How can MSMEs use marketing?
Established in 2006 as a start-up ayurvedic company, Patanjali Ayurved Ltd. (PAL), today, is sweeping away everything. It has become the fastest growing FMCG company in India. From local store to Amazon, a wide range of Patanjali products is spreading everywhere. How did they achieve this sharp jump in a short span of time? Fact that the Indian market still has an affinity towards nature and culturally based products, is very well used by PAL for marketing. Patanjali products are marketed as historically and culturally INDIAN, under the Swadeshi campaign. It advertises its products as being all-natural and void of any synthetic and artificial components. With such marketing strategies, PAL has agitated the whole FMCG sector and bagged a high growth in sales.
So what exactly is Marketing? Let’s explore that now ...
Marketing is a set of practices or actions undertaken to sell your products and services. It basically involves innovative strategies applied to advertise and sell your product in order to make MONEY !!!
It is the process of explaining to consumers why they should choose your product/service over your competitors.
You may ask me ‘why would I want to spend money on marketing though? I have a quality product. It should sell on its own. Now tell me ‘what is the probability of your walking into a store and simply buying some random item ?‘ It’s as low as finding a waterfall in the Sahara desert. So it’s as simple as that.
However, marketing differs from sales as it begins with the basic product development stage. A smart entrepreneur will study the market first and then invent his product, so as to feed the demand of his customers.
Thus, Marketing takes into account the customers’ needs and their satisfaction. Primarily, it is based on 4Ps viz. (1)Product (2)Price (3)Place (4)Promotion.
(1)Product: Marketing strategies begin with understanding the needs and desires of your target audience. This requires tons of market research and a demographic survey. If your product isn’t needed, yet, create a need, make your audience desire it. Make your product better than your competitors. Design it to attract the maxim.
(2)Price: It is derived by understanding the optimal price to sell the product to achieve maximum return. Either it is set at a similar level that of the competitors, once it is understood that all product expenses can be well recovered and still there is a profit. But if the company is launching a new product, it must determine how much the consumer is willing to pay for it. The higher price can result in fewer sales.
(3)Place: It requires an ample amount of demographic studies. It includes the identification of the areas where your target market roams around. This means you need to plan where you must advertise your product so as to spend less and reap more.
(4)Promotion: Finally comes in promotion of the product by strategic advertising. It involves promotion via hoardings, social media, TV advertisements, even expensive ways like celebrity endorsements, etc.
Thus, understand that marketing is everything that the consumer encounters, when it comes to your business, from advertising, to what they want and understand, to the customer service that they receive, to the follow-up care that you provide.
One must study the important topics in the society and accordingly innovate, design the product like Reliance Jio…which banked on Digital India Movement and offered a cheaper and better product versus its competitors almost completely capturing the internet consumer base. Finally, to sum up, marketing involves ideas, innovation, interest development, and investments, to earn income.
How does Me Udyojak help MSMEs in marketing?
It is seen that for any entrepreneur more than 70% business comes through Word Of Mouth or References. But no entrepreneur has a system to generate references which are of high quality. At Meudyojak members share strong references with each other resulting in a lot of business. Me Udyojak members have shared more than 25000 references resulting in more than Rs 94 crores business.