Wednesday, November 04, 2020 / 04:30PM / By
FCMB Business Zone / Header Image Credit: FCMB Business Zone
Out of
37million micro, small and medium scale enterprises (MSMEs) in Nigeria only a
few have registered websites says a report by Small and Medium Enterprises
Development Association of Nigeria (SMEDAN). The problem is the wrong notion
that digital platforms are meant for large organizations only, while others
argue that they do not have the expertise and finance required to manage such
platforms. The COVID-19 pandemic has poked a finger in the eye of such
arguments as small business owners are increasingly coming to terms with the need
to have a digital foot print in the business of
the 21st Century, size has become irrelevant or at best a
mild constraint.
Several
businesses have sped up efforts to own
digital platforms as customers shift to the use of online malls to shop and do business,
while others embark on digital transformation initiatives to ensure that they
thrive within what has become known as the new normal.
As a small
business owner in the 21st century, you should have no doubts about having
a digital presence. Here is why:
Brand Visibility
As a small
business owner seeking to compete in a world already dominated by medium and
large-scale enterprises, attracting customers is much easier when you are able
to showcase your brand through digital platforms. With over 100million internet
subscribers in Nigeria alone your presence online makes it easy for customers
to connect with you, learn more about your products & services and take
action easily. In addition, your digital platforms enable you continuously
portray elements of your brand which distinguishes you from competitors.
Studies have
shown that though shoppers may have their usual suppliers and vendors offline,
they still like to conduct research online before placing an order. This is
because customers often like to compare prices and seek options before making a
decision. Thus, being amongst the businesses present where they generally make
findings and seek clarity about various product or service of interest gives
your business a higher probability of being patronized.
Control your Brand's Narrative
With your
own digital platform, the power is in your hands. You have control over the
content you share and can define how you want your audience to see you and your
business; which further leads to more engagement and increased brand loyalty.
In a
digital-first environment, it is important for brands to control their brand
narrative, and share the experiences of others using their products and
services. According to Kaley Halliburton, brands that create compelling and meaningful
narratives elicit much more social conversation, engagement, and ultimately,
sales.
24/7 Lead Generation
Regardless
of how big or small your business is or the industry that you operate, an
obvious benefit of owning a digital platform is that your business becomes
accessible to anyone, anywhere and at any time. Your platform is like a show
room that is open 24 hours daily and 7 days a week, compared to when you have
only about 8hours daily to operate a physical store.
Essentially,
with your digital platforms, you can constantly attract customers and spend
less time having to explain details about your product/service to every
customer that connects with you. All you have to do is have in place processes
that enable you respond speedily to requests such as having auto-responses for
your emails and direct messages.
Beyond the
benefits of having a digital presence as explained above it is important to
note that credibility, consistency and customer experience are key to ensuring
your business gets the best from its digital investment.
Read more on
the FCMB Business Zone HERE
Previous
Posts for Small Business Owners
1.
The Legal Side of Doing Business in Nigeria: Compliance
Checklist You Need as a Small Business Owner
2. Effective Ways to Fund a Small Business in Nigeria
3. Financial Strategies to Help Grow Your Business as an
Entrepreneur
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