How Technology can Propel MSMEs to Prosperity in 21st Century By Shuaib Shuaib Agaka
In the 21st century, technology assumes the dual role of a blessing and a curse for individuals. However, much like various aspects of life, the responsibility lies on the individual to determine whether they leverage it for good or for bad.
Technology has emerged as the great equaliser in the dynamic business landscape, offering small-scale businesses unprecedented opportunities for growth, efficiency, and competitiveness. Embracing technological solutions can transform how these enterprises operate, opening doors to increased productivity, wider market reach, and enhanced customer experiences.
Hence, in this era of intense competition, utilising technology as a supporting tool to refine business skills and seize opportunities can manifest as an excellent strategy.
Recognising this fact prompted the Director-General of the National Information Technology Development Agency (NITDA), Kashifu Abdullahi, to emphasise the importance of digitalisation in driving sustainable economic growth and enhancing the ease of doing business for Micro, Small, and Medium Enterprises (MSMEs) in Nigeria.
Speaking on the theme of the theme: “Digital Nigeria – Leveraging Technology to Improve Ease of Doing Business for MSMEs,” he stated that “MSMEs that have embraced digitalisation and technology tend to fare better, and that underscores a study done in Turkey, which shows that 41.2 per cent of 131 SMEs underwent technological innovations, and this led to the operational efficiency of 96.9 per cent.”
MSMEs, known for their flexibility and ability to adapt quickly, stand at the crossroads where traditional craftsmanship meets the unstoppable advance of technology.
Understanding the methods and tools within technology to enhance businesses provides a significant advantage over those who lack awareness of these technological business strategies. Some of these strategies are highlighted below:
Use social media as a useful tool:
Prioritising digital marketing in your growth strategy is essential, given its potential as a formidable long-term growth tactic. This is particularly significant in the current landscape where an increasing number of individuals have unprecedented access to digital content. With the world progressively intertwining through the web and IoT applications, seizing this golden opportunity allows you to engage a global audience effortlessly and transition your business into a global venture.
It’s crucial to use all the digital marketing tools available for optimal growth. However, directing particular focus toward social media is highly advisable. Social media is gaining popularity worldwide and gives a great chance to cultivate a devoted brand following. This strategy not only draws high-quality leads to your social media handles but also leads to more sales. Consequently, over time, reliance on paid advertisements diminishes, and without much effort, long-term customers can be acquired.
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Incorporation of automation:
It’s no secret that businesses often have repetitive tasks requiring much time and energy. This is where automation technology comes in to help.
Utilising tools like automated data input, scheduling for social media, and implementing email marketing strategies, businesses can streamline these repetitive tasks and allow more focus on more complex and creative tasks. This can be more efficient and productive, ultimately leading to happier and more satisfied customers.
Utilise video production to enhance your business:
Embracing video production as a strategic tool for business growth opens countless opportunities to engage and captivate your target audience. In the digital age, where visual content holds immense control, videos offer a dynamic way to showcase products, services, and brand personality. From compelling product demonstrations to impactful storytelling, videos have the potential to create a lasting impression and foster a deeper connection with customers. This visual medium not only increases brand visibility but also has a higher potential for shareability, amplifying your reach across various online platforms.
By incorporating video into your marketing strategy, you can effectively communicate your brand’s narrative, values, and unique selling propositions. Whether through informative tutorials, customer testimonials, or creative promotional content, video production allows businesses to convey authenticity and build trust with their audience.
As consumers increasingly seek visual experiences, harnessing the potential of video production becomes a strategic move to not only enhance brand recognition but also foster business growth in the competitive digital landscape.
Utilise data analysis for optimal business insights:
Integrating data analytics into the operations of MSMEs can be a game-changing strategy for sustainable growth. By harnessing the power of data, these enterprises gain valuable insights into customer behaviour, market trends, and operational efficiency. Understanding these measurements enables informed decision-making, allowing MSMEs to tailor their products or services to meet the specific needs and preferences of their target audience, ultimately enhancing customer satisfaction and loyalty.
Data analytics facilitates precise marketing strategies. MSMEs can leverage data-driven insights to craft targeted advertising campaigns, reaching the right audience at the right time.
Consider remote work methods if necessary:
Remote work can significantly reduce operational costs for micro and small-scale businesses. Without the need for physical office spaces, businesses can allocate resources more effectively, redirecting funds towards essential areas such as marketing, and product development.
The adoption of remote work methods not only fosters a culture of flexibility but also positions micro and small-scale businesses to adapt easily to changing market dynamics, ultimately fostering sustainable growth in the ever-evolving business landscape.
Shuaib Shuaib Agaka writes from PRNigeria Centre, Kano.
