Sundaymail Editor
Trade Focus
Allan Majuru
MARKETING is an important facet of any business.
It is often argued that the most successful companies are those that are better marketed than their counterparts.
The marketing function includes important strategic business units in a company such as advertising, public relations and sales.
Marketing is therefore an integral part of a company’s operations as it consists of tasks that help decide what products consumers need and also influence the sale of finished products.
Digital marketing, in particular, creates opportunities for local companies to advertise and sell to new customers through the internet.
It uses the internet, social media, phones, search engines, video games or applications to reach new consumers.
Many businesses in Zimbabwe, particularly small enterprises, used to question the importance of digital platforms when dealing with exports.
The export business previously relied on physical interaction, with sellers bringing samples to potential buyers.
Some businesses also misunderstood the importance of digital platforms and often got stuck in
traditional marketing techniques that require brick-and-motor establishments that can be costly in this Covid-19 era.
Digital is now the new normal.
In addition to obvious benefits like cost-effectiveness and wider audience reach, there are numerous other benefits to the digital space.
The internet has billions of subscribers that are potential customers and is a minefield of potential business connections.
With the evolution of modern technologies, SMEs are using digital marketing to keep up and compete in markets that had previously been a preserve of established multinationals.
Here are a few reasons that will highlight why digital marketing is an effective marketing channel that can help companies grow their exports:
Level playing field
Gone are the days when business owners believed digital marketing was a preserve for multinationals and large corporations that have resources to mount online marketing campaigns.
Digital marketing levels the playing field, providing small and medium enterprises the chance to compete against market leaders.
Even small businesses in rural communities can now compete on the global stage against large corporates.
Even without a call centre, small businesses can engage effectively with multiple customers from any part of the world.
And they don’t necessarily need physical stores or branches.
Cost-effective
Small businesses often have little resources and capital for marketing, but digital marketing provides a better and much more cost-effective channel that delivers results.
According to Gartner’s Digital Marketing Spend Report, up to 40 percent of companies have recorded considerable savings by using digital marketing methods of promoting their products and services.
The report also states that 28 percent of business owners will shift marketing budget allocations from traditional media channels into digital online marketing tools and techniques.
This is because digital marketers have been proven to get better cost-per-lead (CPL) compared to other marketing channels.
Delivering conversion
Businesses marketing products and services measure success by the percentage of incoming traffic. This gets converted into leads, subscribers or sales depending on the intended purpose of the website.
Business owners are therefore streamlining their digital marketing campaigns towards conversion optimisation, making it a top priority. There are several tools and techniques that companies can use for better conversions such as search engine optimisation, social media marketing and email marketing.
Better revenues
Higher conversion rates generated by effective digital marketing techniques will deliver profitable benefits for business.
A Google study with IPSOS Hong Kong claims 2,8 times better revenue growth expectancy for companies using digital marketing strategies to those who do not.
With better revenue growth expectancy, SMEs using digital marketing techniques will have 3,3 times better chances of expanding their workforce and business – opening their doors to better, larger and farther-reaching markets both locally and abroad.
One of the reasons why digital marketing is taking over traditional marketing channels is the ability of Internet marketing tools to interact with targeted audiences in real-time.
Engagement in any form is what customers expect when interacting with your brand or business.
How business handles such engagements and interactions will spell the difference between success and failure.
Brand reputation
The power of digital marketing lies in its ability to attract targeted traffic.
Delivering on what the digital marketing campaign promised will help develop a better relationship with targeted audiences.
It also helps them transition into paying customers that will go back and interact on a regular and continuous basis.
Satisfied customers will most likely tell other people about their experience with local brands, products or services.
To improve linkages between local companies, ZimTrade — the national trade development and promotion organisation – has developed an online platform for local producers to meet with global buyers.
The online platform, dubbed Shop@Zim, is premised on the need to create a singular online window for marketing and selling Zimbabwean products and align to the evolving global trading environment.
Market scans have revealed that many local producers lack the global presence that could catapult their businesses into financial success.
Potential exporters entering the international market on their own often face steep challenges of acceptance owing to, for example, lack of exposure and scepticism by established buyers.
Thus, to assist companies in reaching more markets through online platforms and as a response to Covid-19, Shop@Zim will enhance engagements of local companies with international buyers, as well as improve the visibility of locally produced products and services.
The goal of the store is to be the one-stop shop for authentic Zimbabwean products obtained at source.
For local companies, Shop@Zim will create more streams of generating foreign currency and harness benefits of the digital economy for corporate level and national level economic growth.
Currently, the platform has been designed to facilitate business-to-business engagements between local exporters and international buyers.
There are plans to expand the platform to accommodate purchase of commodities, including product units, by end-users.
Allan Majuru is ZimTrade’s chief executive officer.
Online Reporter