge and expertise)

This is a fix that many traders face. Add to this the fact that traders have not one, or two, or three products but the SKUs run in multiples of tens or hundreds. So it’s even more difficult to manage the operations.

Is there a way to avoid these problems and still get to the ultimate objective of having an online presence?

The answer is a product from bizporto.com, the bizTrader. bizTrader is a specifically designed product for SME traders that can not only manage inventory but upload all the product information online and maintain it, get you SEO and SEM traction, bring you on Google, Yahoo!, bing and other search engines and also maintain your online presence without you having to do anything. You can purchase the product at a very economical price for 12 months and stay relieved about your online marketing.

You need not put in any effort in managing it, all you have to do is prepare yourself to handle the business that will flow in after you begin using bizTrader.

bizTrader will change the way you do business. It will expand your market presence, increase your sales, give you a well defined space in the online market and benefit your business overall.

What are you waiting for?

A trader in the SME sector? You need to read this!

Today, SMEs have the maximum opportunities because of the fuelled growth in all sectors. There is a lot of business waiting to be captured but the SMEs are not able to utilize all that there is. Do you also feel that there’s something missing which, had it been available, can actually help you do your business in a more efficient way?

With the growing entrepreneurship, there is a growing need for B2B traders too. But there is a huge gap between the demand and the supply. And this gap is not because of less supply but because the right people are not connected at the right time.

Most SME players start small and grow over a period of time and gain expertise in their area of work or the sector they operate in. However, most players deal with a large number of SKUs and categories of products. In which case, the inventory management poses a big problem since day-to-day transactions are high in number, there are many returns, many suppliers, many buyers, credit periods and what not!

In such a case, the trader not only has to ensure that all the transactions, big or small, are accounted properly but also that he knows the status of the inventory. Mostly, it is quite difficult to ascertain how much stock is available at any point. Without this knowledge, the trader cannot commit to new leads immediately. Also, in case a minimum balance is not maintained, a sudden order may not be fulfilled which means giving away business to a competitor.

Thus inventory management, though seems like a small part of the business activity, is actually a very critical element in the smooth flow of the business.

Since a trader may not have highly skilled staff, it might be quite difficult to use complicated accounting softwares.

bizKontrol is an inventory management plus accounting software that can be used easily by anyone who has the basic computer knowledge. It gives the traders a clear picture of the level on inventory, all the buyers, all the suppliers, accounting, etc. The software has been designed after a lot of research into the specific requirement of an MSME trader. The design is sleek and neat with easy to view options which makes it simple to understand and operate. 

Word of Mouth marketing – a great boon for small businesses

Do you think WoM is good for your brand? Will it suit your marketing goals and help you achieve them too? If you are a small business enterprise, Word Of Mouth marketing may help you achieve many goals. A lot of brands include everything possible in their marketing plans without understanding what’s good and what’s bad for them. If you are a small business and fit in the following scenarios, then you can implement WoM strategies for your benefit. It’s free and more credible than advertising.

1.       Women Oriented Products

WoM works very well for products that are aimed at women. Products like cosmetics, hair colors, clothing line, beauty parlors, kitchen amenities, etc can be easily marketed by WoM. When women use these products, they generally discuss with friends and family. Whether or not they like the product, they definitely have an opinion about it which gets passed on to their circle. From one to another, they tend to try the product if they hear something good about the same from their trusted group of friends. Thus, women oriented products can be marketed through WoM. A unique way of doing so can be sponsoring small kitty parties where women can experience the product for free and then spread the word about it.

2.       Niche Business

Brands that have a very niche audience can make use of WoM. This is an apt strategy for those who have a much targeted group to reach out to. It is so because niche groups are most likely to be intertwined in some way or the other – online forums, groups, association, etc. If a few people use the product and have a positive opinion about it, they would definitely want to share it with the rest of the group. For example, a shampoo that is made of natural ingredients and has not been animal tested will be termed as ‘Vegan’. All those who wish to live a 100% vegan life are connected on various platforms and if even a few of them are convinced about the product’s quality and the claim of being ‘Vegan’, they would spread the good word. Also, when the target audience is niche, spending in huge advertising budgets doesn’t make sense as the RoI will be extremely low.

