The scope and approach of marketing has been an ever evolving affair ever since the Online / Internet era came into being. Economic globalization is the other contributing aspect where service providers or product manufacturers had to come up with ingenious measures to promote their products and services. Among the other measures, collaborative marketing and online presence have taken the priority slot owing to the flexibility, dynamics and cost effectiveness they bring in along.
Collaboration in the areas of equity, technology, research, marketing, human expertise and branding are some of the options in vogue. FDI is the regular activity in developing economies. This is highly evident in India where investments have been made in various sectors like manufacturing, retail, realty, hospitality, health care and in many other areas.
The glaring difference, however, has been that the collaborative development is restricted to major industries or corporate businesses because of the financial strength, market reach and human expertise they possess.
Entrepreneurs in SSI & SME sector too must study this trend where they could showcase the advantages to prospective collaborators in the matters of technology, research, manufacturing capacity expansion or service competence. This in turn will help them in realizing big dreams taking the counter advantage of collaborators who could bring in equity, global reach and process excellence into the organization.
The major challenges faced by SSI & SME sector have been credit, marketing and technical know-how. Going for bank credit towards market expansion or branding may not be a viable measure where collaborative growth is possible. The SSI & SME sector must focus on building online presence while working for collaborative marketing so that an early growth is possible with promising future.