The World Bank Group conducted a study entitled The Economics of South African Townships. It was published in August 2014 in their website http://worldbank.org This document details the potential of business opportunities in the Townships and Informal Settlements of South Africa. The Apartheid political system that marginalized natives, which was only done away with 21 years ago, left more than 60% of unemployed citizens inhabiting in these environments. Most of these settlements have limited services and are located far from commercial districts. Whilst property developers and large retailers are moving into some of these areas which are accessible; there is still huge potential for small scale entrepreneurs. Government at both National and Provincial levels have recognized this potential and are pursuing various Township Economy promoting initiatives. The private sector through programs like business incubation and capital support are also playing their part in the development of this sector. It is a fact that this scenario will bring in fierce competition between the already established businesses and the newcomers.
1. You can use Social Media Marketing as a Market Penetrating Strategy
Small entrepreneurial projects are usually similar. For any business to stand out, there is need for an effective market penetration strategy. Most conventional advertising mediums, be it print or electronic, cost an arm and a leg for a basic advert. Its critical to note that these advertisement may not necessarily reach most of the targeted audience for a small business in the Townships and Informal Settlements. Some potential customers do not own Radio or Television sets and a newspaper or magazine is considered luxury. But now there is Social Media. There is no household that does not have at least one occupant who owns a smart phone and are online most of the day time into early evening hours. Almost all these individuals are on more than one Social Media Forum that offers Marketing services. A smart entrepreneur will utilize the services of Social Media Marketing to build a sustainable competitive advantage. It is important to understand what campaigns will tickle your prospecting customers. Planning can not be over emphasized.
2. You can use Social Media as an affordable Advertising Medium
Social Media Marketing campaigns can be quite affordable with the possibility of producing them in-house. One would need to master the use of some applications and tools which are available online, some for free whilst those requiring subscriptions do not cost much. Some form of informal training could help boost one's mastery. In Social Media Marketing we share content that is produced in a manner that attracts attention and encourages readers to also share. The content describes us and our services or products and when our content is shared, its like we get a free ride through the activities of our customers to reach potential market. Most of the material that has gone viral, is original work that has not been edited. Creating and broadcasting of this content can create business opportunities.
3. You can use Social Media to acquire loyal Brand Ambassadors and Marketing Data
Cardinal to success in our Social Media activities is the process of attracting and growing followers. It is essential that we have a number of organic followers before we consider boosting our activities. I would not advise buying of any followers because they may not be within out target market. The process of identifying Who we are targeting; What we will share with them; How we will reach them and When we want to reach them; is another business opportunity in the Township Economy for another small entrepreneur. The data that we will gather can lead to us to other profitable ventures if we analyse it properly. Data analysis could actually be another business potential for other entrepreneurs within the Township economy. Since Social Media Activities are available to us at no extra infrastructure, besides our smartphones; these activities are a mine rich with enormous business potential.
What other potential business opportunities have you identified within the Township or Informal Settlement Economy that one can pursue through Social Media Activities? You can share with your valued comments. Should you be interested in participating in this lucrative venture, we are more than willing to assist.
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