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Marketing on a Shoestring Budget: Top Tips for SMBs

Tag: small business owners

Marketing on a Shoestring Budget: Top Tips for SMBs
Mohab Growth Hacks 0

Marketing on a Shoestring Budget: Top Tips for SMBs

Marketing is vital for any business but is expensive at the same time. The costs associated with marketing campaigns can be especially prohibitive for small and medium scale businesses. However, with some innovation and creativity, you can market your business with minimal resources. Here are some of the top tips to help you make your business grow without breaking the bank.

Go Social: Social media changed the landscape of online marketing and any SMB would do itself a favor by incorporating it into its marketing plan. While generic social media sites such as Facebook, Twitter and Instagram may be useful in reaching broader clientele, you may also use specialized social and networking sites relevant to your target market segments. However, the use of social media for marketing is a double-edged sword and thus, needs to be handled in a professional manner. As an SMB, you should ensure that you are getting the right message across without overexposing yourself.

Harness the Power of Referrals: Grow your business with some help from your existing client base. Leverage your customer base by asking them for referrals. However, you will need to take the initiative and may also have to offer some sops to entice your customers to provide good referrals. Such word of mouth marketing generally entails low cost and high conversion rate, making it a highly efficient marketing tool. You can offer free trial to your clients in lieu of referrals or you may give them discounts on their purchase; just make sure that the incentive system offered by you meets the requirements of your target market. Keep your clients updated about your referral programs so that your referral program does not get stuck in a rut.

Network & Collaborate: As an SMB, you should focus on networking, both online and offline for promoting your business. But like any other marketing tool, you should ensure that you are not overdoing it. While you should be consistent in harnessing the power of your network, you should also be aware that you can drive people away by being too forceful. For this purpose, you may attend industry conferences and other such events to acquaint yourself with people in your segment. Networking is a long-term marketing tool and requires considerable time investment to yield proper results. Apart from networking, you may also decide to collaborate with other businesses engaged in your vertical. You can go for joint marketing of your products and services or may choose to engage in some industry specific contests.

Organize Giveaways and Contests: Conducting events and promotional schemes such as early bird discounts can help you in gaining initial customer base. Some of the tools you may use in this regard are organizing quizzes or other contests and then offering them goodies in the form of discounts or free merchandise. Such promotional measures will not only help you strengthen your hold over your existing client base but will also bring in new customers. While using promotional events as a marketing tool, you should ensure that the incentives you offer to your customers contribute towards the demand factor. If your products or services ARE new in the market, then you may offer time-based trial versions as giveaways. This will allow the customers to try out the products before they fully commit to them.

Create a Niche: In today’s highly competitive world, it is absolutely vital for your business to create a niche for itself in the market. While you promote your products and services, make sure that you tell your story in such a way as to establish a unique brand proposition. Creating a strong brand ensures that you enjoy higher recall value and customer stickiness. A powerful brand also helps you in incurring lower costs for acquiring and maintaining customer base. One other strategy which may help you in creating a unique selling proposition or USP is to create targeted videos and other such content.

For an SMB, it is important to execute an efficient marketing plan.

5 years ago
Let PayPage Simplify your Business
Mohab Growth Hacks 0

Let PayPage Simplify your Business

Let PayPage Simplify your Business

Invoicing is an important yet often neglected function of any business. It may not be as glamorous as marketing, but efficient invoicing not only helps in retaining your clients but may also provide valuable data for analytical purposes. A clear yet concise invoice provides transparency and aids in creating better rapport between the merchant and the client. So, revamp your invoicing style and increase the efficiency of your business with PayPage.

PayPage brings you a host of features which not only optimize your business operations but provide superior services to your clients as well. We can help you overhaul your invoicing operations, saving you time and money, while our detailed reports will offer food for thought when you prepare your future plans. Here are some of the top reasons why you should shake hands with PayPage and take your business to a whole new level.

 

  • Integration: Instead of having an invoice system which is all over the place, PayPage lets you consolidate all your invoicing operations. It offers you a single dashboard which provides you a place to have a bird’s eye view. You can manage all your customers from this dashboard, saving you time, energy and money. The single dashboard also makes it easier for you to track all your invoice related activities and follow them up accordingly.

 

  • Increase in Efficiency: PayPage allows you to simplify your invoicing processes. Whether it is the matter of sending recurring invoices to your customers or sending multiple invoices of the same kind to different clients, PayPage can help you in carrying out these tasks in a much more efficient manner. With us, you can track your payments to exercise better control over your receivables management system. Further, you can also set up recurring invoice process so that you do not have to undergo the hassle of sending repeated invoices.

 

  • Faster Turnaround Time: Receivable management is an important function in an organization as it ensures that you are getting dues paid in a prompt and scheduled manner and that your resources are not unnecessarily tied up. PayPage helps you in receiving your payments faster as now you don’t have to waste your time doing everything manually. It lets you use online payment options which further reduce the float time, helping you realize your payments faster.

