The Importance of Marketing Communications in Small BusinessSmall Business Tuesday, August 21st, 2012
The concept of marketing has been an integral part of running a business since the idea of selling something was conceived. In fact, without marketing a business, regardless of whether it is large or small, would find itself folding very soon. Marketing can be theoretically divided into four categories i.e. price, place, product and promotion. Marketing communications is the promotional aspect of marketing and entails engaging the target audience, either directly or indirectly.
While the concept of marketing communications is extremely important for large scale businesses, it is vital for a small business. The following is a study of the importance of marketing communications in small business strategies.
Don’t Ignore the Importance of Marketing Communications in Small Business
The recent global downturn showed the world how easy it is for businesses to succumb to market dynamics. Countless businesses suffered from the economic volatility that was seen in the recession. The effect was such that a number of businesses folded because they could not cope with the challenging environment that they were being asked to operate in. The majority of the businesses that folded were small businesses because such businesses do not boast of a large capital reserve to tide them over tough periods of time.
The biggest lesson learnt from the global recession was the importance of balancing expenses. The reason why marketing communications techniques are so important for a small business is that they can be implemented in a cost effective manner, without any compromise being made on results or quality.
Marketing Communications Efforts Provide Tangible Results
Another lesson that was learnt from the recent economic downturn was that marketing is one of the foremost ways of ensuring sustainable revenue and profits. Marketing communications techniques typically result in tangible results. This means that it is very easy for a small business to measure the kind of influence its marketing communications strategies are having on its revenue figures.
A simplistic way of explaining this would be newsletter or promotional emails. If a small business dispatches a hundred newsletters and around ten people who received the newsletter actually end up making a purchase then the effectiveness of this technique and the type of newsletter being used can be said to be 10 percent. In the long run, this quality of being measurable can help in devising more stable and effective strategies.
Long Term Relationships Can Be Formed With the Target Audience through Marketing Communications in Small Business
Most consumers hate the fact that product manufacturers and service providers are impersonal to their feedback and opinions. In fact, this form of thinking is so common that when a business tries to engage with its target audience and take on board their opinions and views, it comes as a surprise to the consumers.
Marketing communications techniques allow businesses to connect with their target audience on a personal level in such a way that long term relationships are formed. Needless to say, creating long term relationships with the customer base encourages customer loyalty and hence, promotes more sales.
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