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Saturday, May 12, 2012

Marketing is life blood of business

Research reveals that 25 to 40% of new business ventures fail in their first year, 50% in their second year, and 70-90% in their first 10 years of existence. A number of challenges have been identified as contributing to the failure of SMEs in India and worldwide. The primary reason being very little marketing activities are actually undertaken by SMEs in general hence the high failure rate. 

NOTHING is more important in business than marketing. Marketing is the life blood of a business. Without marketing, your business can not survive. If the potential customers are not aware of your products or services no one will do business with you.

SMEs had been getting support from the government, banks etc. which were mainly focused on funding. But what is equally important for SME sector is the problem around lack of marketing and in some instances improper marketing. SMEs usually do not have enough capital to sustain themselves until their businesses became profitable; therefore Marketing receives insufficient time, effort and funding which makes it ineffective. The initial costs of getting any SME up and running are high and as such marketing cost does not take priority. We at Brainchild are attempting to provide that marketing expertise. This is our way of doing good karma and contribute towards the success of these high potential entrepreneurs and owners of small and medium enterprises.