Small and medium enterprises differ from multinational corporations in many ways, in terms of finances, liability, expertise, fund availability and generation, and much more. Marketing strategies, for a small business may vary as well, a number of things are considered before drafting a strategy for a small or medium business. The capacity of a business to produce, the willingness or the ability of the entrepreneur, his financial strengths, the current potential for the product or service to sell in the market and the future prospects of the business in the market, determine the strategy to start a trade or promote an existing business.
Businessmen operate with limited finances, but have to deal with unlimited liabilities, the channel from where the revenue is generated could be single, while expenditures could streams in from everywhere, examples of a few monthly fixed expenditures could be, the cost of insurance, utility bills, rent or lease for property, license fees, and taxes.
Capitalist operating on small scales therefore prefer to work on a stringent budget, the promotion strategy therefore must not absorb too many finances, and nor should it require enormous expertise, this leaves a question, on how to market a business?
The bounteous technology has liberated the business world to gain visibility and accessibility without much of a financial cost. The Internet is by far the most economical and effective means of reaching out across the globe, for advertising business and inviting clientele. Virtual social media platforms help create awareness and only require time and effort, anything on twitter or Facebook that hits the red hot nail aright on its heads seems to go viral within minutes; in many cases web traffic increases hundred folds or even more.
Entrepreneurs could either opt for hiring technology geeks or use the free coaching sites to learn about creating their websites. The right strategy for search engine optimization, and an informative and attractive site, has enabled many to mint millions without even having a proper office to work in.
Another blessing is reduced operating expenses and system dependent procedures that have almost eradicated the probability of human error. Microsoft office, web based emails, virtual data clouds, online banking, web based fund transfer has eliminated reoccurring, daily cash outflows, time and effort required on purchasing stationery, maintaining inventory, and cost incurred on travel, postal and courier service.
Marketing a business locally would depend on how tech savvy the surrounding community is, if the target market or local community scarcely makes use of computers, then sticking to conventional ways could be a viable strategy, an adventurous entrepreneur may also choose to explore new avenues, where modern day technology can be applied to make a few pennies.
Technology has only reinforced energy to human intellect to deliver better every time it's put into good use, there is no way a business can fail to market itself on the world wide web, if maneuvered by the willpower and a perspective for a bright future.