Digital marketing is becoming ubiquitous due to rising digital literacy worldwide and, of course, the undeniable benefits it offers. These include providing businesses with access to a larger audience, global market penetration, and improved customer engagement through real-time feedback. But are the benefits the same for businesses of all sizes? Research suggests otherwise.
Past and recent findings reveal that digital marketing has significantly improved the market reach and sales performance of many small and medium enterprises (SMEs). However, large enterprises have also benefited from digital marketing. Some would argue significantly more than SMEs.
According to research done on SMEs in Bangladesh, there has been widespread adoption of social media apps, specifically Facebook and Instagram, due to their affordability. The two-way communication enabled businesses to gather valuable customer feedback. A digital marketing agency in Bangladesh can now utilize digital platforms seamlessly for their clients. However, businesses have also faced major challenges, mainly due to a lack of digital literacy. Many employees struggle to understand and use digital tools effectively, leading to the need for hiring outside consultants and specialists, which further strains budgets. Other barriers include slow internet, outdated technology, inability to adapt to internet trends, and cybersecurity concerns, especially regarding financial transactions and the collection of customer data.
Large enterprises in Bangladesh are not facing such issues due to investments in better technology that allows employees to keep up, wireless internet connections that provide access from all corners of the office, and digital marketing specialists who coordinate operations more efficiently.
For many SMEs in developing nations, low digital literacy, inadequate infrastructure, and expensive or inaccessible internet services can weaken the digital marketing impact. This is especially concerning, as digital marketing is often hailed as a tool to level the playing field for businesses worldwide. It provides a cost-effective alternative to traditional marketing. Yet, certain limitations prevent SMEs from maximizing their potential as effectively as larger enterprises.
Keeping Up with Larger Enterprises
So, what are some ways small and medium enterprises in Bangladesh can keep up with larger ones? The following points examine how digital marketing can be maximized so that both agencies and clients in Bangladesh can benefit.
- Customer Acquisition: This has been shown to be one of the best uses of digital marketing, so it should be optimized across all fronts. Conversion rates and overall growth come later, but when planning digital marketing strategies, the awareness and consideration phases yield the most immediate results. These should be prioritized.
How can this be done? A key aspect is social media. Facebook, Instagram, TikTok, Twitter, and YouTube are platforms on which businesses should have a presence. If the goal is to build a community of loyal customers, platforms like Quora and Reddit are highly effective. For showcasing thought leadership and expertise, LinkedIn is the ideal platform.
Investing in good graphic design that stands out in a sea of content can make a significant difference. A strong graphic design and social media marketing team can post content and updates at a moment’s notice, offering real-time updates to customers. This is great for solidifying the business’s reputation in the market and building a loyal customer base.
- Train Employees: If hiring a specialist is out of the question, hiring and training employees in-house is an essential investment for smaller companies. By giving them free access to online courses on renowned platforms like Coursera, Udemy, and more, employees can gain knowledge about niche aspects of digital marketing. For example, encouraging employees to take courses on web design or SEO allows them to specialize in a specific area and hone their skills as the company grows. They can familiarize themselves with more digital tools and platforms and keep up with emerging trends, maximizing the impact of digital marketing.
- Invest in Technological Infrastructure: Unreliable internet and outdated hardware can hinder the execution of marketing campaigns. Investing in better infrastructure also pushes for increased digital literacy among the workforce. In addition, maintaining a consistent online presence is integral to digital marketing. It is difficult to enjoy the benefits of digital marketing with low visibility.
- Optimize Fund Allocation: Relatively cost-effective strategies like SEO, PPC advertising, WordPress website development, and email marketing are excellent investments with high ROI. SEO helps bring a website to the front page of Google search results, putting the business at the fingertips of potential customers searching for relevant keywords. Targeted PPC ads ensure that advertisements are strategically placed in high-traffic sections where clicks are guaranteed, and businesses only pay when the ad is clicked.
- Embrace Change: Resistance to change is a major issue in SMEs. It may stem from company culture or a lack of awareness about the benefits of digital marketing. This challenge needs to be tackled directly. Retraining employees is beneficial, but if the budget allows, hiring adaptable employees who can keep up with marketing trends and adjust their strategies accordingly can make a significant impact. These employees do not necessarily have to be highly skilled, but their openness to change and eagerness to learn can drive progress.
Conclusion
Small, medium, and large enterprises in Bangladesh are utilizing digital marketing far more effectively than they were a decade ago. While digital marketing is a powerful tool, its full potential is not being realized due to various challenges, especially those faced by smaller enterprises. Main challenges include a lack of expertise, inadequate infrastructure, low digital literacy, budget constraints, and resistance to change. The suggestions in this article provide valuable guidance for competing with larger enterprises and achieving sustainable growth. However, without the right leadership, the future impact of digital marketing on SMEs in Bangladesh remains uncertain.