A Global Perspective
Chapter 1: An understanding of marketing for entrepreneurs and SMEs
When I started my own business 20 years ago, I remember the entrepreneurial endeavor was much less complex than it is today. There were few producers in the region and the competition was relatively low. Customers came to us seeking new products. We calculated our costs accordingly, added a margin and typically asked for an advance payment. Once the products would be displayed in shops, they would sell immediately. We operated with a small two-month stock and had a limited product range. We developed the products on our own and did not put much emphasis on the design or advertising. Today, I live in a completely different reality . . . shops are full of competitors’ products, made in countries I was oblivious to. The pressure to pursue customers whose response is that my products are too expensive or not good enough was surprising to me. To remain competitive I had to hire a marketing agency that provided my company with recommendations to invest my time, capital and effort into developing social media platforms, writing blogs and building an online shop that offers a 24/7 service in order to make my products more accessible and flexible to our customers.