India’s economic star has been firmly in the ascendant for some time now, and as a result the country’s SME community has really flourished in recent years. Since Narendra Modi became prime minister in 2014, the Government has introduced a number of schemes deigned to help SMEs, and today the sector contributes 22% to India’s GDP, up from 17% in 2013. These businesses are a real driving force in the economy, but that is not to say that there are not still challenges to be addressed.
In the last couple of years, many SMEs invest in new technologies to improve their overall operational efficiency, while overlooking Sales and Marketing – two of the most strategically important business functions. It’s a completely false economy, and not one that will drive sustainability and profitability in the long-term.
At the end of the day, if you are not targeting the right prospects it doesn’t matter how good your product or service is. There is a huge amount of data available, but much of it unstructured and therefore difficult to use in any meaningful way. Mining this information can be a gargantuan task, and often not enough attention is paid to getting it right. So why not invest in a data platform to shoulder the burden?
SMEs rely on new businesses for survival, so they need to be able to identify the right contacts at the right prospect companies at the right time. A data provider can customise your prospect search based on criteria such as geography, sector, employee size or even current business activity. A dynamic list can even take this a step further and continuously update your target database as corporate information changes, so you know that the information you are using is always up to date and fresh.
From here, your data solution can then help you find the right contacts at these companies – and even their contact details. Some platforms have triggers that can alert you to a company’s business activity – like new office openings, management changes, etc. – that might give you a good reason to make contact, demonstrating your knowledge and understanding of the company.
All too many SMEs in India do not currently have the infrastructure in place to carry out this precision targeting, but it’s an investment that will yield great returns. Avention’s India file, for example, now contains every registered company in the country and around 21 million direct email addresses, while globally we provide access to over 50 million active companies. The opportunity is just as much international as it is domestic.