MSMEs and the Need to Advertise
What does MSME mean? These are business enterprises from Micro with between 1-9 employees, Small with between 10 – 49 employees, and Medium with between 50 – 99 employees. MSMEs play big roles in the developing economies as they majorly contribute to employment, growth, and Gross Domestic Products (GDP). In Kenya alone, there are 7.4 million MSMEs, with only 1.56 million registered, and employing approximately 14.9 million in different sectors both formal and informal which is almost 90% of the total country labour force.
Despite their key contribution to the economic growth and development of a country, MSMEs face a lot of challenges including access to funding, licensing, harsh economic times, lack of skilled labour and marketing, just to mention a few. However, for any kind of business to survive, it has to be exposed out there through advertising. Here are some of the reasons why MSMEs need to seriously consider advertising: -.
- Since customers need to know about your business, and your offerings for them to buy, or you might have the best goods and services in the whole world but if nobody knows about them, it’s of no advantage to your business. Consumers need to know about your products and services, and this therefore makes advertising a crucial component of your business.
- As it provides that platform and visibility to connect with potential consumers as you target your market niche based on what and how you are selling. When you advertise your business and products offerings, many consumers will get to know about it, and with time very potentials consumers could turn out to be actual and lifelong clients.
- It will help to build your brand, make it stand out amongst other competition, communicate value proposition, create awareness and attention amidst your target audience, existence and operations, reach new customers, build positive brand perceptions, and expand customer reach.
- It helps to boost overall sales by informing potential and current customers about your products, services, discounts, and improve effective business interactions.
As a small business owner, advertising is not only strategic in increasing sales, but also a crucial component that ensures business sustenance to stay ahead of the competition. You don’t need to start big, just create a well-organized advertising plan and begin today.