Marketing strategy for small & medium enterprises (SMEs)

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Rita Sharma | 05 Jul, 2011
Pressures of brand and budget have somewhat marred the marketing success of Small & Medium Enterprises (SMEs).

However, implementation of strategic planning, creative decisions, and strong analysis on time, information, imagination, and energy can help the small budget companies to embark on successful process-driven marketing. A huge marketing budget does not assure the SMEs to enjoy the success in the market as the market is full of unorganized competitors, each having the same.

The very core of marketing lies in the brand building, for which a huge sum is eventually not enough. In essence, with effective planning, Small & Medium Enterprises can easy tackle the catastrophes of brand building and budget.

Budget is a primary constraint for SMEs and for brand building, a widespread reach among customers is required, which again leads to investment on Advertising and Promotion. Focus is the key here. An SME has to first focus on identifying its customer base, and then imply strategic planning keeping customers in view, to come up with a marketing technique on which it can have strong control. Small companies, small budgets, and big dreams are the mixture of great success.

Rapidly changing technology has broaden the province of marketing of which, Advertising and Promotion is a small part. There are other aspects as well that are cheaper and proves to be effective to connect with clients.

Thus, rather than focusing on advertising as a marketing channel, an SME should focus on the quality and innovation on quality. With this, it can always introduce to clients an advance range that is globally different or difficult to access.

SMEs enjoy another benefit, which a large scale companies probably miss out, and even if they get the opportunity, they have to face the criticism and enormous loss both of money and goodwill. This benefit is of being small; an advantage through which they can easily re-implement a process in every aspect of marketing, in case a strategy does not works out well. The fact here is SMEs entertain a small market base clients, thus they have the opportunity to access to their clients on a short notice.

The load that slows down the process of planning and implementation can be easily shed out or re-shaped to make things work. Devising new strategies for marketing is the key to the success of SMEs since it gets difficult to stand against the deep pockets of big companies and MNCs.