SME Trends To Take Note Of
SMEs are breaking ground and getting noticed, as evidenced by the influx of investments last year. South Africa is recognising the importance SMEs play in the local economy, and now is a good time for your small to medium enterprise to be in business.
While it might be a good time for SMEs, it’s beneficial to keep abreast of trends so that it’s still a good time for your business tomorrow.
Taking Over The World
Just because you’re a smaller business doesn’t mean you shouldn’t be adopting a global perspective. A study done by the Oxford Economics research program showed SMEs are changing their business models to cater for global demand. A survey of 2,100 SME executives in various countries showed that fifteen percent of respondents already do business in at least six countries, and that more than half are forming partnerships with suppliers and other vendors from foreign countries.
In a globalised world, where all information is a click away and you can teleconference with someone the other side of the world without leaving your office, total world domination isn’t a far-off possibility. Keep that in mind.
Storytelling
The public face of business is no longer corporate, it’s personal. The trend for SMEs is to personalise their brand because clients want to know they’re dealing with real people on the other side of the transaction.
What is the story of your company? What is your brand’s personality? Express this in creative ways, through your social media, campaigns and content, so that your company has that personal touch.
Video Marketing
Content marketing is king in the digital marketing world. The type of content you should be producing needn’t just be written content, however. Video is getting big. A picture may say a thousand words, but a video tells a whole story.
People like watching videos and are more likely to act upon or share them. However, remember that we’re in South Africa and our internet isn’t as great as in other countries, so bear in mind who your target market is and what their internet situation is likely to be. Balance out your outreach by still providing written content alongside your video.
Mobile Payments
Mobile payments are becoming a big thing, and they’re only going to get bigger. You might be able to go on without capitalising on this trend for now, but don’t get left behind.
Mobile money payment systems allow you to make instant transactions with your sole traders instantly via smartphones. They also present a unique opportunity to connect with your customers and deliver value in a more personal way. Not only are mobile payments a hot tech trend, they can enrich and deepen your relationship with your customers.
The content in this article was provided by WesBank – a leading Vehicle and Asset Finance provider and part of one of the largest financial services groups in Africa. WesBank is a division of FirstRand Bank Limited.
For more information, contact:
Website: https://www.wesbank.co.za/wesbankcoza/
Tel: 0861 922 677
Email: fcs@wesbank.co.za
