Trending November 2023 # Frugal Innovations To Help Small To Medium Businesses Create Value For Profits And Return # Suggested December 2023 # Top 16 Popular

You are reading the article Frugal Innovations To Help Small To Medium Businesses Create Value For Profits And Return updated in November 2023 on the website We hope that the information we have shared is helpful to you. If you find the content interesting and meaningful, please share it with your friends and continue to follow and support us for the latest updates. Suggested December 2023 Frugal Innovations To Help Small To Medium Businesses Create Value For Profits And Return

With a significant proportion of low-income consumers and huge unmet demands, new economies are frequently linked to frugal innovation. However, as businesses look to offer cost-effective and long-lasting alternatives for a larger spectrum of clients, the idea is currently becoming more common in industrialized nations.

The emphasis on clarity, efficiency, and environmentally friendly practices characterize frugal innovation. For businesses to produce goods that are accessible at reasonable prices to more kinds of clients, it requires examining every step of the creation and manufacturing process, from the use of basic components through shipping and promotion.

Frugal innovations have an opportunity to have a substantial positive financial and social impact, particularly bettering health conditions, increasing the availability of basic goods and services, and expanding job possibilities for low-income populations. By accessing fresh marketplaces and developing more successful and productive goods and procedures, inexpensive creativity can also boost the competitiveness and development of businesses that adopt it.

Frugal Innovations that help Small to Medium Businesses Create Value for Profits and Return

Small and medium-sized businesses (SMBs) can benefit most from frugal innovation because it can assist in finding a number of ways to add value for earnings and returns.

Cost-effectiveness − Budget-friendly technologies are frequently created to be reasonably priced and accessible to a wider range of clients, which can assist SMBs in expanding their market share and revenues. SMBs can boost the margins of their earnings and entire economic performance by cutting costs and increasing productivity.

Put the client first − Because frugal innovations are created to specifically address the needs for clients in lower-income sectors, they can assist small and medium-sized businesses (SMBs) in discovering novel markets and creating goods that are suited to their particular consumer demands. SMBs may increase customer happiness, loyalty, and retention by putting the requirements of the customer first.

Invention for durability − Economical innovations are frequently created with durability in mind, which can assist SMBs in lowering the impact they have on the environment and enhancing their standing among partners and customers. SMBs can lower expenses and boost their bottom line by using sustainable practices.

Teamwork − In order to innovate on a budget, it is frequently necessary for clients, vendors, and other companies to work together. This can assist SMBs in establishing connections and collaborations that may result in new business prospects and enhanced profitability.

Overall, frugal innovation can assist SMBs in generating value for profits and returns through cost reduction, increased productivity, the discovery of novel market possibilities, the satisfaction of consumer requirements, adoption of sustainable procedures, and collaboration with different companies and stakeholders. Small and medium-sized businesses (SMBs) can increase their competitive edge and promote growth.

Procedures Adopted by Frugal Innovations to help Small to Medium Businesses

By implementing the following processes, small to medium enterprises (SMBs) can use frugal innovations to create value for profits and returns −

Design simplification − Frugal innovation frequently entails simplification of a good or service’s design to save costs and boost competitiveness. SMBs can streamline their product designs by removing extraneous features and concentrating on the essential features of the good or service. They may be able to sell their products at a lower price point and cut their manufacturing expenses as a result.

Employing locally sourced materials − Economical innovations frequently utilize products that are sourced locally, which can assist SMBs in saving money and enhancing the effectiveness of their supply networks. SMBs may strengthen ties to their surrounding regions and help local enterprises by purchasing their supplies locally.

Emphasizing functionality over aesthetics − Functionality takes precedence over aesthetics in frugal innovations, which place more emphasis on a product’s or service’s performance than on its appearance. This strategy can be used by SMBs by emphasizing characteristics that are crucial in attracting clients rather than spending money on pricey and pointless design components.

Employing technology − Economical innovations frequently use technology to lower expenditures and boost productivity. Technology can be used by SMBs to streamline production procedures, cut waste, and improve the oversight of their supply chains.

Collaboration with stakeholders − Economical innovations sometimes include working with customers, vendors, and other companies. SMBs can work together with their clients to find emerging markets, lower expenses, and boost overall productivity.

