If there’s one thing many small and medium-sized companies get wrong when it comes to marketing, it’s that they’re too impatient for success.
Author and marketing expert Neville Pokroy says it’s important for business to avoid the pitfalls of instant-gratification.
“We want to make quick decisions because we want to move on to the next thing,” Pokroy, a principal at Marketing Solutions Inc. told YourMississaugBiz.com.
“But if they aren’t well thought-out those decisions could do you more harm than good.”
Simply put, more smaller companies need to invest deeper and think harder about their marketing strategy, said Pokroy, who recently self-published his book, Big Bang for Business: 8 Steps To Create Explosive Growth and Success, through Amazon’s CreateSpace service.
“I don’t think many business people today truly know what marketing is, They make it equivalent to a few communication pieces or tools.”
In many industries – from pharma and retail to consumer electronics, marketing – or creating a buzz for a product – is often as important as price or technical advancement.
Pokroy sees his book’s mission as educating business owners about strategic marketing from a holistic point of view. “It encourages people to ask more questions,” he said. “This gives you more choice and better capability to make wiser decisions that allow your odds of success to go up.”
While large companies hire marketers, Pokroy said small companies only dabble in what they hear about from the media. “It’s the middle of the market that has the opportunity to take it a little more seriously,” he said. “And do proper planning and strategizing before making the ultimate decisions.”
After 30 years in the industry working with all types of companies, many of them located in Mississauga, Pokroy saw too many businesses go through this process and hamper their own success.
Pokroy said the most important thing a company needs to consider before they starting marketing themselves is a clear understanding f their customers and audience.
For example, the demographics, psychcographics or geographics of many local companies can help determine if they should market themselves as being from Toronto, Mississauga or the Greater Toronto Area. “Very often people outside of Ontario don’t know anything about Mississauga,” Pokroy said. “But there are some other companies where being Mississauga-based is a true advantage.”
Other key things to consider are the company’s position, what makes it different and how relevant is it to its intended audience.
“For a Mississauga-based company, it could be a cost-advantage, so their pricing is more aggressive due to lower rents than Toronto,” said Pokroy, who added that figuring these things out first would seriously help company determine what communication tools should be used.
Finally, companies should also be mindful of the variety of digital and social tools, as well as the long-term impact of the digital revolution on their business for the future. “I’m not knocking what’s new and exciting,” Pokroy said, “I’m just saying ask enough questions on those things as well. It it could be a foe if you make some bad decisions.”