Marketing Strategies For Small Businesses

As a new entrepreneur, you have after contemplating for a considerable amount of time, finally taken the plunge and started your own small business and are raring to go. You have considered every aspect about setting up and running the business, taken care of the formalities and legalities, studied and set up at the optimal location and were successful in obtaining a loan too. After ensuring everything is done correctly if you are still wondering what is that factor that is missing and can lure customers to your business? It is in fact, a vital aspect that carries the business forward, irrespective of the type of business, and that factor is marketing.

Importance of Marketing

Marketing and advertising are the actions and steps taken to promote and sell either a product or a service. A technical definition defines it as the “study and management of exchange relationships. Marketing is the business process of creating relationships with and satisfying customers”. The main focus of marketing is the customers and thus marketing and advertising are considered as one of the premier components of business management.