Marketing beneficial for SME: Official

SMALL to medium-sized enterprises (SMEs) can benefit from effective marketing according to a local marketing firm.
Strategic Communications (StratCom) manager partner Andrew Runawery said even though most SMEs believed having a marketing plan for their products and services would bring in more customers they did not expanded enough resources to implement the plans.
“Every kina spent on advertising benefits an SME eight times as much as it would a larger firm,” he said.
Runawery said budget, expertise and time were significant barriers in putting marketing plans into action.
“PNG SMEs think they would benefit from a marketing boost to help them achieve their full potential, but over 60 per cent say a lack of budget is the biggest barrier in doing more marketing and public relations, followed by a lack of expertise.”
Runawery said research by eBay revealed that only one in five small businesses believed that increased marketing spend or improved marketing would be their key path to growth annually, leaving a large majority who do not view it that way.
“A significant number of small business owners see marketing as a cost; That is one of the challenges,” he said.
“We spent over three years assisting SMEs collecting no fees from 2015-2018.
“As a growing business ourselves, this was a massive investment cost to establish our service capability and worthiness of our brand.
“This year alone, over K100,000 was injected into various events and marketing support for SMEs.
“In August 2018, a Business Link Pacific consultant got wind of what we were doing.
“After a lengthy process, StratCom became an accredited Business Link Pacific adviser for SMEs in PNG.”
Apart from the SME Magazine channel, their advisoery portfolio has grown exponentially.
Runawery added that SMEs did not need to see marketing as a cost, but an investment in the future of their business.
“SMEs need to see marketing as a 12-month journey.
“Nothing happens overnight.
“They must also check the credentials of any marketing expert or guru if the person has proven experience in the profession or could be an overnight online clone.”