Small enterprises avoid the core marketing concept, which is ‘make your customers believe that you’re the only company in existence.’ Considerably, this assertion can be presented differently due to the fact that their marketing strategies should first focus on raising awareness and then build customer loyalty. In the same measure, all elements should be scrutinised including advertising platforms.
The relation between SMEs and a marketing strategy
Due to these reasons, more often than not, these enterprises remain fixed in the brand awareness stage far too long than it is desirable. Hence, most of them fail to fully capture the interest of their target market. Some marketing analysts believe that marketing, in the context of small businesses, does not always play a fundamental role in the competitive advantage. In contrast, this article aims to discuss the mistakes that SMEs do in relation to market strategizing.
- There is an element of safety which limits marketing conceptualization, and many enterprises misconfigure the marketing process by avoiding exposure to direct competition. Consequently, the context in which they approach the process is not similar to that of large companies. For example, some enterprises are not visible on social networks until they have reached a certain level of confidence in their success. Also, they opt to refrain from the public eye lest the competition learns their ‘strategies’. In contrast, larger businesses operate in a wider spectrum and are more open to competition. Thus, the avoidance of exposure to risk and direct competition is detrimental to the success of SMEs.
- The conceptual framework of time is an imperative factor since its allocation can improve or impair the merits of the business. Failure to capture the right segment with the right marketing strategy is a flaw for these companies.
- Refusing to rethink their tactics. As they develop, they fail to realise that there is a constant need for research, effective advertising, and a regular reorganisation. Often, these companies assume that it is too soon to restructure until it is too late. Accordingly, they pursue a mission in search of profitable growth, however, without considering the goal to improve the ties that bind them to customers. For example, Facebook is by far the most relevant social platform for customer engagement due to its user-friendly features. Conversely, SMEs do not maintain the maximum presence on the platform. Even though the influence of Facebook cannot be directly measured in a monetary value, the ROI increases significantly.