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Small and medium-sized businesses differ from multinational corporations in many ways, in terms of finances, liability, experience, availability and generation of funds, and much more. Marketing strategies for a small business can also vary, several things are considered before drafting a strategy for a small or medium business. The production capacity of a business, the will or ability of the entrepreneur, their financial strengths, the current potential of the product or service to sell in the market and the future prospects of the business in the market, determine the strategy to be undertaken. a trade or promote an existing business.
Businessmen operate with limited finances but have to deal with unlimited liabilities, the channel from where income is generated could be single while expenses could flow from everywhere, examples of some fixed monthly expenses could be, the cost insurance, utility bills, property rental or lease, license fees, and taxes.
Therefore, the capitalists operating on a small scale prefer to work with a strict budget, so the promotion strategy should not absorb too much finance and also should not require a great deal of experience, this leaves a question, how to market a business?
The abundance of technology has freed the business world to gain visibility and accessibility without much financial cost. The Internet is by far the cheapest and most effective way to reach the world, to advertise businesses and attract customers. Virtual social media platforms help raise awareness and it just takes time and effort, anything on Twitter or Facebook that hits the nail on the head seems to go viral in minutes; In many cases, web traffic is multiplied by a hundred or even more.
Entrepreneurs can choose to hire tech experts or use free advice sites to learn how to build their websites. The proper strategy for search engine optimization and an informative and attractive site has allowed many to mint millions without even having a proper office to work.
Another boon is reduced operating expenses and system-dependent procedures that have nearly eradicated the likelihood of human error. Microsoft office, web-based emails, virtual data clouds, online banking and web-based funds transfer have eliminated recurring daily cash outflows, the time and effort required to purchase stationery, maintain inventory, and costs incurred for travel, postal and courier services.
Marketing a business locally would depend on how tech-savvy the surrounding community is, if the target market or local community barely uses computers then sticking to conventional ways might be a viable strategy, an adventurous entrepreneur might also opt for exploring new avenues, where modern technology can be applied to earn a few cents.
Technology has only strengthened the power of the human intellect to deliver better results every time it is put to good use. There is no way that a company cannot promote itself on the world wide web, if it is run with willpower and the prospect of a bright future.