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Take a look at key SME statistics, trends and reports:
1. SMEs in India (both registered and unregistered), are estimated to be around 4.25 Crores. This makes SMEs around 95% of the total industrial units in India.
2. SMEs employ around 10.6 Crore people, which is 40% of our country’s workforce.
3. SMEs produce more than 6,000 products.
4. SMEs contribute around 6.11% to the manufacturing GDP and 24.63% to the Service Sector GDP.
5. 45% of the total Indian manufacturing output comes from SMEs.
6. 40% of the total exports belong to SMEs.
7. 16% accounts of bank lending belong to SMEs.
Moreover, SMEs have maintained an average growth rate of over 10%.
Small companies are started with modest resources. While sheer will and finance are the main ingredients of making SMEs successful, they are just not enough. In today’s digital world, leveraging the power of social media can get SMEs meaningful connections. LinkedIn is one such platform which can help budding entrepreneurs increase their visibility, build credibility and network with the right people.
LinkedIn has widened its scope of operations. Apart from offering recruitment solutions to businesses, it helps companies engage with an audience and build a professional network. It consistently introduces new tools and solutions to help its members reach the right audience.
With platforms like LinkedIn available, SMEs can make the best use of such platforms to further their business interests. Following are some of the ways to do so:
1. Create a profile of your company. This page should have information about the company, contact details, core products and services. You can also tell people what makes you different and why stakeholders must trust you.
2. Once your company profile has been created, start engaging your audience. Writing and posting content is a great way to do so. Write on topics relevant to the industry. Such posts will appear on your profile and your connections will be notified. These articles can also be shared. You will easily get a wider visibility. You may also engage the audience by asking and answering questions. One such way is to participate or conduct polls.
3. Create or join industry groups on LinkedIn in the sector in which your company belongs. Share your articles, blog posts and so on. This helps in boosting your company's image across a large audience.
4. Do not spam! This is a golden rule to have a good social media presence and reputation. Your goal is to create a professional network that is beneficial to both you and the other party. Therefore, be genuine about messages and other activities.
5. Start connecting with the people you know. Once you do that, you will get a lot of recommendations. You will also get suggestions to invite mutual connections. You can search for people working in the same industry under the "Companies" tab.
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6. You can also advertise on LinkedIn. There are various types of ad formats available. Use your creativity and create great advertisements for your business. Check this:
LinkedIn Sponsored Content is a company update that is shown to LinkedIn members in their feed. This enables companies to run native advertising campaigns. Advertisers can control information about them which appears in the LinkedIn feed. When members click on a native ad, their LinkedIn profile data is pulled into a form that members can submit with a single click.
Sponsored InMail ad campaigns allow businesses to send personalized messages to people who matter the most.
7. Build awareness on your company with the relevant audience. This helps you compete with brands that are already established. You may use LinkedIn advertising solutions to reach the right audience.
8. When you are comfortable using LinkedIn, you may upgrade to a paid membership. By upgrading yourself to a paid LinkedIn membership, you get more features and other benefits. Depending on your requirement, you may choose from aome of the categories like: Career, Business, Sales and Hiring. Go for a trial version before the real deal.
9. Connect your LinkedIn account with your Twitter accounts. This helps in sharing your content across both the media platforms. You can build connections simultaneously.
10. Finally, use LinkedIn learning modules and upgrade your skill sets. It will also help you up skill your business and develop your talent.
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