Facebook for Business – Social Media in Your Marketing Mix: Issues for Small Business
Small businesses rank their Marketing and Innovation lowest in a recent survey of the components of their competitive health. This is not surprising given the confusion generated by the proliferation of new online marketing tools. So called and self-proclaimed “marketing gurus” confuse knowledge of a couple of internet tricks with marketing.
Small businesses are disappointed with their marketing effectiveness as a result of having lost sight of the bigger picture while chasing inappropriate goals and implementing all the latest internet tools without integrating them into a well thought out marketing mix.
This article will help small business owners and managers revisit their strategy and marketing plan in today’s web dominated world. The fundamental elements of marketing will be investigated with an emphasis on how the internet has introduced new strategy decisions and tools to be incorporated into the mix.
Marketing Issues for Small Business
The State of Small Business Report, January 2011 Survey of Small Business Success, sponsored by Network Solutions, LLC and the University of Maryland’s Robert H. Smith School of Business reports that the competitive health of small businesses is at a low point since the survey began at the beginning of the recession. The Report Card shows that Marketing & Innovation, ranked 2nd in importance for competitive health, received the lowest rank of all 6 indices.
The study indicates while the competitive health is at a low point, small business owners are feeling optimistic about a strengthening recovery. It would appear that not many of these owners feel they are well prepared to capitalize on the recovery. A closer look at the elements of Marketing & Innovation reveal a decline in all 6 of the variables with Finding Efficient Ways to Advertise and Promote Their Business then Converting Marketing Leads into Buyers being a major issue. These shortcomings are more than likely contributing to concerns about Positioning Their Organizations as Having the Same Capabilities as Big Organizations themselves against larger organizations would appear to be contributing to that.
Network Solutions, LLC
This blog is the first in a series that will examine the fundamentals of marketing and how social media is being used effectively as a promotional tool in the marketing mix.