Micro, Small and Medium Enterprises (MSMEs) are amongst the strongest drivers of economic development, innovation and employment. The MSME sector also contributes in a significant way to the growth of the Indian economy with a vast network of about 63.38 million enterprises.
With Small and Medium Enterprises (SMEs) sector contributing significantly to the economic growth of the country, its importance can never be undervalued looking at the employment, manufacturing and export opportunities it offers. Called the “engine of growth”, SMEs in India are about 43 million in number and comprises manufacturing, packaging, food processing, chemicals, infrastructure, service and IT. They contribute about 8 percent of the GDP, while it is about 45 percent and 40 percent of total manufacturing and exports respectively.
Even in our normal, day to day life, whenever we have to commit our time, energy and money in doing something we tend to ask ‘what do I gain from it?’. Whatever we get from an expenditure of time, energy and money (investment) whether happiness, a sense of self-satisfaction-as from donating for a cause- or a material reward, is the ‘return’ from that investment. No wonder this consideration is so important for a business too. Formally called Return on Investment or ROI. It provides a deep insight into how one’s business. is doing and which areas need improvement to achieve business goals. Now, how does one go about calculating the ROI?
For those B2B businesses investing in digital marketing, it is indispensable to contemplate what the post-COVID world would be. Marketing strategies need to be re-evaluated owing to the far-reaching repercussions of the pandemic for what worked earlier may require some change to market successfully and effectively in the post-pandemic world. Sales and marketing teams need to align, which is not easy to achieve.
It was not very long ago, barely fifteen-twenty years ago, that a business in all its facets was characterized by physical interaction whether it was production, marketing, administration or finance. But it was the marketing that was impacted the most by this mode of functioning.