Marketing is essential for business growth. Corporates use their large resources to engineer increase in market share and grow their business. SMEs (Small & Medium Enterprises) though, may not have the same resources at their disposal, but marketing is still a sure shot way to growth. It becomes imperative for an SME to make the most of its own capabilities and find creative ways to market their offerings.

An effective marketing campaign must be able to communicate how a product/ service adds value to the life of customers. According to marketing expert Joe Chernov, "Good marketing makes the company look smart. Great marketing makes the customer feel smart.” 

Here are five cost effective ways of marketing a business:

1. Perfect the elevator pitch - As an entrepreneur, you must be comfortable talking about your business. An elevator pitch, honed and persuasive, can help you attract suppliers and clients with ease. The key to a good elevator pitch is the building of excitement and curiosity about your business and creates a hook in listener’s in mind. Opportunities with little scope can become sources of business growth.

2.  Have a website - More often than not, people use information found on the web to validate their choices. It becomes essential for an SME to have a digital presence. A landing page online, with details about your products and offerings presented in an attractive way can generate leads and lead to business growth at little growth. You have to make sure to be diligent and follow up with queries.

3. Ask for testimonials or online reviews - Satisfied customers are valuable for an SME that is growing. They are a sustainable source of revenue and they can also act as ambassadors for the company if they are happy. In this increasingly digital age, a testimonial or online review that is favourable can attract other clients who may be trawling the web who get swayed by the review.

4. Develop a loyal customer base - Invest effort into your existing customers and build a loyal customer base to generate a sustainable revenue stream. Studies have shown it costs 4 to 10 times to find new customers than to hold onto existing ones thereby reduces CPA (cost per acquisition). Customer service becomes key and it is wise to be conscientious about the manner in which you offer your products and services.

5. Get cracking on social media - The web is frontier for growth for all companies, not just small and medium enterprises. But given their budgetary constraints, SMEs especially should take time to invest in marketing on social media. This can be done at no cost with only time as an investment or by investing a little and undertaking incisive marketing to reach your target marketing. Either way, while on the path to growth, social media can be a great asset to create a buzz about your business.