Editorials

by Rajen Kumar

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Special Reports

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Marketing

Is Your Enterprise Growing?

SME WORLD Bureau
Dec 2010

In today's world of business, for industries, truer for SMEs in India, it is the fact that even the business however healthy it was a decade earlier; today needs a check up. Due to liberalization, industrialization and globalization, the environment has changed totally for businessmen to keep SME healthy, risk free!

The global business environment has affected all big and top, but caused more trouble for small and medium enterprises. PEST factors are external environmental that did not affect SMEs so much all these years, but now touched even the closely operating local SMEs in one corner of our country.

Simply, it is because 3Cs of modern day marketing viz. customer, competition and change have dominated every size of businesses and industries. Competition from outside companies into local area (market) of SME has changed the way SME used to do business these years. Increasing demand from customers for quality, delivery & price has put additional pressure on SMEs to survive and satisfy customers. Ever changing technology and dynamics of market is a challenge for health of SME business.

Like you and me as human beings, when everything is all right, we care a dam for our health. But, a small disorder in the human body system brings chaos in daily life and puts all of us to think about our health in future. We hardly visit doctor and listen to advice of seniors towards value of good health keeping. Ideally, one must do periodic check up under the guidance of personal physician and specialist to get rightful advice on health management. Few health conscious persons take care of health by visiting gymnasium, counselling dietician, performing meditation and taking vitamin tablets even in the healthy days. They are the ones who overcome small disorders, go strongly on exploration journey, and have confidence in life to plan future.

Need of Experienced Marketing Doctor

Same is true for SME business & SMBs. When business is doing well or when it was all right, they never thought of difficult days and continue operating like how they used to do in yester years. Today, if one is doing the business the same way as one used to do in past, it is a sure bet that he cannot survive tomorrow. Which are the factors that contribute the health & growth of business – namely two, innovation and marketing – which have been ignored by SMBs in most of the cases? Hence, trouble starts.

Often, in such situation, SME owners rush for SOS help from experience marketers to at least maintain the top & bottom line. Many take powered marketing as steroids in a bid to survive and realise lately that it was a wrong path way they have resorted to. What is required is marketing vitamins – regular implementation of marketing policy and business development strategy prescribed by the expert and experienced marketing doctor. His diagnosis helps the SME business in view of modern day 3Cs and also keeping futuristic external environment threats. His guidance is worth for SME owners to take the firm and correct route. Prevention is always better than cure – and preventive check up of business performance and means recommended will help SMBs to bring more confidence in day to day operations. The clinical approach and analytical way to look at the complete business process from scan of marketing reports is must for SMEs. In longer times when SMEs want to grow, attract more funds, enter new market, expand and even invite private & public investors, it is very important to have a healthy history of company when everyone will put faith.

During periodic check up, lots of facts connected with figures will emerge that can be immediately controlled and due corrective steps are taken for policy formation and marketing strategy. Like excessive fat in a body, any excessive expenses incurred that do not yield better ROI – return on investment need to be controlled at once. Like few health conscious persons, few SMBs can maintain the health of industry over a long period of time. The policy made to bring things under revision time and again help for better control and management. It is easy and convenient to correct when health of business is still intact, rather than rushing at the last moment for solution finding.

SME owners must also make the best use of government policies and schemes for SMEs announced time to time in the budget and in between by central and state authorities. There are programs towards marketing assistance to SMEs that provide a great relief and encourages SMBs to look forward and grow. Like huge medical expenses which everyone can not afford, SMEs (comparatively smaller business entity) cannot afford huge advertising costs, media expenses, large sales force, luxury of events and alike. What SME needs is smart strategies for marketing and business development program that runs in sync with vision and mission of SME promoters. Often, there is ignorance about the vision statement for the company and process – journey for mission to achieve goals and objectives.

Marketing Prescriptions are Vitamins

Also, there is no one medicine for everyone – each human being has different symptoms and allergy concerns and hence medical practitioner prescribes different drugs and pills. Same is exactly true for SME & Marketing. Every SME has a different issue towards survival and growth, to keep business healthy, and hence reading a book or two and by attending a seminar, if SME owner believes he got the magic of successful business, he is not correct. He must use the professional's advice that may initially sound an additional burden to his company, but the marketing expert's advice and guidance is not a cost but an investment, in long run it provides a definite pathway towards achieving success in business. Marketing prescriptions are not magic pills but vitamins.

Author is a SME Specialist, he can be reached at marketing@ashwinmerchant.com.

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