Three Basic Formulas for Excellent SMEs

Win the Competition, These are the Three Basic Formulas for Excellent SMEs , There are many SMEs or micro, small and medium enterprises in Indonesia. Based on data from the Ministry of Cooperatives and SMEs, there are currently 60 million SMEs in Indonesia. They also contribute more than 60% to the Indonesian economy.
However, SMEs face various problems. Most of them experience problems in capital, market access, technology utilization to human resource development (HR). So, what must be done by SMEs to move up the class?

Marthani, Chief Operating Officer of Marketeers, said that SMEs are commonly referred to as entrepreneurs . Small, medium, or large scale SMEs are still referred to as entrepreneurs. He then gives the basic formula for a good and effective entrepreneur or entrepreneur .
Understand the Business Age

Martha explained that SMEs need to see the changes that occur, and adapt. The first change that must be seen is from the technology side. What technologies are developing. For example, currently selling on social media TikTok and Instagram is starting to bloom. Second, the change from political legal.

“This second amendment concerns what government regulations are currently in effect. Moreover, since the COVID-19 pandemic where government regulations are always changing. Then, look at how the Indonesian economy is today, what are the priorities of the people now, SMEs must be able to know about these changes,” said Martha : Gathering Event for SMEs throughout Indonesia with the theme of Learning, Creating and Growing

Three Basic Formulas for Excellent SMEs
Three Basic Formulas for Excellent SMEs

Third, changes in terms of social culture. As is known, Indonesia consists of various cultures, different tribes. Of course, the behavior of the people is also different. Therefore, SMEs must be able to adapt to this culture.

Fourth, changes from the market side. SMEs must pay attention to the type of industry that is developing in the field. No less important about competitors. The products produced by SMEs must be different from their competitors.

“Essentially, these SMEs must be willing to try, willing to experiment. In the digital world, the important thing is never to be afraid to try. You can observe competitors’ products, but there must be differentiation. Give added value, the uniqueness of the product is included in the creativity process,” said Martha.

After seeing the changes that occur and adapting, the next step is to know the customer. SMEs can observe consumer demographics from the target product being marketed.

“SMEs must also be able to recognize the socio-economic conditions of customers to be able to determine prices. In addition, where the customer will buy the product, online or offline. Also, look at customer interests and behavior. The point is, don’t be lazy to map your customer profiles,” said Martha.

Martha explained, if there are many customers, there are various ways of management. First, with the Get strategy , which is to get new customers. Find opportunities to get new customers. Keep in mind, customers are no longer the same along with the various changes that occur.

Then, Keep, which is maintaining the loyalty of old customers. Martha said the current health crisis made many customers doubt and delay their purchases. Therefore, identify the doubts of loyal customers to be able to convince them.

“There is also a Grow strategy , which is to deepen relationships with your loyal customers. Use this opportunity to deepen the relationship, from transactional to more emotional. Then Win Back, to return disappointed customers. This can be done by providing more services. Don’t be aggressive, listen to customers to win their hearts back,” said Martha.

Develop Solutions That Have Value

Another basic formula for becoming an entrepreneur is about your competitors and the advantages of your business compared to competitors. This can be done by developing business solutions that have value. Martha explained that to determine this value, SMEs can prepare functional and emotional solutions for their products.

“Whether by using your product, customers will feel cool, whether it helps the economy, or can create jobs. Then, also pay attention to the price and other cost factors, how much is the cost of producing your product. Values ​​like that can support the difference between your product and competitors,” said Martha.

Take advantage of the Network and Find Partners

The last basic formula to become an entrepreneur is to take advantage of the network. Martha emphasized to be careful in finding partners. Because, there are several kinds of partners that can be the choice of SMEs. Find a partner that matches your business.

“Be careful in finding partners. You have to know which one suits your business. There are partners who can trade, but the production is small. Some are still pioneering, some can produce a lot, but the market is still low. Well, determine, you can help from what side. The point is, choose the right partner for your business,” said Martha.

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