Effective small business marketing is the lifeblood of any small business. An unsettling high percentage of small businesses fold within the first year of operation with most of the first year survivors closing shop by the end of the third year.
One of the major reasons that small businesses fail is a cash flow crisis. Effective small business marketing is one of the few business tools available to a small business owner that GENERATES cash.
Effective small business marketing starts with being able to write a simple and practical marketing plan, specifically for your business. This marketing plan then forms the basis of all your marketing efforts and acts as a reference point when you have to decide between two or more courses of action.
The result of following a well constructed marketing plan is that all your different marketing efforts form part of a co-ordinated strategy aimed at attaining your predetermined goal. That is in stark contrast to the marketing efforts of most small businesses and immediately puts you ahead of the pack.
Effective small business marketing naturally comes with some challenges – and advantages. Challenges might include a lack of marketing savvy, a limited marketing budget, time constraints especially if you are a one person business and so on. Anyone who has run a small business should recognise the danger of spending too much time working in the business rather than on the business.
There are many advantages however in marketing a small business as opposed to a corporate giant. These include a lack of a hierarchy of decision makers, no red tape to fight through to get anything done, direct contact with your target market and many more.
Effective small business marketing should and can be the cornerstone of every small business. Your simple yet effective marketing plan is the map that will guide you out of the woods towards a profitable business, irrespective of the market segment you operate in.