CalBank holds SMEs Value Creation within the Digital space Webinar

CalBank Plc  has hosted a maiden webinar for SMEs clients titled “How SMEs can create value using digital channels.”

The bank’s decision is in pursuit of its efforts to provide sustainable solutions for business growth in the digital ecosystem.

The first in the series was targeted at Small and Medium Scale Enterprises on value creation using digital channels.

Addressing participants, Wineyola Digital’s Innovation and Partnerships Manager, Simon Alangde urged SMEs to adopt contemporary practices in the digital space. This he said would enable operators stay relevant and deliver value for their customers.

According to him, digital technologies have the potential to enhance the productivity and relevance of SMEs. But to achieve growth, operators must make a conscious effort to embrace digital solutions to compete and survive.

Alangde further urged businesses to retool and rebuild their skills to transform their businesses.

“For businesses to leverage digital channels and create value, there is need to understand the benefits of online business.

 Operators need to understand that the digital ecosystem basically allows specific groups target which enables narrowing down marketing.

“So, if you know your potential customers, based on your demographics, you can build a profile to target that.

“This means you can encase these demographics into digital campaigns and save cost compared to the traditional means of advertising. It also allows you to analyze and get more insights about your business to influence your next decision,” he said.

He also emphasized the need for re-marketing. This involves implementing a tracking code on their social media handles. It allows re-marketing of brands and building  customer loyalty including retention to build data or customer information.

“One of the key things that businesses can do is to have data. To have data is to have information and to have information is to have power.

SMEs

There is a scientific approach about everything. So SMEs should use data and trend analysis to stay relevant,” he added.

He made this remarks against the backdrop of existing data which revealed the harsh realities faced by SMEs in the wake of the global pandemic.

Meanwhile, recent data from the Ghana Statistical Service indicates that over 150,000 service-oriented businesses closed down during the lockdown period. Similarly, about 96,276 businesses remained closed in May and June.

According to reports, many small medium enterprises(SMEs) have been the most affected by the novel coronavirus pandemic. Participants expressed satisfaction with the discussions.

A customer remarked, ‘’We are excited to be part of this informative session. We look forward to another exciting series from CalBank.’’

CalBank PLC, one of Ghana’s indigenous Banks presently offers a bouquet of tailor-made SME products. It also avails customers convenient banking solutions such as Mobile Banking USSD *771#, CalNET, CalBank App and CalPay for clients.