Factors Distinguishing

Marketing in Small Family Business

Varun Sharma

Agenda

Purpose

Factors

Three Circle Model

Salience vs. Awareness

Resources

Purpose

The purpose of this research was to identify the leading factors limiting the marketing potential in small family businesses.

“Before developing strategies, identify hurdles”

Factors

Time

Skills

Financial CapitalTechnology

Relationships

Marketing Potential

Time

Comparison to Corporations

Market Research

Ian Steel: Atkinson Coffee

Example: Atkinson Coffee; Lancaster Coffee and Wholesale Shop

Skills

Limited Skillsets in FBs

Catching trends NFC vs QR code

Expensive Consulting

Outsourcing for Skills

Financial Capital

Limited Capital to

Develop

Limited Capital for Marketing

Look for Leverage

Tightened Lending since 2008

Internet

85% of SME Businesses have websites

Groupon; Small Business Opportunity

Website Marketing = $$$

Groupon

Relationships

Corporations have more legitimacy

SMEs also consider corporations safer

Internal: Work/Life Balance

Lack of Credibility

3 Circle Model

Ownership

Business

Family

Salience vs. Awareness

Salience

Mars Rank: 8th

FBs try imitating corporations

FBs can benefit from salience-based advertising

Awareness

Mars Rank: 1st

Large Budgets for Brand Awareness

Awareness does not always translate to sales

Thank You for Listening

Resources

AL-allak, B., 2010. Evaluating the adoption and use of Internet-based marketing information systems to improve marketing intelligence. International Journal of Marketing Studies, 2(2), p.87-101. Available at: http://ccsenet.org/journal/index.php/ijms/article/viewFile/8114/6151.

OʼDwyer, M., Gilmore, A. & Carson, D., 2009. Innovative marketing in SMEs. , 43(1/2), p.46-61. Available at: http://www.emeraldinsight.com/10.1108/03090560910923238.

Spillan, J. & Parnell, J., 2006. Marketing Resources and Firm Performance Among SMEs. European Management Journal, 24(2-3), p.236-245. Available at: http://linkinghub.elsevier.com/retrieve/pii/S0263237306000259.