3.       Local Business

Local businesses which are geographically confined to a small area can use WoM to a large extent. Consider the example of Pune based the Four Fountains Spa. It started with one branch in the city and then the good word spread about it as an affordable spa that can rejuvenate you completely. Its popularity spread like wild fire as people who went to the spa shared their experiences with friends and family and started gifting spa vouchers as gifts to their parents, friends and even as corporate gifts, which fuelled the WoM even more and increased their sales. Today, the spa has expanded to various Indian cities with more than 10 branches, all this in just a period of about 3 years.

4.       No Advertising Budget

Brands that do not have any advertising budget should focus more on WoM strategies to drive the business. It is a great marketing alternative when the cash reserves do not allow for spending on newspaper ads or TVCs.

Simple Marketing Tips for Small Businesses

You have a small business and limited resources to market. Is that a problem? Absolutely not! Here are a few tips on how you can best utilize your time, effort and money on marketing your business:

• Add a personal touch: Be it a Facebook post or an email message, add a personal touch to it. Make your brand more human by giving its voice a touch of emotions and sentiments. Whatever you write or send out, even the content on your website, should have a personal touch and a human tone because It helps in connecting with your target audience faster!

• Use your existing network: Charity begins at home and so does marketing. Your family, friends, associates are the first target audience that you have to reach out to. Their support will help you get further. It’s like a ripple effect. If your network promotes you on their social network or circle of friends. Their network promotes it among their network. That’s how the word gets out! But the most important in this is how you sell your business idea to your own friends and family and make them believe in you and your product.

• Let the picture talk: A picture speaks a thousand words! It has been concluded that images can potentially attract more attention, capture mind share and engage people. Hence, use images more than text on Facebook, websites and elsewhere. It allows you to build a better positioning of the brand. Even product images should be good quality so that the user experience on your website and other online portals is enhanced.

• Contests: Small contests and giveaway are a great way to engage existing and potentials customers. Keep aside a monthly budget based on your will and utilize that money for gifts and giveaways. Such activities go a long way in increasing your number of loyal customers. And if they like what they win, they will come back to you and buy the product!

• Get together: If other similar players in your industry are also small and mid-sized, it would be a great idea to join hands for joint promotion. A combined marketing activity is a great way to increase awareness about the product segment and reduces cost of marketing. You can approach media for PR stories on all the brands together. It’s a win-win situation for all.

• Network: Networking helps increase your personal brand and generate credibility in the market. You are the brand ambassador for your product by default hence people judge your product and brand based on your personality. Hence, meet as many people as possible and create a good impression on them to be able to generate a good impression for your brand.

Creativity in Marketing

Creativity is the basis of marketing and branding. Long ago, there were fewer sellers and fewer buyers. Things were simple. As the number of sellers grew, they felt the need to differentiate from the rest by packaging their product creatively. The same applies today as well. If you just did what your competitor is doing, you would not stand out to create a mark in the consumer’s minds.

Thus some level of creativity is essential in developing the marketing strategy for every brand. While using creativity to create your promotional messages, make sure you keep the following points in consideration, so as to make the optimum use of it.

 

1.      Marketing Mix

Creative marketing doesn’t apply only to the promotion but to the entire marketing mix which includes product, price, place and promotion. Thus, creativity can be applied to the product design, product packaging, pricing strategy, discount offers, mode of buying, point of purchase marketing, etc. This means that there is no limit to the ways in which you can do creative marketing for your brand or product.

 

2.      Be sensitive

Do not cross the thin line between thinking out of the box and hurting the sentiments of the audience. Imagine a marketing campaign for a funeral service. One can be creative in advertising it but talking about death too blatantly can hurt people’s sentiments. Humor is good, only till it doesn’t point at someone directly.

