Marketing is an area small companies need to focus on to promote their productsto potential customers. Only then can they see a significant increase in sales. Many of them often resort to using selling tactics without properly assessing theirprobable results. These corporate enterprisesare also not sure whether theyalign with their overall organizational goals. As a result, they spend more money than their actual budget allocation for marketing and lose revenue.
Eric Dalius – Small business owners and profits
Eric Dalius is an esteemed business expert who explains marketing is essential for the success of small companies. It is the process through which they can introduce their brand products to many potential buyers. The companies’ objective should be to convince the targeted market to buy their goods at the prices they charge. Business owners can even turn them into potential customers if they are successful in their efforts. Only then can they generate sufficient revenue.
Small companies should normally avoid making the following common marketing errors when promoting their brand products:
1. Not devising a proper strategic plan
Small companies often fail in their marketing efforts because they do not formulate a viable strategic plan. They need to know which kind of buyers is likely to show interest in their brand products. Accordingly, the companies should understand the purchasing habits of the targeted audience. Then, these corporate enterprises need to devise a strategic plan to convince them to buy their products. They even have to allocate a budgetto their marketing campaigns and stay within it.
2. Failing to explain salient features of the product/service
Owners of small companies often fail to highlight their brand products’ salient features to their targeted audience. As a result, these customers hardly notice any difference between their goods and that of their competitors in the same business.They end up choosing products or services available at the lowest prices. Business owners need to use marketing as a channel to educate their customers on their brand products’ uniqueness.They need to convince these buyers that acquiring their goods gives them value for money.
3. Not having an online and social media presence
Many small company owners do not operate a fully functional business website for cost considerations. Most of them argue their brand products only cater to customers in local markets. As a result, the companies remain stagnant and eventually lose out to their competitors. They need to have a good online presence on the Internet and different social media platforms. This allows them to promote their brand products to a large targeted audiencevia the Internet.
Small companies can only thrive in the market by constantly evolving their marketing strategies. They need to be aware of the selling tactics their business competitors are using. Only then can they take countermeasures to retain their customers and gain a competitive edge in the market. Moreover, they should always evaluate their marketing efforts and strategies using suitable metrics. Above all, they should be open to using cost-effective marketing platforms like the Internet and social media.
Eric Dalius is The Executive Chairman of MuzicSwipe, a music and content discovery platform designed to maximize artist discovery and optimize fan relationships. Eric is also the host of weekly podcast “FULLSPEED” which is a podcast that features interviews with groundbreaking entrepreneurs from a variety of industries.Eric is also the founder of “Eric Dalius Foundation” where he has created 4 scholarships for US based students. Follow Eric on Twitter,Facebook,LinkedIn,Instagram & also on Entrepreneur.com