subject: Get Armed With Right Marketing Weapons [print this page] With intensifying competition and diversifying markets, it has become imperative for businesses, small, medium or large, to know the right strategy to promote their products and services and to be equipped with appropriate marketing tools. Adopting a suitable marketing approach holds the key for getting greater returns in business. Therefore, an understanding about the right marketing weapons will help SMEs to get an edge over competitors.
Choose the right marketing weapon
There are different marketing tools and promotional measures designed to offer different benefits and serve specific purposes. Therefore, it is necessary for SMEs to understand the strategy and medium that would best suit its organisational goals and help it achieve those objectives. Conducting an in-depth market research as well as securing adequate information about customer preferences will help SMEs to carve a niche for themselves.
Depending upon target customer and market conditions, SMEs should choose a specific marketing medium so as to help it attract attention from the intended and desired client group rather than using too many tools without a particular end-target in mind, said Navin Bang, marketing manager of Priya Jute Industries, a small-sized jute product manufacturer in Murshidabad, West Bengal.
Clear market segmentation depending on variables such as geography, demography, physiography, customer type as well as customer behavioural pattern will help SMEs to prepare their marketing strategy and use the right marketing weapon to cater to the targeted audience more efficiently.
Proper market knowledge will help small-scale entrepreneurs to take timely and better decisions, said A Somani, senior analyst at Balaji Securities, a small-sized equity broking firm in New Delhi.
Moreover, adopting a defined marketing approach in line with the ever-changing economic trends, technological advances as well as focusing on differentiation will help SME entrepreneurs to market its offerings effectively.
