MALAYSIA’S digital transformation continues to ignite a wave of opportunities for businesses and consumers.
The country achieved a score of 94.5 in the Information and Communication Technology Development Index in 2023, indicating that Malaysia is progressing ahead of global peers in technological innovation and digital transformation.
A key aspect for Malaysia to realise its goal of becoming a technology and innovation digital hub in Southeast Asia is the digitalisation of the country’s small and medium-sized enterprises (SMEs), which make up 97% of all businesses.
Understanding unique needs of SMEs
While there are many tech providers in the market, SMEs continue to face challenges in finding the right solution provider. Their most common gripe is that the provider does not understand their unique needs and requirements.
Therefore, tech companies have an opportunity to bridge the gap by having a specific go-to-market strategy for engaging with SMEs. These companies want providers who are committed to being true partners and are willing to roll up their sleeves and jump in to resolve issues when they arise, essentially functioning as part of their team.
Beyond technical capabilities, SMEs are looking for a harmonious alignment of values, visions and a deep understanding of the unique needs of the business.
What most tech providers will find is that once an SME commits to working with you, the partnership often ends up becoming a longstanding one as the relationship blossoms, hence, it is worth the upfront investment of time and effort.
Responsive customer care gives providers an edge
The top three priorities among Malaysian SMEs when selecting a tech partner are industry knowledge (81%), speedy response times (71%) and strong technical skills (64%), according to a survey conducted on SME expectations.
The need for better customer support was highlighted multiple times among SMEs as customer experience-related issues were a key driver of their dissatisfaction with their existing solution provider.
Specifically, these issues can be broken down into the speed of responding to customers (75%) and the availability of human interaction as part of customer experience (64%).
SMEs also have high expectations of their service provider, with 84% wanting to receive a response in real-time or within two hours if it is during working hours. These expectations could be driven by their needs as a business as any issues would lead to downtime or revenue loss for the company.
Engaging SMEs effectively
While tech providers recognise the opportunity to serve SMEs, they often face challenges when it comes to engaging with them.
Common challenges include the resources required to serve this segment of customers due
to their unique needs and the need to provide customised solutions that are cost-effective, scalable and easy to implement.
In addition, SMEs often lack the know-how and, hence, expect personalised support and ongoing training to ensure seamless integration of new technologies. Navigating these specific requirements can be tough for tech providers, especially when it comes to building trust and establishing a long-term relationship.
To overcome these challenges, tech providers may want to consider partnering a specialised firm that has an understanding of SMEs and the expertise in providing end-to-end support throughout the entire sales cycle. Such a partnership can help tech providers effectively engage with SMEs, address their unique needs, and ultimately drive successful adoption and implementation of their solutions.
Opportunity that is ripe for the taking
Malaysia’s digital revolution presents a significant opportunity for tech providers to tap into the country’s thriving SME market.
To succeed, providers must develop a targeted go-to-market strategy that understands and addresses SMEs’ unique needs, factoring in the need for personalised support, ongoing training, and alignment of values and visions.
Tech providers that prioritise speedy response times and strong technical skills as well as offer real-time or near-real-time customer support will build trust and establish long-term relationships with SMEs, ultimately driving successful adoption and implementation of their solutions.
Companies that are willing to invest the time and effort to understand and address the unique needs of Malaysian SMEs will not only be well-positioned to succeed in this rapidly evolving market, but reap the benefits that the country’s digitalisation drive has to offer.
The writer has over 20 years of experience in customer experience operations in business process outsourcing. He has an MBA in management information systems, is a COPC-certified implementation leader, Call Centre Industry Advisory Council-certified strategic leader and a member of the International Association of Outsourcing Professionals. Comments: letters@thesundaily.com