SMBs can provide value for revenues and returns through cost-effective improvements by using these strategies. They can increase efficiency, save expenses, find new market niches, and forge closer bonds with their stakeholders. In general, cost-effective innovation can aid SMBs in becoming more competitive, promoting growth, and achieving long-term success.

Example of Frugal Innovation

There are several instances of thrifty innovation in a variety of fields and spheres. Here are a few illustrations −

Tata Nano − The Tata Nano is an economical automobile invention. With an initial cost of only $2000, it was meant to be a cheap car for the Indian market. The vehicle was made with a focus on affordability and accessibility while additionally upholding safety and compliance with regulations.

M-Kopa Solar is a cost-effective breakthrough in the renewable energy industry. Clients in the eastern region who are frequently independent without the ability to access conventional sources of power are given the opportunity to utilize cost-effective solar energy options. Mobile financial transactions allow clients to buy solar energy systems and pay for them over time, increasing the method’s accessibility.

Haier − In the field of home appliances, Haier is a cost-effective innovation. For consumers in emerging economies, it manufactures a variety of inexpensive and energy-saving goods, including refrigerators and dishwashers. The business has had success breaking into novel markets and developing a dependable brand focused on value and sustainability.

Overall, thrifty entrepreneurship has the ability to promote social and economic gains by offering consumers with limited resources cost-effective and long-lasting solutions. By integrating into new markets and developing more efficient services and procedures, it can also boost both the competitiveness and the expansion of businesses that adopt this strategy.


In summary, cost-effective innovations can support small to medium firms in generating greater profits and return by streamlining concepts, leveraging locally available materials, emphasizing utility over aesthetics, employing technology, and working with partners. By implementing these practices, SMBs can lower expenses, enhance efficiency, find fresh ventures, and forge closer bonds with their stakeholders. For small and medium-sized businesses (SMBs) that adopt this strategy, frugal innovation has the potential to promote innovation, expansion, and long-term achievement.

You're reading Frugal Innovations To Help Small To Medium Businesses Create Value For Profits And Return

How Small Businesses Can Create Amazing Video Content On A Smartphone

When small business owners hear the word “video,” one of the first images that comes to mind is often a dollar sign. While not every business has the budget to book a full production crew, the good news is that in 2023, you don’t have to do that.

Here’s how a powerful smartphone with pro-grade shooting and editing capabilities — such as the Samsung Galaxy S10 or Note10 — gives your company the power to be creative anywhere, anytime, on the fly.

How to Add Bokeh to Video With Live Focus Video

The content you share on social media can act as a portfolio of work for your business. Think about it: If you were booking a dinner reservation, wouldn’t you be interested in checking out a restaurant’s Instagram page to get a sense of its atmosphere, top dishes and signature cocktails? A recent study found 74 percent of consumers believe a connection exists between watching a video on social media and their buying decisions. Adding visual effects to your videos, such as a bokeh effect, is an excellent way to guide your audience’s eyes and draw attention to specific features.

Control What Your Audience Can Hear With the Galaxy Note10 Zoom-in Mic

It may sound like a marketing buzzword, but authenticity in 2023 is more important than ever. According to a report from Stackla, 90 percent of millennials, 86 percent of Gen X and 80 percent of Baby Boomers admit that authenticity is a major factor when deciding which brands they support. Clean and minimalist content produced in real-time and hosted on platforms like Instagram Stories is a great way to resonate with your customers. However, this can be a challenge at live events and venues where constant noise and movement can distort the quality of your video. A feature like audio zoom can help you achieve better audio quality in these types of environments.

Succeed on the Path to Mobility

White Paper

Get your guide on how to optimize mobile workflows for small and midsize businesses. Download Now

Catch All the Action Without the Shakes Using Super Steady Video

Super steady enables you to capture and correct content in motion. With the Galaxy Note10, small businesses can quickly begin to assemble a pro-grade production kit with just a few low-cost accessories. For example, while Super steady is great for handheld shots, a cheap tripod paired with the S Pen makes it easy to operate your camera, thanks to the S Pen’s remote control capabilities. While audio zoom helps you hone in on the sounds you want to capture in postproduction, investing in an affordable Bluetooth lavalier microphone can help you record closer audio while filming on the spot.

