7 Effective Marketing Strategies for SMEs in 2023

effective marketing strategies

The success of any business relies on effective marketing strategies —especially for small and medium-sized enterprises (SMEs). With big names already staking their claims in the market, as an SME business owner, you may be wondering how to get your brand out there.

A successful marketing campaign comes from a well-planned marketing strategy. With so many different ways to market your brand, it may be challenging to narrow down the marketing channels you should focus on. Whether you’re launching your business or already have brand authority, having a solid online presence is crucial because we live in a digital age where social media and e-commerce have a strong hold on the market.

According to a 2021 article by Hubspot, 54% of social browsers use social media to research products. On that note, a recent Statista study predicts that revenue in the e-commerce market will reach US$986.10bn in 2022. It also predicts that the number of e-commerce users will grow to nearly 274 million by the year 2025.

That said, below are 7 effective marketing strategies that will help your SME business navigate the market effectively in 2023:

#1: Social Media is a Contact Sport

Effective marketing strategies

You may have heard this phrase before, but what does it really mean?

It means that the purpose of social media is to establish connections with the audience. Having an online presence and active social media accounts isn’t enough —you must actively engage with your audience and customers online.

An integral part of your SME marketing plan should be to embrace personalization and make your customers feel that they matter. You should also make them realize that they’re an essential part of your brand; this builds brand loyalty and transforms your online followers into ambassadors. 

Some effective marketing strategies you can use for engaging with your audience include online communities or forums, loyalty or reward programs, and customer reviews. These tactics are a great source of user-generated content and authentic feedback. This can help you boost referral-based sales which usually close at 50 to 70 percent or higher.   

#2: Go Beyond Just Content

Effective marketing strategies

Content may be king but don’t forget that simplicity is queen. These two factors should always go hand in hand when you create your marketing strategy –especially if you’re trying to raise awareness of your SME brand. What good would your content be if it’s too complicated for your audience to understand?

Search enginge optimization (SEO) and link building are other strategies that should always be paired with content marketing. Your unique and relevant content would only be successful if people could find it when searching the web. Here are some strategies that will make your content visible on the internet:

  • Create high-quality and value-adding content that your audience will want to share.
  • Use specific SEO keywords to ensure that your content will rank high on the search engine results page. Optimize these keywords regularly.
  • Include reliable and trustworthy third-party links and citations on your pages.
  • Use social media and other websites to generate links that will lead users to your website.

#3: Say No to Hard Selling

Effective Marketing Strategies

The days of hard selling and cold calling are gone. Consumers’ purchasing habits have changed. They have become empowered by how easily they can research information about any brand online. This makes them more likely to conduct thorough research, which consequently decreases spur-of-the-moment decisions.

So instead of pursuing an overtly direct sales approach, educate your audience on why they need your products or services. Having this information available on your website and social media will make it easier for your potential customers to make a decision.

Foster thought leadership by sharing data-driven knowledge and explaining why your product or service will be the best fit for your audience. This will help you raise brand awareness, build authority, and increase trust in your products.

#4: Find Your Niche

Effective marketing strategies

Creating partnerships is the fastest way for an SME to get its brand out there. When planning your marketing strategy, define your target audience, ideal customers, and niche. This will help you identify potential partners aligned with your brand.

Whilst partnering with other businesses may seem ideal —especially if your business caters to the B2B market— it’s also important to consider Influencer Marketing (IM). People are more receptive to influencers than they are to a brand’s promotional claims. And contrary to popular belief, IM can be affordable.

Influencers can also connect you with customers that wouldn’t have found your brand otherwise. In addition, they tend to have a loyal audience ready to follow their suggestions. For these reasons, incorporating IM into your campaign can be an effective marketing strategy —it can easily extend and strengthen your reach in the market.

#5: Tell a Story

Group of young college students in smart casual wear on campus. friends brainstorming meeting talking and discussing work ideas new design project in modern office. coworker teamwork, startup concept. Free Photo

We’ve already mentioned that it’s critical for businesses, especially SMEs, to create personalized connections with their audience. But if you want your audience to know and remember you, you must tell your brand story.

Having a great brand story is an effective marketing strategy that can help your audience relate to you better. To create a compelling brand story, you must be authentic, connect with your audiences’ emotions, and show them how you can improve their lives. 

Your social causes, such as sustainability, helping the environment, or giving back to your community, can also be great additions to your brand story. This speaks directly to your customers’ hearts while raising awareness for those great causes you support.

If you’re not talking about your social causes yet, perhaps these studies may convince you to do so. 77% of consumers are motivated to purchase from companies committed to improving the world, while 73% of investors state that a brand’s efforts to improve the environment and society contribute to their investment decisions.

#6: Data Beats Opinions

Business presentation on a laptop screen Free Photo

As an SME, it’s vital that you do things correctly the first time or at least have a foolproof plan backed up by research. This is where data and analytics can help you. By looking at different perspectives, you can discover what your company needs and see the unbiased truth.

Having a marketing strategy vouched by data gives you an edge while making your initiatives more effective. Start with market research and competitor study. Understanding the market — what the audience wants, what works, and what doesn’t— can help you. There are plenty of free online solutions that can provide you with valuable data. You don’t need to invest in sophisticated software solutions, especially if you’re starting out.

For example, social media analytics is readily accessible on your business profiles through built-in analytics tools. At the same time, Google Analytics can help you get website and landing page insights – all for free. As long as you know how to interpret the data, these tools can give you valuable data at no cost.

#7: Find Your Fit Crew

Group of asia young creative people in smart casual wear smiling and arms crossed in creative office workplace. Free Photo

Having a top-notch marketing strategy doesn’t end with planning. The real test of the success of your marketing campaign comes after execution. To ensure that your efforts are successful, you need to add marketing experts to your team. They’ll improve your plans and strategies significantly.

Finding the perfect fit and having the best crew for the job will go a long way in helping you run a winning marketing strategy. However, hiring high-caliber staff early in the game, especially for startups or SMEs, may also take its toll on your business, as time, money, and other resources may be limited.

The good news is that you don’t have to hire in-house marketers. You can implement an effective marketing strategy by outsourcing to our team of experts. In fact, 24% of small businesses improve their marketing plans by outsourcing, and we can help you achieve greater results as well.

By using these effective marketing strategies, you can generate leads and find more customers for your business.

To learn more about outsourcing, you can read our Top 8 Qualities of an Outsourcing Company in the Philippines article. We invite you to follow us on social media and to visit our website to learn more about our services.

banner-finalAbout Us: Sourcefit is a widely recognized US-managed business process outsourcing company based in Manila, Philippines. We proudly serve over 100 clients with a workforce of more than 1,300 employees. Our global centers can serve multiple markets, and our staff is highly proficient in English, Spanish, French, and Portuguese. Whether you need a few or many employees, we can help you achieve your business goals and build high-quality offshore teams.

Latest Awards

Sourcefit’s commitment to excellence has been recognized through numerous industry awards and certifications.

We recently received the Fortress Cyber Security Award from the Business Intelligence Group. Sourcefit was also honored with the prestigious recognition of Best Outsourcing Solutions Provider in the Philippines during the 2023 Business Excellence Awards.

Other awards include: FT ranking of 500 high-growth Asia-Pacific, The Marketing Excellence Awards, Inquirer Growth ChampionHR Asia Awards, among others.

Related Articles

7 Benefits of Outsourcing Digital Marketing
Why Outsource SEO Experts in the Philippines
Outsourced Marketing That Works: Finding the Red Flags and the Right Fit
Should you Outsource Marketing?

Not sure where to start? Connect with us and see how Sourcefit can help you grow your business.