 

3.      Create a link

While being creative, try to establish a link between the message and the product. You don’t want to be remembered just for the message but you want the product to be recalled too. So involve the product seamlessly in the creative message and establish a clear link between the two. This will help generate higher recall value. Consider the Bingo Mad Angles ads. The ads are creatively made very silly, yet involve the product attributes in the message. This ensures that when the audience remembers the ad for all its idiosyncrasies, remembers the product too.

 

4.      Get them thinking

Remember the TIME magazine ads where the bill boards had red background and just a clue. The ads were very creative but didn’t give out the answer to the clues easy. It got the target audience thinking and inquisitive. It was a perfect blend of creativity and a thought instigating message. It instantly became a very popular advertising campaign in the business magazine category. The campaign emphasized very strongly on what TIME stands for.

 

5.      Make sure they understand

The marketer’s creativity level should match with the target audience’s creativity level. The message should not go unheard or un-understood. Thus it’s important to test market the campaign before launching it in the market. A pre-launch pilot study can be helpful in determining whether the creative advertising message is perceived by the audience as it’s intended to be by the marketer.

7 mantras of successful positioning

Positioning is about building a brand image and sustaining it. Brand experts often find themselves wondering as to what is the best way possible for positioning a brand that captures the mind space of the potential consumer. While every brand has its own course to follow to build an impactful positioning, there are some basic mantras that can help put the brand on the right track.

Here are some tips that one should keep in mind while setting out to implement a positioning strategy:

 

1.     Aim to be different

You have to position yourself something different from what already exists in the field. There are various products in the category, why should they choose you over the rest? If you can answer this question, you have a focus as to how you want to position yourself.

 

2.     Find your core competence

You will find that there is an advantage that you have which your competitor doesn’t. Figure out what it is – what are you able to do better than the competitor, and focus on that while positioning.

 

3.     What do you stand for

If you had to describe your brand in one word, what would it be? When you say ‘Tata’, you invariably think of trust. That’s what they stand for, what do you stand for? When you know what you stand for, you get more aligned with your positioning strategy.

 

4.     Competition monitor

You know what you stand for, but do you know what your competition stands for? Your positioning should be stronger than your competitor. But for that you need to overrule what your competitor already positions it to be. If Idea stands for social causes, Vodafone stands for best Value Added Services. Both have made a very strong positioning for themselves, and both have their own audience to appeal to.

 

5.     Customer’s Quest

Do you know what will make your customers happy? Do some firsthand research, talk to people and see what they are missing in the options available to them. When you know what your customers want, you can easily align your offering to their needs. And that will be your positioning guiding light.

 

6.     Stay Focused

In all your communication with the existing and potential customers, hammer only what your key positioning is. There should be a very clean alignment between all forms and medium of communication when it comes to the message you are giving out.

 

7.     Relevance is the key

Your positioning should be relevant to the product as well as to the customer. If there is no relevance, establish it. Again, look at Idea. It has made social causes relevant to the brand, thus generating a soft corner for itself in the minds of the people. Now everybody perceives Idea as a brand that is very sensitive to social issues. The positioning is relevant to the Indian consumer.

Use blogging to build your brand!

Did you know that there are specialized bloggers who write about particular subjects and are great influencers when it comes to guiding people through their purchase decisions? For example, there are tech bloggers who review every new gadget and publish it on their blogs. Those looking out to buy a new gadget, look up their blog and decide which one to choose. If these bloggers write a positive feedback on the product, the brand will be benefitted manifold.

Blogs have a far greater reach when it comes to search engine results. A blend of SEO techniques and relevant content can do wonders for a brand.

Consider the following ways in which brands can get themselves to be talked about by bloggers.

1.      Blogging Contests

A brand can announce a blogging contest and get bloggers to generate content in the online space for itself. The blogging contest can be given a well-defined theme, like the USP of the brand, etc. When a good prize is attached to the contest, bloggers would automatically be willing to participate and write about the brand in their blog.