Shoot, Edit and Share Like a Pro With Video Editor

After you’ve seen success with lo-fi video, you may opt to invest in a more high-quality video production. Fortunately, you don’t need fancy or expensive equipment to accomplish this. The Galaxy Note10 offers a variety of ways to cut, color and score your videos to add a professional finish to your video content. For a better look at what you’re doing, you can connect your phone to a monitor with Samsung DeX, and edit on a big screen with your mouse and keyboard.

No matter what your goals are, video content is an engaging way to make your small business seen and heard by a broader audience.

Discover more ways the Galaxy Note10 gives you the flexibility to be creative whenever your small business gets a spontaneous burst of inspiration.

How Small Businesses Can Use Marketing Data For Growth

Over the last few years, there has been an unprecedented explosion of data. As a result of this, data analytics has become a growing field and many businesses are choosing to heavily invest in professionals of this industry to take their organizations to the next level.

However, despite this growing interest in data, there is still a large disconnect between the sheer volume of data being created and the number of organizations making use of this data.

Certain aspects of marketing data can provide valuable information to companies, such as campaign tracking or general web traffic, yet few small businesses make use of this information.

Here, we’ll talk about how you can use marketing data to improve your marketing strategies and grow your business.

Identify the Right Marketing Data

One big reason that marketing data is not used effectively by many small businesses is due to a lack of understanding regarding the importance of that data. Data analytics isn’t a new field, yet many small business owners fail to see how they can access and use their marketing data.

Related: Use data to create a content map that converts more customers.

Some organizations today focus on older forms of data to pull consumer analytics from, but this data isn’t as representative as more modern data sources. Despite the fact that many businesses make use of the wrong data, the importance of targeting the right data is not commonly known.

So, how can you find the right data to target? It’s essential to place an emphasis on the collection of data that deals with consumer traffic, conversion rates, and marketing growth.

Image Source

And, the type of data that you need to collect may vary by marketing type. For instance, the marketing data you collect from PPC campaigns could vary from your SEO metrics.

Related: Find out the 29 marketing metrics you need to know to track every strategy.

You can also look at the sources of data you can collect, including first-party data, which can help you boost your chances for marketing success.

Focus on Marketing Data that Taps Into the Consumer Mindset

Regardless of if you choose to invest in your own data analytics or outsource the job, understanding the consumer mindset is everything. Another reason small businesses overlook key data is that they retain the mindset of a seller. Put yourself in the shoes of a potential consumer and you’ll be able to identify more data points to target.

Almost every customer has the option to leave a review after purchase, and reviews can provide valuable marketing data for your small business. But, you can also take it a step further and reach out to consumers for case studies, which can not only give you coveted marketing data to drive growth but can create validation for your business.

Data shows that case studies are an extremely important part of the consideration stage in the buyer’s journey that can make or break a purchase decision.

Image Source

Adding this simple validation to your website can help convince potential customers that you are a reliable organization, while also helping you to build a connection with previous customers and have them potentially make another purchase, which is a big way that marketing data can help propel your business toward growth.

Related: Own or run a finance business? Get data-backed finance marketing strategies built around consumer behavior.

Determine the Best Way to Collect Marketing Data

After determining and outlining the most important types of data for your organization, collecting said data is the next course of action. For small or even mid-sized businesses, this can seem like a tall order. Creating a new division within your organization dedicated to data collection and analytics can be expensive and time-consuming, which is why relying on third-party data analytics teams is typically a smarter move — especially for small businesses.

After all, your entire organization doesn’t need to become an expert in data analytics if you choose to partner with experts in the field. Many marketing partners offer prominent features such as digital presence building and outreach marketing services from which they can collect and synthesize important marketing data in the form of reporting dashboards — or they can even tie the information into your CRM.

Utilize Data to Create Personalized Campaigns

Based on the data collected either by yourself or by your marketing agency, you can then personalize your outreach to customers. By personalizing your campaigns based on marketing data you can optimize each message sent to a customer and increase the odds of getting engagement.

Image Source

Remember that personalization is one of the most important aspects of modern marketing and helps to build trust. And, personalization is only possible with accurate and complete marketing data.

