Marketing, innovation and networking, keys to increase the competitiveness of SMEs
Being innovative, making the leap to the digital era or benefiting from Networking are some of the advice offered in the Decalogue.
The Universidad a Distancia de Madrid (UDIMA) has recently published a decalogue offering a series of tips aimed at SMEs with the aim of increasing their level of competitiveness.
This work has been prepared by the students of the Commercial Master and Marketing and the Master of International Business of the UDIMA and for its realization, the commercial strategies of more than a hundred of SMEs from different sectors have been analyzed.
The document also states that to gain competitiveness, SMEs must use the same tools and techniques as large multinationals, but always adapted to their size and problems. According to the coordinator of this work, the professor of Strategic Marketing of the UDIMA, Rafael Muñiz, “In a market as complex and competitive as the current one with a general decline in sales, an increasingly aggressive competition and constant innovations, which truly makes the difference between success and failure in a country’s economy is the strength and strength of its SMEs “,
“Some of these issues may seem obvious, but it is alarming how many small and medium-sized companies, stuck in day-to-day, overlook basic issues,” Muñiz adds.
Decalogue to increase competitiveness in SMEs
Be innovative : Data support, companies that innovate grow by 20%. It is one of the pending subjects of many SMEs. Knowing how to adapt to market changes in a fast and efficient manner is where part of the success lies.
Make the leap to the digital age. – Being present on the Web is essential. Our online reputation has become a priority. That is why SMEs must enter the digital world in order to interact with their potential customers. And this is where e-commerce presents itself as an important market niche.
Maintain an entrepreneurial attitude .- Entrepreneurship has never been easy, and even less at the moment, but nevertheless it can give very positive results. Entrepreneurs are those who make the business fabric of a country acquire greater strength and competitiveness.
To have as an objective the internationalization. – The exit to the foreign market is a resource that should take more advantage of the SMEs, since it assures them a future growth before the scarce local expectations. Attending international fairs in the sector is a good opportunity to sell and compare more intelligently.
Benefit from Networking .- SMEs are not used to allying with other companies to create new strengths that give them competitive advantages. However, it is one of the main factors that make a company to compete successfully in the foreign market or in front of the multinationals. Let’s not forget that “union is strength”.
Analyze the product .- It is important that SMEs know how to identify in their product portfolio those that make them more competitive. Here there are two strategic variables that you should know how to use for your benefit: prioritize the brand or the price.
Focus on the client .- The client has become the fundamental axis of the companies, for that reason their loyalty is one of the main challenges of the 21st century. Companies must be oriented to the current market, that is, have a deep knowledge of both their customers and the competition. Today the consumer is more proactive and participates in the entire Marketing process.
Encourage communication .- Bringing the market the message we want to be perceived of our company is vital to place in the minds of our customers the values that differentiate us from the competition. Here social networks also come into play, the foot of which many SMEs are still limping.
Working the Marketing Strategy. – Only if we know how to act with a Strategic Marketing Culture will we be able to orient our activity to what society and the economy are really demanding. It has become mandatory to act with a roadmap, so that SMEs achieve competitiveness.
Caring for the Human Team .- Staff is one of the main sources of competitive advantage and the main resource available to an SME to succeed or fail. Do not forget that companies are what they are for their Human Teams and here internal communication plays an important role.