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Alternate Channels To Achieve Business Growth
By
2022-07-19
There are many growth strategies available for SME owners to explore when looking for ways to expand. And while we have touched on a few from the Ansoff Model, there is still one more you could consider.
Using alternative channels is a common business growth strategy for SMEs in South Africa, particularly in the digital era we find ourselves in post-COVID. Business owners and marketers should explore channels and platforms available where they can still reach their audience and better service them. By testing new channels, you can expand your reach and find new ways of marketing to your customers.
Here are my top alternative channels you could consider to grow your SME:
Build an eCommerce site or sell online through your existing website
Software Advice’s recent survey shows that around 25% of traditional retailers have shifted to online selling. Stastica.com reports "In 2020, 2% of all purchases in South Africa were made online. This is the second-highest share of e-commerce retail among the five African countries taken into account.” If you offer products, make them easily accessible by setting up an eCommerce site for your SME.
Sell your product via social media
According to ModernRetail, WhatsApp and Instagram are the most popular selling platforms in South Africa. That doesn’t discount Facebook and YouTube instituting the shop functionality across their channels. Google also jumped on board with the ability to view shoppable search results all in one place. Find out more about using social media to drive your online sales here.
Adopt paid media to promote your business
With paid media, you can track and measure your digital marketing efforts to ensure you are getting the right traffic to your website and the conversions you need to produce an ROI. Agencies like Adclick Africa have the right partners in place for you to leverage lower fees and guaranteed results.
Relook your distribution channels
If your customer needs to see and feel your product, or if you are considering supplying in bulk, consider your physical supply chain and distribution channels. You can lower your risk by selling through resellers or increasing your outlets. Lower costs by producing and selling in bulk.
When looking to grow your SME, SME Advice recommends contacting a mentor who has experience with a similar challenge. You can learn from your mentor and they can help avoid common mishaps and guide you on a better path.