How to find new customers: A simple stratagem for MSMEs
The MSME sector shoulders a significant portion of the entrepreneurial development in India and its growth has seen an upward curve, contributing to over 45% of the country’s overall exports as of 2022. However, this sector encounters numerous substantial challenges that hold them from achieving significant growth. Challenges such as lack of digitisation, finance and knowledge limit them from investing in new customer acquisition strategies, leading to stunted growth. MSMEs must recognise some of the most impactful methods that contribute towards their business visibility and open up opportunities for a new customer network. Planning around digitization and recognising the importance of digital platforms will lead to the growth of MSMEs.
What Strategies MSMEs Can Adopt to Find New Customers to Grow their Business?
The key enabler that drives business growth in the modern age is technology. At present, MSMEs are already using technology to enhance their day-to-day operations. These businesses generally tend to focus on offering the best product or service, efficient business processes and building strong relationships with current customers. However, they overlook how they can use technology to boost lead generation and shorten the sales cycle. This is where you'll understand the importance of technology, like CRM, marketing automation, and websites that can help you identify new customers and speed up the sales process. Where capital often limits the resources to acquire new customers, technology can prove invaluable in such circumstances.
Benefiting from government initiatives
There are several ways that MSMEs (Micro, Small, and Medium Enterprises) can find new customers using government initiatives. One of the most effective ways is to use the Online National Database on MSMEs (ONDC) to identify potential customers and partners.
The ONDC is an online platform managed by the Ministry of Micro, Small, and Medium Enterprises (MSME) that provides information on MSMEs registered with the government. This information can be used by MSMEs to find potential customers and partners, and to learn about their products and services.
In addition to using the ONDC, Indian B2B MSMEs can also take advantage of other government initiatives to find new customers. For example, the government offers various schemes and programs that provide financial support and assistance to MSMEs, such as the Credit Linked Capital Subsidy Scheme (CLCSS) and the Prime Minister's Employment Generation Programme (PMEGP). These programs can help MSMEs access the capital they need to expand their businesses and reach new customers.
Collaborating with other businesses
MSMEs can collaborate with other businesses, such as complementary service providers or retailers, to reach new customers. To begin with, they can offer joint promotions, cross-promote each other's products or services, or collaborate on events or other initiatives.
MSMEs can collaborate with other businesses in several other ways to find new customers. Some of them include:
- Joining a local business association or chamber of commerce, which can provide opportunities to network with other businesses and to learn about potential collaboration opportunities.
- Participating in trade shows and other industry events, which can help to promote the business and to connect with potential partners and customers.
- Offering joint promotions, such as bundling products or services, or offering discounts to customers who purchase from both businesses.
- Cross-promoting each other's products or services, such as through social media or email marketing.
- Collaborating on events or initiatives that are of interest to the businesses' target customers, such as workshops, seminars, or community projects.
- MSMEs can also consider using digital marketing and B2B-centric e-commerce platforms to reach new customers.
Leveraging tender discovery platforms
B2B MSME companies need a broader platform that provides visibility for their products and services while enabling them to find the relevant audience to buy from them. A tender discovery platform is an essential tool for businesses looking to acquire new customers. It helps you boost lead generation, shorten the sales cycle, discover new customers and optimise your sales team’s productivity. In order to succeed, businesses should adopt a tender discovery platform that can help them get ahead of the competition by providing them with an edge in creating and managing leads. A tender discovery platform allows you to engage potential clients, understand their needs and help you create an efficient customer acquisition process.
Bizongo’s vendor management platform enables MSMEs to connect with the growing network of vendors and buyers and procure new customers for businesses. Connect with us to transform your vendor management and supply chain operations for the unprecedented growth of your business.