Marketing

Technical know-how and deep product knowledge is more valued in selling business-to-business. The industrial buyers will use components or machinery and will wish to satisfy him- or herself on their suitability to a particular end-use of operation. Distribution channel buyers will see the products as items they will have to explain to others or service in-house.

INTERNET MARKETING

A discussion of marketing would not be complete without mentioning the emerging field of Internet marketing. Increasingly, small businesses have sought to take advantage of the global reach of the World Wide Web and the huge number of potential customers available online. Although it may seem like a completely new field, Internet marketing actually combines many of the basic elements of traditional marketing. "Internet marketing employs the same methods and theory as traditional public relations and integrated marketing—the basic tools for any campaign," Maria Duggan and John Deveney wrote in Communication World.

In their article, Duggan and Deveney outline five steps for marketing managers to follow in putting together an Internet marketing campaign. Whether the campaign is intended to increase awareness of an existing brand, draw visitors to a Web site, or promote a new product offering, the first step involves identifying the target market. As is the case with any other type of marketing campaign, the small business must conduct market research in order to define the target audience for the campaign, and then use the information gathered to determine how best to reach them.

The next step is to develop a strategy for the campaign. This involves setting concrete and measurable goals and tying the campaign into the organization's traditional marketing efforts. The third step is to present the strategy to key decision-makers in the small business. It is important at this stage to develop a timeline and budget, and also to be prepared to encounter resistance among colleagues not familiar with cyberspace. The fourth step is to implement the Internet marketing campaign. The final step, evaluation, should be conducted throughout the process. Online surveys of customers are one source of potential feedback.

MARKETING FOR SMALL BUSINESSES

In the early stages of forming a small business, a business plan is a vital tool to help an entrepreneur chart the future direction of the enterprise. A good plan will have a marketing component and demonstrate the owner's understanding of how to advertise and promote his or her product or service line. The more the business is narrowly focused on selling, the more important this element will be. Some businesses, of course, will be engaged in activities barely touched by marketing in the modern sense—but will always have a sales component.

As a small business grows, it may be helpful to create a separate marketing plan. While similar in format to the general business plan, a marketing plan will focus on expanding a certain product line or service rather than on the overall business. Such plans will be especially valuable in obtaining financing for ventures relying upon persuading buyers to try novel products not already on the market.

A number of resources are available to assist small businesses in marketing their products and services. It may be prudent to seek legal advice before implementing a marketing plan, for example. A firm with experience in consumer law could review the small business's product, packaging, labeling, advertising, sales agreements, and price policies to be sure that they meet all relevant regulations to prevent problems from arising later. In addition, many advertising agencies and market research firms offer a variety of means of testing the individual elements of marketing programs. Although such testing can be expensive, it can significantly increase the effectiveness of a company's marketing efforts.

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