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Small business management - Assignment Example

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Startups can be challenging ventures, especially if the owner raises capital on their own without raising any funds. It is important to adopt bootstrapped marketing strategies to…
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Small Business Management Small Business Management Business experts have highlighted that promoting the sales of a startup requires careful planning. Startups can be challenging ventures, especially if the owner raises capital on their own without raising any funds. It is important to adopt bootstrapped marketing strategies to increase sales. Notably, startups run on a small budget and the marketing strategies selected should not be costly. However, they should have the potential to register an increased percentage of sales. Effective marketing can serve to maximize a bootstrap budget, especially for many startups. I am the owner of a small business that focuses on baking cakes for events such as birthdays, weddings, anniversaries, and for other customers on request. In the recent past, the sales have not hit the expected percentage a factor that has made me brainstorm some of the most effective bootstrapped marketing strategies that I can rely on to boost my sales. This paper will discuss some of the marketing strategies identified (Schaupp & Bélanger, 2014).
I realize the potential of using social media in an era where digital marketing is becoming very common. Utilizing the social media such as Facebook, Twitter, and starting a blog page for my products can serve to boost my sales. Through Facebook and Twitter, I can create awareness of the products of specialization. Most importantly, using social media can help me connect with my clients who can refer me to other people especially if they were satisfied. Facebook and Twitter pages can prove to be highly interactive factors that will help me recognize the emerging needs of my clients and be able to meet them. Social media offers numerous opportunities for me to identify opportunities such as weddings, birthdays, as well as anniversaries. With such knowledge, it can be easier for approach potential clients and market my products. Using social media can also help me tell my brand story so that potential customers can recognize what is unique with my products and what inspires me (Geho & Dangelo, 2012). Additionally, the use of the social media can help me design events of reaching out to the community while marketing my baked products. Social media can open up opportunities for client testimonials and does not require huge costs. Therefore, social media is one of the effective marketing strategies that I can adopt.
Adopting a customer relationship management strategy can also serve as an effective marketing strategy. Modern businesses rely on existing relationships with different stakeholders. Customers form the most important group of stakeholders. Therefore, adopting a customer relationship management approach can serve to bring in customer input a factor that will help me be in a better position to gather feedback and improve my products. Establishing a customer relationship strategy will also present me with an opportunity to listen to customers. Email marketing can also serve as an effective strategy since it involved limited costs. Therefore, I will be able to send regular emails to potential and existing customers (Schaupp & Bélanger, 2014). Forging networks and connections can also help me identify more potential customers as well as new opportunities. Without the relevant associations, startups can prove to be highly distressing because of small percentages of sales. However, with the right connections, it becomes easier to establish a strong customer base.
References
Geho, P. R., & Dangelo, J. (2012). The Evolution of Social Media as A Marketing Tool For Entrepreneurs. Entrepreneurial Executive, 1761-68.
Schaupp, L. C., & Bélanger, F. (2014). The Value of Social Media for Small Businesses. Journal of Information Systems, 28(1), 187-207. doi:10.2308/isys-50674. Read More
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