 

  • Safer and Secure: In today’s world of spamming and phishing, it is not enough to have a fast payment system; you need to ensure that the system is secure too. It is vital that proper steps are taken so that the sensitive data belonging to your business and your clients is kept away from the prying eyes of hackers. PayPage uses advanced technologies to provide you with a payment system that you can rely upon.

To know more about our services, just get in touch with our representatives who will be happy to design a payment system to best meet your invoicing requirements. Together with PayPage, you can make your business more efficient and your clients more satisfied.

 

 

5 years ago
7 Habits of Successful Small Business Owners
Mohab Growth Hacks 0

7 Habits of Successful Small Business Owners

Owning a business is a dream come true for a large number of people, but it is an onerous task. As a small business owner, you are not only required to manage various facets of your business but also to ensure that these tasks are accomplished with optimal efficiency. Here are some tips to help you perform the best as a small business owner.

  • Focus on Customers: One of the most important factors which distinguish successful small business owners from run-of-the-mill ones is their ability to focus on customers. For the longevity of the business, it is imperative that the market is identified in a definitive manner. Such identification helps in devising business strategies and policies which are most amenable to the needs of the customers. Such focus on the market and customers is helpful in ensuring the long-term survival of the business. With unwavering focus on the clients, the business is able to develop a reliable customer base, which is crucial for the growth and survival of the business.

 

  • Focus on Employees: While focus on customers is vital, it is also important to take good care of the employees. No small business owner may become successful without the aid of diligent team members. By cultivating good leadership traits, a small business owner may motivate their team to give their best. Such practices help the business become more efficient and thus, lucrative. Happy employees are also helpful in making an enterprise more stable. For creating a strong team, a small business owner needs to develop people management skills. They should be able to delegate tasks effectively to ensure the timely achievement of goals in an efficient manner.

 

  • Be Adaptable: A successful small business owner needs to be adaptable so as to pivot the business in response to changes in the surrounding environment. Current business scenario is highly volatile and tends to change frequently. Small business owners may use technology and other tools to remain updated about the latest developments in their industry segment. Small businesses may also collaborate with service providers to ensure that they provide the latest services to their clients. PayTabs can help such enterprises in offering easy-to-use and smooth online payment platforms. The ability to leverage technologies to enhance their business is one of the biggest qualities found in successful entrepreneurs.

 

  • Network: Networking is highly important for small businesses so that they can leverage their resources. Small business owners may look for mentors in their specific fields who can provide them with invaluable advice. Networking also allows the businesses to avail expertise in technical areas. It is important to develop relationship with peers and advisers to fully harness the potential of the business. For this purpose, the entrepreneurs may join industry chambers and other such associations. Various meets and expos are also good venues for meeting peers and networking with them.

 

  • Maintain Work Life Balance: Starting and running a small business can be a lonely journey. Therefore, it is important to ensure that your personal life does not suffer on account of your busy schedule. An entrepreneur needs to wear several hats at work and that may prove to be exhausting. In many cases, such excessive workload may lead to burnout, putting the entire business in jeopardy. The concept of work life balance should also be extended to the employees so that the entire team is able to offer their best to the organization. You may also introduce workout classes or sports sessions at the office so that the team may remain physically fit. Such activities will also provide them with a reprieve from routine tasks.

By inculcating above-mentioned habits, any person can enhance their business acumen. These habits will make the process of running a challenging business more manageable. Apart from developing these traits, small business owners may also avail services of technology partners to run their enterprises in a smoother manner. Incorporating services provided by outfits such as PayTabs is one such example of the collaboration which can bring drastic changes in the online payment system of a small business.

5 years ago
Localize Your E-commerce Business to Grow Faster
Mohab Growth Hacks 0

Localize Your E-commerce Business to Grow Faster

E-commerce businesses come with the benefit of global reach; however, there is also the need to give a local touch to your enterprise so that customers from different countries to warm up to you. Localization is essential for ensuring that you are able to customize your offerings for different markets within your overall global market. At the rudimentary level, localization may entail providing different language options on your website. However, you can go beyond that to provide a unique touch to each market. Here are some of the strategies which may help you in localizing your e-commerce business.

Why Do You Need E-commerce Localization?

Several studies have shown that online consumers are more willing to buy a product if they are presented with all the necessary product information in their local language. However, merely changing the language does not do the trick as you also need to customize the content to suit local cultural norms. You should also pay attention to various nuances of a language. For example, the French spoken in Paris is vastly different from the French practiced in Francophile regions of Canada.

Localization is equally important for small businesses run online. Despite the size of the business, the owners still need to compete in the international markets as a vast majority of internet users hail from emerging economies such as India and China. The key to success for small online businesses is to optimize their local reach within the constraints of their limited budget.

Know the Local Rules

Chevrolet made a massive marketing mistake while promoting its Nova car in Latin America, where the word ‘No va’ literally translated to “it doesn’t go” in Spanish. So, it is important to ensure that when you localize your online business, you understand the common societal norms, regulations and customs. For this purpose, it is advisable to engage the services of localization specialists, who are familiar with the subtle characteristics of a market. These specialists have the expertise to help you localize your products and services to best meet the requirements of your target market.