For eg, recently, Dove held a Real Beauty blogging contest where in the bloggers were asked to write about what real beauty meant to them. It had huge cash prize attached to it. It created a lot of hype around the brand. These contests can be announced through various blogging directories or social networks for bloggers.

2.     Blogger Meets

A brand can announce a blogger meet where in the city based bloggers can come together and experience the brand first hand. This can include seeing the product, using it and learning about it. The bloggers can then go back and blog about their experience. This creates a valuable user generated content for the brand.

3.     Company’s Blogs

A brand can have its own blog that can not only talk about the brand itself but about other things related to it. For example, a cosmetics brand can write about various beauty problems, prevention and precaution, etc. Along with it, it can write about the brand products, their usage and how it can help solve those beauty problems.

4.     Celebrity Blogs

These days a lot of celebrities maintain their blogs. If a brand can get a celebrity to publish a post about its products and the brand experience, it will immediately generate a lot of publicity for the brand. It will be like having a celebrity endorsing the brand in the online space. Celebrity blogs are closely monitored and thus have high readership.

5.      Micro Blogging

Micro blogging platforms like Twitter can also help in creating a viral or an instant publicity for the brand. There can be contests especially for those using Twitter. With the use of hash tags and the brand’s Twitter handle, consumers can post a lot of content about the brand that can be read by their followers. This is a great way of engaging consumers as tweeting requires very less time. However, the shelf life of a tweet is very short.

Challenges of a trader and how to handle them

B2B is an acronym for Business to Business. There are over 10 lakh B2B traders in India and the number is increasing as you read this. These B2B traders want to connect with each other to form win-win partnerships so that they can benefit and grow together.

A B2B trader thus has unlimited opportunity to grow and capture market however there are a few hurdles that he faces on the road to success. These hurdles are specific to the B2B sector:

1.      Different target audience

Since the target audience for a B2B trader is not the final consumer, the marketing techniques cannot be the same as those used by a retailer or a B2C trader. This means that the marketing communication strategy for a B2B trader has to be different and most traders do not know how to develop the most efficient marketing plan for them

2.      Lack of budgets to develop an online presence and branding

Most traders do not have the budget to set up an online presence for their brand. In fact, they are unaware of the benefits that they can derive out of ‘branding’ initiatives.

 3.      Lack of skilled man power

B2B traders do not have the skilled man power to develop a team that can handle sales through direct marketing. Thus, they need an alternate sales channel that is cost effective, efficient and easily manageable.

 4.      Buyer decision making influenced by online search results

These days, all prospective buyers do an online search before approaching a seller. This means that if somebody wants to buy a raw material, he will look for that online, see which traders are offering it, at what price. There will also be a comparison based on quality, credibility and brand recognition of the seller. Based on this preliminary research, the potential buyer will approach a potential seller. If both agree to each other’s terms and meet each other’s requirement, a B2B transaction takes place.

But what if your business is missing from the online search results or has not online presence at all. In such a scenario, you are completely losing out on a huge set of potential buyers who are looking for the product that you are offering. A B2B trader might be aware of this but does not know how to go about in setting up an online sales platform for its business.

5.      Too many products

A B2B trader usually has hundreds and thousands of SKUs and finds it difficult to maintain the online presence for those because they are so high in number and do not have readymade software that can come their rescue.

6.      Competition

There is a lot of competition based on price point and thus all traders of a particular type of product offer similar products at a similar price point. To make a mark in the buyer’s mind, a trader needs to develop his brand and most of all, create an online presence.

7.      Traditional marketing does not help

What works for retailers for mass marketing – such as newspaper insertions, point-of-sale display, banner ads, etc will not work of B2B traders since the target audience is not mass but niche. Hence a specialized approach is required when planning marketing for B2B sellers.

8.      Tedious business operation

The day to day operations in any trading company involve high number of transactions and high levels of inventory to be managed. This creates a lot of confusion and is a tedious process to manage on a regular basis. It consumes a lot of time and leaves little room for other tasks such as business expansion and marketing.

