Strategic Innovative Marketing as a Catalyst for Growth of SMEs in Nigeria

Abstract

Small and medium scale enterprise is a sector that is often driven by individual literal thinking, creativity, brainstorming and innovation. In Nigeria today, SMEs lack sufficient modern knowledge of marketing their products which resulted to the sector been stagnant and refused to record significant progress in terms of sales and patronage. They constantly stick to old ways of marketing. SMES must be encouraged to apply innovative marketing strategy in Nigerians. The major aim of this paper is to create awareness in Nigerian SME sector on how to plan and implement innovative marketing strategy to boost sales and sustainability. This research postulates that strategic innovative marketing has a significant effect on sales and patronage. The research adopted qualitative approach, the paper provide adequate information on importance of innovative marketing in an organization, strategic planning of innovation in marketing and modern ways of marketing: E-marketing, Database marketing, Viral marketing and Service innovation. The existing marketing strategy is no longer serving its purpose as required. Change in strategy as applying current strategy will go a long way in keeping small and medium enterprises in business without fear of being outshined by the large scale industries.