Use Social Media the Right Way

The role of social media in promoting online businesses cannot be overemphasized. Similarly, you can also use social media to provide local touch to your e-commerce business. You can create different social media pages or identities for different markets. This segregation will allow you to generate localized content and connect with the prospective buyers in a more customized manner. Again, the hiring of localization specialists may come in handy to ensure that you get the right message across.

Pay Attention to Payment Gateways

The success of an online business depends on a variety of factors, including the ease of completing the transaction. One way to ensure a pleasant online shopping experience is to offer appropriate payment gateways to the buyers. So, when you list down your product or services on your website, take some time to ensure that the prospective buyers are quoted the prices in their local currencies. The use of local currency will help the consumer in making a more informed decision, ultimately earning you their loyalty. Also provide different online payment platforms to suit the current cultural and commercial environment. For example, different international websites have offered payment services like Cash on Delivery in emerging economies such as India, where the use of credit or debit cards is still in a nascent stage.

Strengthen Brand Loyalty

In order to win long term business from your target market, it is imperative to create a unique brand and command loyalty from your followers. There are several ways in which a business can build sustainable customer base. You can focus on providing user generated localized content as it may help you in building credibility. Studies have shown that online customers rely upon the feedback provided by their peers on the internet. Such feedback is even more potent when it is delivered in the localized context. Another strategy to create local brand loyalty is to diversify your products and services. For example, you can expand the menu to include local delicacies or modify your recipe to suit local palate.

Localizing end to end experience for your customer base may seem time consuming and resource intensive. However, the strategy has long term implications and may help you in creating a long lasting cross border online business.

5 years ago
Women entrepreneurs making big strides in UAE
Mohab Events 0

Women entrepreneurs making big strides in UAE

UAE presents a big business opportunity for women looking to launch their business. Women comprise a dominant 70% of the graduates that pass out of universities and 44% share of the workforce. Further, the gender gap in early stage entrepreneurship is already narrowing, with 7.6% women founders as against 11.8% men founders.

Leveraging the PayTabs advantage

PayTabs has always been in the forefront of embracing changes – be they technological innovations on the digital payments front or changing socio-economic equations of empowering women wanting to take the entrepreneurial plunge. Reinforcing this strategy, PayTabs is participating as a featured exhibitor in the Women Entrepreneurship Summit (WES) MENA, scheduled to be held on 22 April, 2019 in Dubai, UAE.

What is the significance of this event?

This invitation-only strategic summit aims to bring together established and aspiring women entrepreneurs across MENA region. It works on the profile sharing concept. It provides a platform to encourage and facilitate female-led entrepreneurship by enabling knowledge sharing and interaction between business women from women-centric organizations and SMEs. Despite the success of women-run businesses, there is still a lot of ground to cover. Women entrepreneurs face several challenges like access to finance, coaching and mentorship channels, networking opportunities and knowledge about the various aspects of running a business, like the changing regulatory regime and digital payment solutions, etc. While the former constraints would be deliberated upon in brainstorming sessions by the participants, PayTabs would effectively tackle the last with its innovative online payment solutions.

The PayTabs’ boost to female entrepreneurship in UAE

The shift from an oil-driven economy to a tech-enabled ecosystem is encouraging women entrepreneurs in diverse sectors. As per a recent survey, women in the GCC manage $385 bn worth of assets in SME businesses. Thus, women entrepreneurs ranging from cup cake owners, florists, financial service providers to fashion consultants, film makers, designers, etc are gradually making a name in the SME space. Being technology driven, these start-ups need digital access to global markets and the capability to accept online payments. This needs to be achieved without necessitating a physical presence in every geography to enable receipt of customer payments. This is where the adoption of PayTabs can prove to be a game changer for lady entrepreneurs. PayTabs, an award-winning digital payments company with strong roots in the MENA region boasts multi-integrated payment options via Visa, MasterCard, American Express, SADAD, Mada and more, using a single API. The PayTabs sales team would be ready and willing to answer all queries related to digital payments and how a payment gateway can be seamlessly integrated into the existing web portal.

PayTabs offers a suite of online payment solutions suited to the unique needs of SMEs and start-ups, supporting over 168 currencies. Further, with PCI-DSS certified, 3D secure authentication, 24*7 customer support and a dual-layer fraud protection system, PayTabs ensures that transactions are 100% safe and secure. Thus, business women can completely focus on running the business, and leave the worries about the payment processing and digital receipts to PayTabs.

If you are a female and entrepreneurship is your calling, UAE is the place to be in the MENA region. With PayTabs unlocking whole new possibilities in digital payments, a lady entrepreneur can conveniently accept online payments from across the globe. PayTabs can be a reliable partner in your entrepreneurial journey. Think cashless, think PayTabs! Save the date.

5 years ago