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Primus Partners: 59% of Indian MSMEs Find Online Advertising Instrumental in Achieving Diverse Business Goals | ||
New Delhi, Delhi, India
Primus Partners Pvt. Ltd. (Primus) - a leading management consulting services provider, has launched a report titled “Online Advertising by Indian MSMEs - Insights, Impact & Way Forward”, in collaboration with EGROW Foundation & India SME Forum supported by Institute for Competitiveness (IFC) and Business World. As technology evolves, advertising has transitioned from traditional methods to the dynamic world of online advertising, with a notable impact on India's Micro, Small, and Medium Enterprises (MSMEs). More than 59% of MSMEs have found online advertising to be instrumental in achieving diverse business objectives & goals. The report launch saw participation from key government officials, Indian business owners, digital advertising platforms & think tanks.
Shri Narayan Rane, Hon’ble Union Minister for MSME, who delivered a keynote address virtually, said, "Today, we stand at the crossroads of a technological revolution. Digital technologies such as online advertising can help MSMEs reach new markets and become globally competitive. In particular, online ads can prove to be a boon especially for MSMEs that are run by women who put in their own hard labour and management due to budgetary constraints and are unable to get market access despite their products being reasonably priced."
The MSME sector, contributing almost 30% to India's GDP, has been able to harness the power of digital marketing to enhance market competitiveness and drive success to a large extent. Key findings indicate that a substantial 80% of SMEs acknowledge that online advertising has been particularly pivotal in driving increased profits.
Speaking about the power of online advertising to transform businesses Mr. Nilaya Varma, Co-founder & CEO, Primus Partners, stated, "Technology is reshaping the way Indian MSMEs operate and compete. Our study highlights that in addition to traditional means of advertising, MSMEs are adopting diverse forms of digital marketing such as online advertising to connect with their customers in an increasingly dynamic digital era, and yet this use is limited by the capacity in MSMEs.”
Ms. Vidhya Srinivasan, VP/GM at Google who was also present at the event, said, "At Google, we are dedicated to helping businesses, especially MSMEs, succeed in the digital economy. The findings of this study reaffirm the significance of online advertising in driving growth and visibility for Indian MSMEs. We are proud to be part of this journey and are committed to providing tools and resources to help businesses connect with their audiences effectively.”
Speaking about her journey as an entrepreneur, Ms. Chitra Gurnani, Founder & CEO, Thrillophillia, noted that, “It is imperative to identify where your target audience spends most time online - their most preferred social channels and their most searched keywords and then adapt your advertising / marketing strategy accordingly.”
Throwing light on Prasar Bharti’s contribution to MSME growth, Shri Gaurav Dwivedi, CEO, Prasar Bharti, added that, “Having stepped into the digital space through its websites and apps, and currently engaged in developing an OTT streaming service platform, Prasar Bharati would be happy to work with the MSME ministry to develop a platform to offer customisable hyper-local to global ad-placement solutions to entrepreneurs. This solution can also be offered to platforms other than the Prasar Bharati network to expand the reach of the MSMEs.”
Online Advertising: Instrumental in shaping MSME success in India The report delves into the multifaceted landscape of online advertising and its impact on MSMEs in India, aiming to bridge existing research gaps and shed light on the implications of online advertising for both businesses and the broader industry. The findings of the report underscore how Indian MSMEs are on a transformative journey, embracing online advertising to bolster their marketing strategies, alongside traditional advertising methods. Key findings of the survey indicate that:
Way Forward The way forward for MSMEs in India involves embracing digital marketing, ensuring inclusivity, addressing infrastructure challenges, promoting diversity, and leveraging the global potential of the sector. MSMEs in India can harness the potential of online advertising while addressing the following key aspects:
Online advertising has significantly opened up access to online users for MSMEs across the country. Notably, online advertising provides a cheaper and more effective alternative to traditional advertising. Through online advertising, MSMEs can quickly engage with their target audience using online ads, even on a limited budget. This enables small businesses to invest their limited marketing budget to reach relevant audiences. |
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