Get Started Analyzing Your Marketing Data

As technology continues to develop, the data floating around the internet will inevitably increase. Taking the time to learn how to sift through that data and partnering with effective professionals can help accelerate your business growth faster than ever before.

About the Author Guest Author

Our guest authors are industry experts, marketers, or business owners who cover a range of topics from sales, marketing, data, and entrepreneurship.

Other posts by Guest Author

Position Tracking Like A Pro: Tools For Small Businesses And Online Agencies

Position tracking for small businesses made easy through SEO tools

Search engine optimization (SEO): in this day and age, you’re simply not going to get anywhere without it. No matter what line of work you’re in, it’s almost a guarantee that you’re going to use the internet, and this fact has made it even more important to know how to use SEO to drive visitors to websites and front doors. Thankfully, because of how connectivity is so widespread, there’s no dearth of tools to support the SEO efforts of business owners.

The features you need

Nowadays any small business or online agency can run their own SEO campaigns or take on projects on behalf of other companies. SEO has come a long way since the black-hat days of keyword stuffing, though; working your website up the search results ladder into that coveted top spot requires a steady hand on the tiller and much of that involves tracking your SEO campaigns so that you can adjust your tactics and strategies on the fly.

Before we begin, it’s important to know that there are a number of SEO tool platforms out there for your perusal. These tools all provide different types of functionalities, but when it comes to position tracking here are the features that will be the most useful to you:

Access to robust and detailed data

Local and global keyword monitoring

Desktop vs mobile position ranking

Scheduled tracking

Performance over time data

Competitor keyword tracking and comparison

Scalability and affordability

Depending on your specific niche, there may be other specific features you’ll need. However, the above is an excellent place to start before looking into the specific position tracking platforms detailed below.

Download our Premium Resource – Successful SEO Guide

This guide is one of our most popular and rightly so. If you get it right, SEO can be a fantastic, relatively low-cost way to drive quality visitors who want to do business with you to your site.

Access the Successful SEO guide

1. SEMRush

One of the biggest names in online keyword research, SEMRush rose from its humble beginnings of yet another startup in 2008 to one of the industry leaders in SEO and marketing support that it is today. Because SEMRush has been around such a long time, you can rest assured the company has been doing something right; the tools SEMRush offers its customers originated as the same ones the company used in-house for years before offering them commercially.

These highly-developed tools make it easy for you to monitor your keyword positions from a local, regional or national level, discover local competitors and see how their own keywords rank, group your keywords together with different tags or even see targeting data specifically for desktop or mobile devices. Position tracking as a feature is included as standard no matter which tier of SEMRush services you subscribe to, making this an attractive option for startups with limited budgets.

2. Moz 

Additional features include the ability to access search data from more than 200 countries. Moz makes it easy to check either local or global positions, as a result, allowing you to alter your SEO strategy upon identifying positive or negative trends. Included in all subscription tiers of Moz Pro, this rank tracker is just as accessible as SEMRush’s similarly-priced services. In fact, almost all of our top picks for position tracking are at around the $99 a month price point. There are exceptions to this, though, as you’ll find directly below.

3. Mangools 

The little SEO company with the funny name, Mangools burst onto the scene in 2014 from the central European country of Slovakia and hasn’t looked back since. Originally offering just a keyword checking tool, Mangools has since grown to provide an entire suite of services – including rank tracking. Mangools’ SERPWatcher displays its info in a compact and efficient manner without sacrificing scope, as it tracks more than 410,000 different keywords on a daily basis.

Mangools as a suite of abilities is incredibly cost-effective. Not only does it have a robust free version, but the fully-fledged subscription price for the top-tier level of service is also only around $79 a month, which is much less expensive than the basic level of service for both Moz and SEMRush. This makes Mangools an excellent choice for marketers looking for high levels of value without having to spend an arm and a leg in order to access that value.

5. Ahrefs 

Another relative newcomer to the scene, Ahrefs was founded in 2014 and has, from day one, focused on having the most complete and exhaustive keyword and website data possible. Its keyword index has more than 6.1 billion keywords stored across a fleet of 2,500 servers that do the heavy lifting; part of that massive computing power goes to its fully-developed rank tracking service.

