Nigeria has witnessed tremendous technological growth in recent years, with the rapid expansion of the internet being one of major drivers. As of January 2024, Nigeria recorded 103 million internet users, which accounts for about half of the total population of the country. For small and medium-sized businesses, this figure represents a fantastic opportunity to tap into the growing online audience, target the right market, and ultimately drive sales of their products or services.
In today’s digital market, the most effective approach for reaching people is to use digital platforms that streamline procedures, promote products, expand businesses, manage inventories, and do a variety of other things.
In this article, we will look into some effective technological solutions that can be used to address the growing demands of Nigeria’s small and medium-sized enterprises (SMEs), focusing on how these businesses can take advantage of the digital ecosystem to drive business success in a competitive landscape.
1. Market expansion using e-Commerce
Thanks to technological advancements, millions of Nigerians now have access to online marketplaces like Jumia, Konga, and Jiji, and even global online marketplaces like Amazon. In 2020, around 88 percent of all visitors to Nigeria’s online markets for physical commodities used a mobile device, with 12 percent visiting them on a desktop. This demonstrates that small and medium-sized enterprises who showcase their items on these marketplaces can reach a larger audience outside their immediate communities as individuals are constantly on their mobile phones, making it easier for them to see what is being offered. An excellent alternative for business owners is to build an ecommerce website to showcase their products, this website can be promoted on social media platforms to target and reach the right audience.
2. Reaching new customers and driving sales using digital marketing
SMEs looking to grow their customer bases and reach new audiences need digital marketing. Digital marketing is vital for business growth, and when done effectively, the benefits are limitless.
From building a strong online presence to targeted advertising campaigns, digital marketing involves a wide range of operations. Social media platforms like TikTok, Facebook, Instagram, LinkedIn and others can be used to share engaging content and interact with potential customers, and targeted advertisements can attract certain demographics, allowing SMEs to precisely reach their target audience and market.
Digital marketing solutions like Facebook advertisements, email marketing platforms, and Google advertisements allow SMEs to employ laser-focused content and advertisements to expand their consumer base and get their products and services in front of millions of potential customers. Also, Search Engine Optimisation (SEO) makes businesses easily discoverable online, driving organic traffic to their websites or social media accounts. These advertising campaigns enable businesses to reach entirely new client segments that are interested in their products or services at a cheaper cost than traditional advertising methods.
3. Marketing content with AI
Let’s be honest, not everyone is great at content production, especially writing. Many SMEs may find it difficult to hire professional content writers or invest in a comprehensive content marketing plan, and this is where generative AI comes in as a game changer. All the business owner needs is an idea, and these platforms will create interesting and appealing content for their social media platforms.
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Although there are varying perspectives on the increasing reliance on AI in business, generative AI platforms are worth exploring for SMEs that do not have any other viable options for content development. Generative AI gives businesses an economical and effective approach to be active online and engage with their audience, whether they are creating content from the start or improving already existing content.
4. Virtual events and webinars for service providers
Service providers can use technology to host virtual events and webinars to either reach new audiences, sell a service or gain more publicity. These online gatherings can reach millions of people on their mobile devices, and help the SMEs showcase expertise in their fields, provide valuable insights and encourage community engagement. These virtual events and webinars can also be promoted using digital marketing tools to attract a more diverse, global audience.
5. Building functional, mobile friendly websites and incorporating chatbots
Nowadays, almost all businesses require a website. An e-commerce platform may be necessary for product sellers, and an informative website that successfully highlights services is essential for service providers. A well designed website should present a concise and straightforward overview of the business’s activities so that prospective clients are completely aware of the value it offers before contacting the business.
More than 71% of companies worldwide now have a website, and studies show that over 80% of consumers prefer to research a company online before contacting it. Also, consumers frequently have enquiries concerning offerings and reliability, which is where chatbots may help. A chatbot with answers to commonly asked questions may manage this with ease, as business owners do not have the time to answer questions throughout the day. This is one of the most efficient ways to build trust with potential customers and streamline customer interactions while focusing on other major aspects of the business.
These are just a few of the countless examples of how technology can support SMEs in Nigeria. If your goal is business growth, seamless identification and connection with your target audience, effective access to the market and overall boost in sales, taking advantage of technology is the way forward.
By Mofiyinfoluwa Faniyi @TheNation
