3 Efficient Marketing Tips For SMEs Success In 2013
Small businesses struggle to survive in this highly competitive market – even so, half of the SMEs fail within the first 5 years of activity. If you are a small business owner and you want your business to blossom in the long run, then here you will find 3 efficient marketing tips that will certainly come in handy:
1. Make Good Use Of Social Media
Social media is currently one of the most powerful tools to promote products and services, to gather feedback from customers and to raise brand awareness in the online environment. Facebook alone has over 1 billion active users all over the world, thus making it the most efficient social networking site when it comes to marketing. Other social networking sites (such as Twitter) are great to boost sales and to attract loyal customers over the years. In a nutshell, social media is a great way to market a business without having to spend a little fortune to get visibility, an essential aspect for every small and medium enterprise.
When talking about marketing opportunities for SMEs, it must be mentioned that newsletters and e-mail marketing go hand-in-hand. For instance, you can offer freebies or vouchers to your customers in exchange for their e-mail address – if they accept, you will send them newsletters and informational e-mails on a regular basis. It costs approximately 5 times more to make a sale to a new prospect than to an existing customer – this is where e-newsletters step in and help you, the small business owner, attract potential customers in a fast, efficient and professional manner. Moreover, e-newsletters are considerably more affordable than printed newsletters, flyers or brochures (where you have to pay to print them and for the mailing services as well), therefore this is a great way to keep costs down in the long haul.
Another efficient idea is to offer discounts and special offers to your existing customers (and solely to your existing customers). This will stimulate what is known as “word-of-mouth marketing”, the most reliable and most efficient form of marketing. If your existing customers like your offers and think they are privileged, they will tell their friends and acquaintances about your SME, which will eventually lead to a massive flow of prospects. This is a long-term strategy with very good results for small and medium enterprises!
Last, but certainly not least, cross-promotion is another efficient and cost-effective way to advertise your business and to increase the number of sales. Basically, the notion of cross-promotion refers to publicizing other SME’s services or products to your customers, in exchange for their publicizing your products to their customers. This is a win-win situations where both small businesses have something to earn. However, it is essential to choose a non-competing SME before starting a cross-promotion campaign!
To sum it up, small business owners can raise brand awareness with very little investment. If you own a small business, then you certainly know how important it is to keep costs down over the years – the marketing hints mentioned above can help you do so. On the other hand, marketing agencies like Insyma can also help you raise the visibility of your business in the online environment.