• Digital Marketing
  • Post By : Achyut Labs

May 10, 2020

How SMEs can leverage new technologies for business growth

New technologies are creating a broad gap between small and large businesses. Large firms have all the muscles to access the latest technology which primarily supports small and medium-sized enterprises. For instance, consider how UBER created an enormous vacuum for taxi drivers and UBER EATS created hurdles for restaurants globally. Most tourist destinations face fierce competition from AIRBNB that has challenged the conventional motels and hotel chains. It all boils down to the lack of affordability or connectivity that current SMEs face when it comes to onboarding new technology.

Most SMEs will need digital marketing tools coupled with data analytics tools for market analysis that help shape their future affordably.

Some of the most significant harm to this rapidly growing world is lack of familiarity with key terminology. There is a lack of clarification about the language and terminology surrounding digital data and analytics, for what each metric stands, and classifying the most relevant parameters, how each metric is obtained, how to establish targets, and which metrics match those targets. This is why small companies fail to comprehend the target setting and goals and keep it in line with market conditions. This involves knowing primary metrics are for digital analytics, and how to match these metrics with conventional tactics. Then there are Search engine metrics for Google, DuckDuckGo, Bing, and social media metrics like Facebook, LinkedIn, YouTube, Instagram, Pinterest, etc.

And since the search engines and social media portals are open for everyone, finding your right metrics gets even more difficult. Sadly, the major media and search sites exacerbate this ambiguity. Each brings its unique metrics to the mix, rendering any side-by-side comparisons between sites difficult and almost a futile exercise for small businesses.

The difference between search analytics and social analytics is that the former is very well established. For search analytics, established tools such as Google Ad Words help a marketer understand what words are being used most often and in what volume. An established set of metrics is accepted by the industry, such as click-through rate (CTR), total clicks, cost per click (CPC), and cost per acquisition (CPA).

Search engines are long-old platforms for businesses and known by marketers compared to relatively new social media platforms. Marketers would, therefore, need proven tools like Google Ad Words to gauge the frequently searched terminologies by users on such platforms. The industry embraces a set of metrics, including click-through rate (CTR), total click, CPC cost, and acquisition cost (CPA).

For someone looking to understand the key elements of a digital marketing strategy, look out for the below-mentioned constituents that are necessary to understand.

  • Business strategy
  • Customer experience
  • Online content creation
  • Channel promotions
  • Continuous analysis
  • Continuous improvements

Contact Achyut Labs that has expertise in providing top digital marketing and data analytics services. We aim to make the latest technologies accessible for small businesses to leverage our experience and expertise. Let’s connect for your better business.