Nowadays, the global market is very competitive, with many large companies taking most of the market share. As such, small businesses must do something extra and go beyond their current practices in order to remain competitive. Marketing is a tool that could be used to help them grow their business, increase their total number of customers, differentiate themselves from the rest of their competitors, and position themselves in the local market so as to be able to compete in a modest manner.
Large corporations cannot offer what a local business can, that is “a very localized cultural understanding”. Most large companies apply marketing strategies at a global level but they sometimes don’t understand the local cultures. This is the kind of information you need to start gathering for your marketing plan. You need to understand how your competitors work, in order to come up with a better strategy.
A while back, having a conversation with a small business manager, I asked out of curiosity, which marketing strategies he applies to his business? He responded that he does not want to spend much money on advertising his business on the radio due to the high cost. At the time, I did not say anything but in my head I was thinking that marketing is more than just advertising, it’s the application of strategies that results in satisfied and loyal customers. Marketing is not only advertising on a radio, marketing has to be part of your development plan and you can make it affordable. In other words, if you want to offer what your customers wants, then you’ll have to start doing marketing.