Over the ages, micro, small and medium enterprises (MSMEs) stood no chance against large firms. Huge corporations capitalized heavily on billboards, TV commercials and radio adverts to get their products in front of prospective consumers.
These engagements cost a lot of money. Typically, a small start-up would not have the financial strength to compete even in the minutest level. If you started a business, you needed to work your muscles off and grow based on little or no advertisement. Your dream was that one day, you would make enough money to be able to get on the TV.
With the advent of social media, this trend has been greatly disrupted and changed.
A research-based report on review42.com indicates that internet users spent an average of 2 hours and 22 minutes per day on social networking in 2019.
The average daily time spent on social media in 2018 was 142 minutes a day and by the end of 2021, more than 3 billion people are expected to be on social media.
More people are glued onto social media today than the attention traditional media houses have had in all of history. Aside from the groundbreaking traffic on the internet, social media is easily accessible to everyone. Nobody pays a dime to register an account on a social media platform.
This has given small and medium enterprises access to a bigger market at little to no cost. If a product is good, customers tend to recommend it to hundreds or thousands of their friends with just a click of a button.
Social Media has become the chance for MSMEs to start competing right from scratch.
It is obvious that a small business that has no account on Facebook, Instagram, Twitter, LinkedIn and the like, is shooting itself in the foot and leaving so much money on the table.