Although the majority of small businesses are engaged in the commercial sector; the easy accessibility of the Internet has offered the opportunity to many people to set up their own business with a limited budget as the huge costs previously incurred in publicity and marketing has been considerably reduced by the New Product Marketing: Web Marketing. Marketing for Small Business has changed significantly and if you are an Internet savvy and have some Marketing knowledge it is possible to be your own Marketing Director if money is a strain. Until a few years ago the success of a company was hugely dependent on the effectiveness of its marketing department and since small business didn’t have the financial resources to invest in this key area; once a bigger and more powerful competitor appeared, they were obliged to go out of business. Nowadays, the scenario is not the same and if you want to survive and be profitable then you must know about Web Marketing, also known as internet marketing, online marketing or e-marketing.
Small Business Success
One of the most competitive areas for small business is the retail sector; however, this is also the less risky and the more attractive and easy to set up. At the moment, the success of any business will depend on the good quality of the products or services you are offering and the effectiveness of the marketing and publicity ideas you are using to promote them; there is no point to offer the best of the services but no one knows about it; likewise, there is no point to spend thousands of dollar on publicity (internet, TV, newspaper, etc.) if the service or product on offer is not good; the customers will always have the final decision and the perfect combination of quality and marketing is ideal for success.
Web Business Success is a reality and has worked for many small companies: it is inexpensive and the extension of the geographical target increases dramatically; you business could be based in the United States but sell products to people based in the United Kingdom; the opportunities that e-marketing offers are unique and unlike traditional marketing affordable for the majority, and in some cases free; however, many considerations must be taken for small companies and the sector you are trying to develop.
Challenges for Small Businesses
- A small business is normally set up by members of a family – It is not enough to have the capital to start a new business. Money is important, but having a variety of people with different skill and mindset is the key to succeed; it is important to be open to new and innovative ideas and a family normally has a very hierarchical structure that makes difficult the interactivity needed for any company, either big or small.
- Capital to Invest and Grow – Have you ever heard the term credit record? As soon as your company becomes profitable you must reinvest in what has made the business successful; for example, if 60% of your profit comes from one specific product, why don’t you develop or improve that specific product? However, to do this, you might need credit and the only way to obtain it is by having a good credit record.
Web Business Success
The Zen of Social Media Marketing is a new term created by the success of the social media as a tool to market products and services. The idea is simple but the results are remarkable: a major connectivity and interaction with your current clients and future customers will keep them updated of new developments in your company and remind them that you exist - it is easy, inexpensive and highly successful. Have you ever thought of using Facebook, Twitter or LinkedIn to promote your business? Have you used Google Ad Words for publicity?
Online advertising has rose considerably and it is estimated that it will duplicate in just a few years. In a recent study published on eMarketer.com states that: “Online advertising has become a crucial element in ad budgets worldwide and will account for 16.1% of total media spending across the globe in 2011. By 2015, online advertising will comprise nearly 22% of total media spending”. The key of success is learning what has worked for others and use them for your own benefit – social media has been successful when used effectively.