Ahrefs rank tracking ticks all the boxes, as it includes the ability to chart your performance against your competitors, provides performance over time data and monitor both desktop and mobile ranking performance. Visualization tools, filtered and tagged list sorting, ranking progress and other metrics are all included in Ahrefs’ competitive price, which is in the same range as Moz Pro and SEMRush.

5. SerpStat 

SerpStat began its life as a keyword tracking tool in 2013. Early successes prompted quick growth, and today SerpStat offers a full suite of services up to and including position tracking, both for free and at prices that are very attractive to startups and marketing agencies with small budgets. At the same time, SerpStat is scalable up to the enterprise level – and with a price tag to match.

SerpStat offers data review in any language, country, or city you specify, offering both global and local search result tracking. Tracking is available not just for keywords but for specific phases such as laptop or phone searches, unlimited daily search result queries, and an unlimited number of logins for clients or coworkers. This makes SerpStat one of the more agile and flexible SEO service suites available today.

Position tracking for fun and profit

While each of the position tracking services on this list has its own specifics, these are all excellent choices in their own right and have been fully adopted by the digital marketing community. Whether you go with an established company or a start-up new to the SEO marketplace, you’ll be sure to get the data you need to fine-tune your own digital marketing campaigns.

Return Correct Value From Recursive Indexof In Javascript?

A computer pattern or idea called recursion is present in many programming languages, including JavaScript. It is a feature used to build a function that repeatedly calls itself, but with a smaller input each time, until the intended outcome of the code is realized.

In this article, we will return the correct value from a recursive indexof() function in JavaScript. Let’s dive into the article for a better understanding.

Accurate value from the recursive indexof() function

The position of the first occurrence of a value in a string is returned by the indexOf() method. -1 is returned by the indexOf() method if the value cannot be found. The indexof() is a case sensitive.


Following is the syntax for indexof() −

indexOf(searchElement) indexOf(searchElement, fromIndex)

Let’s look into the following examples for getting more idea on returning the correct value from a recursive indexof() in JavaScript.


In the following example, we are running the script for getting the value of the recursive indexof(). In this case, we are going to get the index of element “c.”

function search(array, value) { if (array[0] === value) { return 0; } if (array.length === 0) { return -1; } const result = search(array.slice(1), value); return result === -1 ? -1 : result + 1; } document.write(“The indexof c was:” + search([“a”, “b”, “c”, “d”], “c”), );

When the script gets executed, it will generate an output consisting of an index value “c” that is displayed on the webpage.


Considering the following example, where we are running the script by declaring an array, getting the indexof() element “Vespa,” which was not declared in the array, and returning the value of recursive indexof().

function search(arr, value, i = 0) { if (arr[i] === value) return i; return search(arr, value, i + 1); } let array = [“Raj”, “Kamal”, “Vikram”, “Ravi”]; document.getElementById(“tutorial”).innerHTML=”The indexof Vespa was: ” + (search(array, “Vespa”))

On running the above script, the output window will pop up, displaying the index of “Vespa” as “-1” displayed on the webpage. It was shown as “-1” because the value “Vespa” was not found for the index.


Execute the below script and observe how we are going to get the correct value of recursive indexof().

const array = [‘Bheem’, ‘Nayak’, ‘Ravi’,’Dora’] const result = array.indexOf(‘Ravi’); document.getElementById(“tutorial”).innerHTML=(“The indexof() of required value was:” + result)

When the script gets executed, it will generate an output displaying the indexof() of the required value is “2,” which gets displayed on the webpage.

When the script gets executed, it will generate an output displaying theof the required value is “2,” which gets displayed on the webpage.

Businesses Thrive When Boards Create Learning Cultures

One of the board’s key roles includes establishing the company’s culture, values and ethics. Boards should also establish a learning culture as change is rapid in today’s business climate.

A crucial role of any board is to establish the right “tone from the top”. Directors should lead by example and ensure that good standards of behaviour are maintained throughout the organisation.

This will prevent misconduct and unethical practices while supporting the long-term success.

Change has never been so constant

Today’s working environment is one that is information-rich, where the knowledge worker is king or queen, and change is rapid.

