Marketing strategy - let's not repeat the same mistakes

Top Stories

»	Indiaâs data centre capacity to more than double by 2027
»	Indiaâs savings rate shoots past global average: SBI report
»	PLI scheme has attracted Rs 1.46 lakh crore investment, created 9.5 lakh jobs
»	Centre pays Rs 4,820 crore to 2.75 lakh farmers for pulses under MSP scheme
»	India's private sector growth surges to 4-month high in Dec: Report

Bikky Khosla | 14 Sep, 2010
The biggest mistake I have seen being committed by small and medium enterprises (SMEs) is that despite trying hard and spending lots of money, they are unable to convey the message to the buyer. So, if the marketing strategy is complicated for buyers to understand your products, they don't feel compelled to act, or simply, to buy.

Marketing should invariably be about informing buyers about your products or services and telling them why they should pick you over your competitor - simple if you get it right. With both domestic and global markets still remaining volatile and with stiff competition, it has become imperative that each and every SME analyze his/her marketing strategy and evaluate the message he/she is trying to get across to prospective buyers.

For instance, I have seen companies who manufacture heavy machinery, marketing their products in various B2B portals. They have the best of images of their products, but they miss out on the most vital part - the technical specifications of these machines. Now, for any buyer who is keen to invest money on a big machine, he will not do so unless he knows everything about the product - so we have already lost one buyer here.

Moreover, on various occasions Iâve seen small businesses trying to market their products along the lines of big companies, which is again nothing but a waste of time and resources. My advice to these companies is that instead of mimicking big companies and their marketing strategies, find your own niche and your own market. Don't imitate the big companies, instead, try to become one. And this will not be possible if you don't get your marketing strategy right.

SMEs need to adopt a marketing strategy that not only attracts buyers, but also compels them to take action, that compels them to buy. They also need to evaluate different marketing methods as also to use marketing methods that are visible to their buyers.

In the context of today's business world, the Internet is the most preferred medium of marketing, because all businesses are hooked to the net. Additionally, marketing via the Internet is cost-effective and fast. For starters, SMEs can look at the Internet to market their products easily and effectively.

Trust me on this: 'Understanding what one's business is really all about and how it enhances the life of the buyer is the key to getting it right.' So let's not make the same mistakes we had committed earlier while coming up with a marketing strategy.