WHAT GOOD MARKETING WILL DO FOR YOUR BUSINESS
Financial experts say that 80% of Small and Medium Enterprises (SMEs) fail within the first 5 years.
Only 1 out of 25 businesses that started in Nigeria survive after 10 years.
This is indeed alarming for young entrepreneurs.
But can the situation be remedied?
Does your business stand a chance of being the 1 out of 25 businesses to survive in 10years?
Let's see.
Amongst the many things that an entrepreneur can do to ensure the survival and success of his business is good marketing.
Marketing is the blood of every business.
Here are ways marketing helps to give your business a success capsule.
- It builds trust for your business.
Are you really interested in hearing about trust? I am sure not so much.
But remember the golden rule:
People buy from who they know, like and trust.
Marketing gives your business a face. A smiling face.
A trustworthy face. A consistent face.
How does this help? It's simple.
Do you remember that popular indomie advert?
After constantly seeing it on TV stations and hearing it on radio stations, you gradually learnt to trust them.
A well advertised business. A business that is well known. A business that is trusted.
Will always make more sales than the "hidden business"
- It improves your decision making and business plan.
Good and effective marketing will at it's least improve your business plan.
You will make decisions based on customers demand.
It will help you know your customers response.
How?
Let us assume you are into foodstuff business.
As you launch your marketing, it is only natural to get responses.
It is not a function of if these responses are positive or negative.
Both are equally useful.
Responses might come in form of high demand for one product and low demand for another.
Example: In rural areas, there might be a higher demand of Garri to Spaghetti.
This helps you make informed decisions.
- It gives your business a competitive advantage
Many people are selling what you are selling.
Many businesses are offering the values you are offering.
Some have better products than you. You have better products than others.
Whatever be the case, good marketing puts you a step ahead of your competitors.
The goal is not to offer what no one else is offering. Competition is good in business.
Strategic marketing will help you look out for your competitors lapses and fix it.
It will help you offer same value to your market in a different and unique way.
80% of Small and Medium enterprises fail within the first 5 years.
But your business does stand a chance at winning.
Employ good marketing tactics.