What knowledge, skills, and experience previously acquired by individuals may now have a sell-by date, and having the agility to respond to changing markets is the stuff which allows business to remain competitive.

Add to this the impacts of unforeseen events such as Covid 19 and other threats such as the climate crisis. There is an ever-increasing need for a different kind of organisational learning.

Since boards are crucial in driving businesses’ decision-making and ensuring that such decisions are ethical and sustainable, ensuring they have adequate expertise is vital. But while board members bring a lot of knowledge and experience to bear on decisions, this knowledge must also be kept up to date and flexible enough to allow for agile decision-making.

Focus on core competencies such as digital literacy, information gathering, and knowledge management.

Setting the tone from the top by creating a learning culture

Boards are critical to developing the learning culture for the broader organisation since they set the tone. If they display good learning practices, the rest of the organisation should model this.

This can mean acknowledging that learning is a shared experience and goal, not just the chair’s responsibility. It also means recognising that we are all subject to particular frames of reference built by our prior experiences. When something new happens, such as hybrid working, the new conditions may challenge our previous concepts and create uncertainty.

To embrace such change and learn from it, we need to be able to adapt the mental models we use to interpret things to accommodate our new experiences. If we cannot, this inflexibility can lead to stagnation among the leadership.

To remedy this, boards should ensure that individuals are not punished for taking certain risks or challenging existing practices.

A board that allows more voices to be heard will be more successful at tackling challenges.

What else can be done?

In addition to organising training and materials, it is worthwhile to create forums that encourage working together and knowledge sharing and create time and opportunities for reflection.

Personality may be another factor to consider, with some being more self-directed and proactive than others. In the hybrid environment, this is becoming ever more important, so enhancing metacognitive skills, or our ability to think about our thinking, can be helpful.

But there may be further barriers to learning in the boardroom, such as trust. Sometimes for the sake of harmony, difficult questions may go unexamined, even though this might not be in the business’s best interests.

Within some boards, there may be a fear of speaking up and being innovative or suggesting new ideas might be seen as going out on a limb.

So, creating a learning culture involves more than the organisation of formal training sessions, whether in person or over zoom, to place learning at the level of work.

Technology can play a more significant part when workers are more distributed and not in an office. It is worth recognising that this can occur in several ways. It can often be in response to some uncertainty that the individual needs to make sense of and could involve searching for new information via documents or searching for people who might know. It could be done alone or in partnership with colleagues.

In contrast to formal learning, informal learning occurs all the time. It can happen in the workflow without us realising that we have learned something. But while informal learning could be unplanned, it can also be guided and facilitated through coaching.

In addition to formal training, many senior executives engage in self-paced study such as viewing videos and reading articles, which can also be considered informal learning.

On some boards, there may be a fear of speaking up and being innovative or suggesting new ideas might be seen as going out on a limb.

Create opportunities for learning

Besides the above, it can be helpful to consider whether there are enough opportunities for reflection. This can be difficult when people are busy, especially on boards where individuals may commit a limited amount of time per year. Nevertheless, reflection and feedback are excellent ways to collaborate on new ideas while at the same time reinforcing informal learning.

This can be an excellent learning opportunity when boards go through an evaluation process. However, as mentioned, there can sometimes be a culture of fear or embarrassment, which is not conducive to learning from mistakes.

Criticism can be brutal, but ego can often be a barrier to effective communication. So, open communications are essential to enabling a learning response which embraces change.

So, boards can consider the areas in which members need to become more knowledgeable. They can also create informal and formal learning opportunities, such as retreats.

In the virtual environment, they can make sure that systems are in place to support collaboration and knowledge sharing. They can also encourage board members to give presentations and help teach other members to build organisational learning.

The board needs a common language to function effectively, and learning is essential to finding such a language. The ability to learn allows the board to change so they can better cover any gaps in governance.

A continuous learning culture will help move the company closer to achieving its mission and goals. Since it is focused on development in the long term, rather than short-term fire fighting, this can help with business growth.

An effective learning culture is a mindset that starts from the top.

Update the detailed information about Frugal Innovations To Help Small To Medium Businesses Create Value For Profits And Return on the website. We hope the article's content will meet your needs, and we will regularly update the information to provide you with the fastest and most accurate information. Have a great day!