Call it the epic battle between David and Goliath. From downtown New York, Venice, Paris to Munich, the number of micro, small and medium enterprises (MSMEs) outnumber the number of blue-chip multinational corporations doing business.
Yet, the tragedy of this truth is that the population of MSMEs across the world makes for statistical data and a crowd but established market-leading brands that come under the shelter of scaled-up blue-chip corporations are the ones that people know, recognize and transact with.
In other words, blue-chip corporations have a reputation that could range from great to good or bad. MSMEs on the other hand despite forming the pack of the global economy are the herd; the ones that investors, customers, and employees do not know.
Digital marketing companies and consultants including us at TIS acknowledge the fact that in best cases MSMEs at best struggle to build a reputation and thus are unable to leverage it as a move of strategic behaviour and branding.
The gravity of the challenge only increases if the reputation is bad. However not everything is lost and at last paradise, it seems can be regained. Thanks to the evolution of the digital ecosystem for doing business and the cost, process and time efficiencies of online reputation management being offered by digital marketing companies, MSMEs can look forward to reinventing the rules of competition in the market.