How SMEs Can Overcome Five Key Business Challenges Essay Example
How SMEs Can Overcome Five Key Business Challenges Essay Example

How SMEs Can Overcome Five Key Business Challenges Essay Example

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  • Pages: 2 (469 words)
  • Published: October 11, 2018
  • Type: Essay
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Launching and operating a business, whether it's a fresh startup or an established SME, can be overwhelming. Developing strong branding, marketing, and PR strategies is especially difficult. However, there are ways to overcome these challenges and succeed. It's important to understand that simply having a product or service is not enough – identifying your target market is essential. A great example of a brand that has done this well is

The brand initially focused on one type of clothing, but now it is a leading global player in the online market, providing a wide range of options for neckwear. To effectively establish and differentiate your product from competitors, investing in a brand journey and conducting market research are essential. This will ensure that your target audience perceives, acknowledges, and retains awareness of your brand amidst the abundan


ce of information. It is crucial to understand your competition by evaluating their strengths, learning from their mistakes, and capitalizing on opportunities that arise from this knowledge. It's important to note that being recognized as a brand does not mean being widely known; simply having a product available in the market is no longer enough. Today's consumers expect and demand more.

Are you effectively telling your brand's story on the platforms that your target market uses? Nowadays, consumers desire a more personal connection with their beloved brands. They anticipate an engaging and informative experience, whether it occurs on social media or in physical stores. Apple, the leading storytelling brand in the UK in 2015, serves as a prime example. They have completely transformed the smartphone industry and crafted compelling narratives about how their products can revolutionize lives. Exceptional product

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always come with exceptional stories. According to 83% of marketers, social media plays an essential role in achieving business success; however, numerous brands have yet to fully comprehend this fact. As audiences worldwide spend significant amounts of time online, it is crucial to connect with your intended audience on their favored platforms while creatively showcasing your brand's personality, story, and services. Utilize user-friendly websites and popular social media platforms such as Facebook, Instagram, and Twitter to foster interaction and engagement with your audience. Always remember to focus on what distinguishes you.

When trying to establish a presence and drive growth in the market, it is not always recommended to handle all tasks internally. Instead, it is vital to carefully evaluate available options. Avoid choosing cheaper alternatives simply because they are accessible. Give priority to three key elements: enhancing the value of your product or service, providing a more engaging user experience for your audience, and fostering brand loyalty. By considering these factors, you can make decisions that exceed mere cost considerations. This approach will align with your overall business plan and empower you to successfully reach your audience.

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