MARKETING
Surviving The Odds : Pitfalls Of Small Business Marketing
By Geoffrey Sirumba
Starting 2023 with a new government in place , there is a general wave of optimism wafting across the country as people look forward to better times ahead . But the truth is that those feelings are largely unfounded , false hope . The global economy is edging towards recession on the back of unrelenting high inflation , aftershocks of Covid-19 restrictions , and ravaging drought . In short , the coast is not yet clear . Dark clouds are on the horizon .
Amidst the fears of what is projected to be a tough business environment , how , then , can small business owners cope ? For SMEs , there is little room to wiggle . You are short on virtually everything , from manpower , and capital to time . And often , there is no cushion to fall back on . When you stumble , you will most likely go back to the drawing board . Put differently , there is no room for error for bootstrapping entrepreneurs .
As an aspiring small business owner and practicing marketer , I have long identified several pitfalls that can sink your dream and everything that comes with it . I would like to share this with you briefly . implement your marketing plan
Motivational speakers in the entrepreneurship space usually tell people to just do it ! That ’ s perfectly fine . But to boost your chances of success , you need to put down a properly structured marketing plan . Over my professional experience , I have seen several businesses collapse because they failed to plan their marketing activities .
At the most basic level , a marketing plan provides a detailed breakdown of how a business will achieve its goals , from who your target customers are , where they are , how many they are , how you will get them , and the resources required to get them .
And when doing your plan , depending on the size of your business , consider delegating to other team members . A common mistake among small business owners is keeping all aspects of their business in their heads . From marketing to accounting , strategies , and processes , it ’ s easy to forget to commit to these parts of your business if they are not on paper .
Failing to document and
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For SMEs , there is little room to wiggle . You are short on virtually everything , from manpower , and capital to time . And often , there is no cushion to fall back on . When you stumble , you will most likely go back to the drawing board . Put differently , there is no room for error for bootstrapping entrepreneurs .
Failure to understand your business environment
An organization cannot exist or function “ in a vacuum ”. Before going into business , you must understand your operating environment , both at the micro and macro levels . At the end of the day , your success depends on how you will maneuver your business environment . Some of the factors you need to take into consideration include competition , regulation , technology , customer dynamics , suppliers , and distribution among many others .
These factors are crucial and can make a huge difference in how your business runs . Take the forex rate as an example . Two years ago , one USD went for about KES . 110 . Today , it is KES 134 and rising steadily . If you are in the import business , or you import materials for production , you must be filling the brunt right now . Understanding the economic factors will allow you to plan well .
Lack of a clear customer value proposition
Have you ever attended an investor pitch ? You are most likely to hear the phrase ‘ disruptive innovation ’. But when you take everything apart , it is just another me-too option . In some instances , the customer value proposition doesn ’ t come out well , if at all it exists . One of the classic small business marketing mistakes owners make is trying to emulate the success of another business by copying what they are doing to the last detail .
Today , customers are faced with so many
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