Most entrepreneurs know that their growing businesses need some form of marketing to get their name out, but only a handful of them are willing to set aside a budget to get that done. Established companies are not so different either. They see marketing as a cost, but is that really the case?
Is Marketing a Cost?
Of course, small business advertising cost is an expense in your books, and it will need to be identified as such. However, your marketing expense is the only cost that helps your brand gain recognition so that you can compete effectively. Most entrepreneurs think that businesses fail due to poor management (which is true), but the lack of proper introduction into the market also contributes a lot to failure You will hardly make any sales if no one knows what your start-up is all about.
Is There A Difference Between Marketing And Advertising?
Most people start talking about the two only to get lost at some point. They are different entities, but marketing is essentially the overall plan that covers advertisement among others. A small business marketing strategy could involve social media, television adverts that do not take too much space, and other platforms that will not deplete your limited budget.
SMEs Needs
SME marketing needs are different from those of their established counterparts. The advertisement has to be in line with the target audience, and then again, you do not want to bankrupt the organization when seeking brand recognition.
Small business marketing has been even more affordable and creating through Facebook videos and Instagram, both of which allow you to create brand awareness all over the world at minimal costs.
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