As the largest marketing body in the world, The Chartered Institute of Marketing aspires to take marketing to where it belongs, at the heart of business. Whilst accountants and human recourse professionals hold a business together, marketing possesses the potential to turn it around. If carefully directed, and well researched, marketing can help small firms grow and expand.
Depending on individual circumstances, small businesses can either invest internally or hire an external consultancy. Taking on an external consultant versus employing a marketing expert, particularly in a start-up situation, can cut on costs and offer a higher level of experience. Small businesses should ideally arrange the services of such consultancies for particular projects or during periods of seasonal peaks. Such external services not only save time in order to concentrate on more pressing issues, but also offer unbiased advice from outsiders who could bring in a fresh perspective.
Small businesses may want to consider offering their clients personalised services
Small businesses should consider offering their clients personalised services, something large corporation's can lack. It is important not to dilute your brand in the early stages by spreading out too much. SMEs should concentrate in areas the business can specialise in. Placing some time and finance aside for carefully targeted advertising and public relations is also an excellent strategy. Flexibility is the key. If one promotional technique does not work, try and find out why and then use a different angle until you have the right mix. An advertisement in one publication may not attract much attention, but moving it to another, even with the same reader profile, could get the phones ringing off the hook!
With limited budgets and the absence of proven financial forecast figures, the temptation for skipping or avoiding marketing altogether can understandably be great. It is through the dissemination of knowledge regarding the merits of investment in marketing that real business growth be fully actualised. Studies have shown time and again that no other activity adds more to the bottom line than marketing.
Despite deep concern about the prospects for the UK economy, today's business managers should recognise that marketing has a key role to play in helping their organisations identify and exploit the opportunities an economic downturn brings. Well researched and executed marketing plans create real positive value for organisations - no matter what their size.
The Chartered Institute of Marketing offers several courses on developing successful brand strategies and measuring marketing performance. To find out more about marketing for small businesses, please visit www.cim.co.uk/training