What is the way out?

At bizporto.com, we understand the pain points of a B2B trader and have developed a comprehensive solution that addresses all the above mentioned problems as well as seamlessly blends a traders offline store with its online presence.

Why do you need biztrader?

Inventory Management & Accounting

• Complete business accounting
  (Sales, purchase, vouchers, credit / debit note, etc)
• Automatic inventory management
• Access to reports of your business and operations
• Alerts and information on stock

Online Sales Channel

• Take all your products on Google search resultd in one click
• Sync  all products in your inventory
• Receive genuine inquiries
• Grow business ‘glocally’

An easy-to-setup and economical solution specifically for traders.

Negative Publicity – How to deal with it?

The impact of negative publicity is much more than that of positive publicity. A negative word against your brand’s product or quality can hurt – the marketers, their marketing plans and even the sales to a large extent. Marketers must understand that nobody generates negative publicity for them but themselves. Customer experience can make or break them. Brands can handle negative publicity for themselves in the following ways:

1. Be nice to your customers

This is first and the foremost way of avoiding negative word against yourself. Be nice to your customers, take care of their needs and serve them the best you can. Nothing flatters customers more than the service provider/seller treating them with dignity and respect. Make sure your front desk staff or salesmen are well groomed and well equipped to give your customers an experience they would find hard to forget. In certain Indian restaurants, you will find the owner himself serving the customers along with the crew, especially during rush hours. This only shows that the owner is concerned about the guests and not just leaving it to the waiters to handle them. Even if the food is not appealing to the taste buds of the guest, they would think twice before saying anything negative about the restaurant.

2. Don’t fake it

A lot of companies themselves write positive testimonials and good comments about their brand on review websites, blogs, feedback columns on the company’s website, etc. One can usually make out what is genuine and what is not if there is an only positive review to be found. Another way of doing it is paid advertorials which may not be as appealing either. Try to avoid that, instead wait for genuine feedback from clients which are believable and the exact expression of their experience with your brand.

3. Accept criticism positively

When you hear a negative word about your brand doing rounds, analyze what is triggering the bad word. The criticism should be taken positively and the changes be implemented based on the criticism. This will only make you realize what your weak areas are and where the competitors are scoring over you.

4. Show that customer’s feedback matters

When you hear negative review of your brand, try to ascertain what will make the pain areas go away. Take the feedback seriously, acknowledge the negative word and work on improving the brand. When the customers know that you have taken serious efforts to work on their feedback, they will only respect you more. For eg, when Cadbury got in trouble because of the worms and everyone started talking about how unsafe it was to give the chocolates to the kids or anyone else, they launched a campaign which clearly stated about the packaging and safety measures that Cadbury had implemented post the crisis.

5. Improve your SEO

The negative reviews, blogs and comments can help you find out what are the key words associated with your brand in terms of negative publicity. These can help you do a better keyword research for online ads, response strategy and website content.

6. Future strategy

A negative review of your brand can help you make a more profound marketing strategy and product innovation strategy for the future. You can learn from the mistake and come back much stronger and better. Usually, brands are advised to go for a small test marketing of the new products to avoid mass negative feedback, if any.

bizporto.com Featured in “SME Channel”

The journey of a thousand miles starts with a single step. Over the last three years with bizporto.com, we have come a long way and achieved many milestones. Together we have created something that is helping not just individuals but also the economy on the whole. We have always believed in us and today we have been recognized by the industry as well. The April 2013 issue of the magazine SME Channels has carried a two-page interview of bizporto.com “MD. Suresh Salunkhe”. SME Channels magazine is a leading IT magazine in India. The focus of the magazine is to disseminate information about the use of IT and Communications in a most prudent manner by the SME market in India. The magazine includes all the stake holders starting from manufacturers to distributors, dealers, SIs, solution providers, cloud infrastructure and applications providers, hosted solution providers, service providers, etc. to help SMEs utilize IT for optimizing their efficiency.

Read The Complete Interview Here