Importance of marketing small businesses
Marketing small businesses – It is a harsh fact that 40% of small businesses do not last five years*! The vast majority either had a great product or provided a marvellous service but they simply didn’t capitalise on their strengths by professionally marketing themselves and their brand to their target audience.
What is marketing?
“The management process responsible for identifying, anticipating and satisfying customer requirements profitably.” – The Chartered Institute of Marketing (CIM)
Possibly not the most inspiring quotation from the UK’s leading authority and you could spend a lifetime reading all the books or attending endless seminars on the subject. Simply put marketing cannot be viewed as a form of glorified advertising. It is fundamentally at the heart of all businesses beginning with the initial business plan and touching every aspect of how you continually communicate with your customers. It affects your pricing structure and margins. The branding on everything from your packaging to business cards, your market research through to all of your promotions be it basic printed fliers or the most sophisticated social media & digital campaigns. Marketing small businesses handled professionally you can then measure your campaigns effectiveness, its impact on your business and so make the correct strategic decisions to ensure not only your company’s sustainability but its future prosperity.
Does marketing work?
Marketing small businesses does work. Done correctly and continuously, then the answer is a definite and resounding – YES. Just think about the rapid success of Fever Tree tonic waters, is it a better product than Schwepps or just marketed better? Conversely the likes of Toys R Us and other notable high street names which seemed to have strong brands and a great history have fallen foul to either not communicating efficiently with their customer base or that their market research fell sadly short in keeping a keen eye on the critical developments within their marketplaces.
Excellent marketing requires both thought and careful planning:
- Who are your potential customers?
- The most cost efficient method to contact them
- At the perfect time with the correct message
- Ensure your target audience is receptive
- Make your own benefits clear ahead or your competitors
- Make product/service delivery simple and hassle free
The importance of marketing small businesses
For all small businesses to prosper or to consider developing into medium or large scale enterprises then they require a marketing plan to help formulate and achieve their goals.
- Businesses grow through increased revenues, an expanding customer base and increasing sales.
- You have to be clearly visible – you may be the best but if your customers either can’t contact you or worse still don’t even know you are around then prepare to fail.
- Why are you better than your competitors? Do you have a unique selling point, offer better value for money, are you more convenient.
- Repeat business is built on satisfaction, trust and spreading the word.
Every business has its strengths and marketing clearly puts it across loud and clear to your customers, both new and old, as to why they need you or your products above anyone else in your marketplace.
How The Little Marketing Company can assist in your marketing
As the name of my company clearly indicates The Little Marketing Company, is totally dedicated to highlighting the importance of marketing small businesses, efficiently, cost effectively and without eating into your busy schedules.
I am always here to assist with all aspects of your own marketing. Ranging from simply providing a guiding hand right through to collaborating with you in formatting a full blown marketing campaign. With a professional marketing strategy you will ensure that you are one of the 60% of business that thrive well beyond that critical 5 year mark.
* www.ormsbystreet.com Market Analysts