A Huge Growth
There are now nearly 70,000 small business owners in Kentucky. According to the Kaufman Foundation, compared to other states, Kentucky has the most improved environment for small businesses. To provide an environment where small businesses can thrive, Kentucky launched many initiatives that have helped small businesses grow. Last year, the state exported 23.1 billion Kentucky-made products and services; many coming from small businesses. Within this state is one of the nation’s best places to open a small business. Louisville ranks 5 out of 82 for places to open a small business. These are amazing facts for any entrepreneur. It’s almost a no-brainer for anyone looking to start a small business. However, with the idea comes a plan, and no small business is complete without effective strategies to help their idea grow.
When we speak of strategies, we focus on market strategies. Many studies are focused on the effects of using market strategies to improve the vitality of a business. However, you may ask if it is really that important.
The International Journal of Management Science and Business Administration reviewed the value of marketing strategy in their Volume 2, Issue 2, January 2016 publication. They state that a marketing strategy represents a key element of success for organizations, it is crucial for the global market, and it is the driving force that distinguishes the success of many well-driven, well-developed companies. They also state that a successful marketing strategy impacts performance in sales, the performance of the company as a whole, and financial and customer performance.
The International Journal of Innovation and Economic Development concluded in their article How does Marketing Strategy Influence Firm Performance? Implementation of Marketing Strategy for Firm Success, that all variables included in their study would have an impact on the overall firm performance, and a marketing strategy is optimal when thinking of a customer-focused framework and maximized financial performance.
With studies such as those just mentioned, facts that prove small businesses can thrive, and a drive to succeed, using marketing strategies to improve the vitality of your small business is not only something you will want to do, but it is something that you will need to do.