5 Mistakes SMEs Do in Marketing

Marketing makes or breaks a business, reason why big brands splurge on marketing on different platforms. However, just like every decision in business does not yield desired results, marketing too sometimes fail partly or out rightly. Big names or brands, can afford to forgo the wastage of time money in undesired results due to the cushion in budget. But small businesses or SMEs, in particular, do not get that cushion as they run short on time and resources and so there is little margin for error for SMEs.

This is not as much to say that SMEs should not think about using the power of marketing, they should know the right approach to marketing. Much as they need to know what to do in marketing, they should better know what not to do in marketing to avoid the common mistakes SMEs often commit.

If you are an owner of SME business or are mulling plans to start your own business, sooner or later, you should take note of these don’ts that will give your business the boost it needs to become a brand.

Not Believing in the Need of Marketing  

Some small business owners often have preconceived notions such as their business is too small to need marketing at all and they do not need marketing for their products to be sold. Certainly some products and services are strong enough to do that, but not until after people know about them. If you aren’t marketing your business because you think what you have to offer will handle it itself, then you are missing out on opportunities to earn new business, let alone establishing your business a brand.

Some time small business owners think they do not have the required budget to indulge in marketing. This idea stems from the lack of knowledge about or willingness to try new marketing approaches. Digital marketing is the new marketing technique which costs less than traditional marketing campaign and hence is suitable for small business owners or SMEs.

Not Having a Marketing Plan

SMEs often are found lacking in having a proper marketing plan for their business due to lack of clear vision about their own businesses i.e. what their business goals are, how is their business different from that of their competitors.

As a result, many a time, small business owners end up spending too much on adopting wrong marketing techniques. Like every plan in a business, marketing, too, should have a proper layout which is based on the insights about one’s own business and goals.

Not Having Online Presence    

Your marketing starts from having your presence on the internet – that is a website for your business.  SMEs often think they are too small or too local to run an online presence, so they do not require a website at all. But the truth is customers use internet as the first channel to find out products and solutions provider for their needs. So, a website for your business will only add up to the identity building process of your business among customers, both local and global.

Not Targeting Right Customers

The very basic mistake that small business owners commit is that they do not earmark their target customer group and so they target all as their customers. When it comes to marketing you need to narrow down your target to a recognizable group so you can use best use marketing approaches that work more effectively.

A tricky situation that arises here is too often small business owner are some time too blinded by their the idea about target customer segment that they fail to recognize an actually potential customer segment that goes unnoticed.

Not Focusing on Social Media Marketing

Those business owners who are averse to using new marketing approaches show a dull face to using social media marketing. It is true, although, that small business owners often do not have the time to spend in social media marketing. But this platform can be actually be rewarding and an ideal platform for small business owners. Social media marketing is one of the most affordable and effective marketing techniques for business owners who can focus their efforts and maximize their time spent on social media to yield big results.

A key point to remember here is once they start social media marketing they should avoid abrupt absence from it. Since customer these days search online and keep track of your product and solutions online, if a potential customer sees no activity, that often leaves them wondering if you are still in business and they move on to the next company. So, choose your channel wisely and keep updated.

Time-for-a-New-Sales-Strategy

Gone are the days when a client would call you with his complaint, he would rather post a review on social media badmouthing your company. So, when your customers have moved on to the digital world, why should you be struggling with old ways of communication?In the past few decades – with the global technology ushering in sweeping changes in the economy – the dynamics of the Manufacturing Industry has changed dramatically!

However, this has not yet translated into hyper-growth for the Indian Manufacturing Industry. There is a tremendous pressure from the competitive and substitutive forces in the Red Ocean of similar products. Still, the challenge is not the production of the product (we all aim to create the best out of given resources, don’t we!); it’s the sales that have lagged behind. It could be because of competition, undervalued product, or lack of serious efforts. Here’s the thing: It is none of these reasons, it is the communication that is not getting channelized properly!

Word-Of-Mouth Isn’t a Thing Anymore

It’s the world of busy - half the people don’t have time to listen to you and other half are not interested in what you are saying; by all means, your word is getting unheard. Yet, word of mouth seems the only way out for many businesses, especially B2B sector.
The manufacturers may be oblivious to the potential of marketing in the current scenario - contented with the word-of-mouth or cold calling and settle with the same.
But, the news is that the world doesn’t operate on the old ways anymore!
The world is evolving with the technological advancement- digital and compact. The size of the screen of our laptops, mobile phones have become small significantly only to have the world on our tips, a few clicks. The world, now accessible through social networking sites, operates on view-of-eyes.

Cold Calling Should Not Be Your Sales Strategy
Reaching out to someone is as simple as punching few buttons on a cell phone. Be it personal or official call, people enjoy the fancy the device can provide – it connects us to the people that are important– connections that matter.
The device with such a potential does appear as a good prospect for attracting clients, while you may be just pushing them farther. It is likely that your potential client blocks your number or even marks you as spam, dumping all the possibility of actually reaching out to him.
The mistake that most of the salesmen make is not to care for personal space. You may be barging in your customer’s space with your repeated calls. Your customer has a job too!

Tune in the digital channels
The rigorous social interaction today is impeccable. Be it debates for a social cause or voicing personal opinions, social media has always come to the rescue. Digital space has ushered marketing into its future
In 2004, when Facebook had gone live, as a social portal for casual interactions, revolutionized the communication altogether. Today, it is being used for personal and business promotions extensively, from the start-ups, small business, to global business and MNCs. What is more amusing is that Facebook is just a piece of the whole. To name few – there are portals – Twitter, Linkedin, and Instagram, etcetera.
The new era calls for a different strategy for your sales. The time and space have shrunk and so should our communication. Instead of badgering your customers into a conversation, the attention must be gained in a time window of few seconds, with a human touch and play of words and colors & creative. The focus should be on the exchange of ideas than pitching the customers, and that must be done on a subconscious level. Instead of getting unheard and hung up, the business should focus on leveraging the channels where your prospective customers are!

If you are facing a similar problem, get Impalsified!