Outdated marketing could hurt small business growth
Marketing efforts for small businesses could be stalled and stuck in the past, and it could stall company growth. Owners may be reluctant to move forward because Internet marketing methods are overwhelming due to the large volume of online information. Small companies that do not adapt to the latest technology could be left behind, according to Fox Business.
Small-business owners often have a highly specific expertise, but this frequently does not include marketing. They often cling to the same traditional advertising methods they have always used and expect better results while larger companies are using the Internet to better target specific segments of consumers. Many local businesses have failed to start using social media and online marketing – many don’t even have a website.
Continuing to rely on outdated marketing techniques could cause small businesses to fall behind competitors that have adopted new strategies, and they could lose market share as result.
Small businesses avoiding spending money on advertising
With limited resources, small-business owners have under-spent on advertising to avoid overextending themselves, Ad Age said. However, online marketing can be managed at a lower cost than traditional sources, such as print ads and phone book listings. With the rise of online marketing, a variety of cost-effective options for small-business owners have been created to make advertising easier and more affordable. Online advertising has leveled the playing field for smaller companies.
Small companies can spend more wisely with Internet advertising than traditional sources, which can help them avoid spending too much on marketing while also maximizing effectiveness. Previously, business owners could not afford the same television advertising campaigns as their larger counterparts, and it was harder for them to get a foothold and a solid market share. Small-business owners have new opportunities, but many are still reluctant to make the switch to the Web.
Local companies can study competitors to see what marketing techniques they use, Fox Business said. Are they sending digital coupons? Do they use search engine marketing? If other businesses in the area have a built-up online presence, organizations that are still relying on traditional advertising methods could be losing potential customers every day. While some owners may think they need an expertise in Web design and marketing, they can partner with a dedicated Internet marketing company that can create a specialized campaign with no effort on the owner’s part.