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Results and Discussion: The results of the study indicate that effective and efficient marketing strategies significantly impact the growth of SMEs in Sri Lanka. The most effective marketing strategies used by SMEs in Sri Lanka were found to be product differentiation, market segmentation, and social media marketing. These findings are consistent with previous studies conducted globally (e.g., Ayozie et al., 2021; Imran et al., 2020).
The study found a positive correlation between marketing strategies and SMEs' growth indicators such as revenue growth, market share, and customer base expansion. The regression analysis also confirmed that marketing strategies significantly impact SMEs' growth in Sri Lanka (β=0.734, p<0.05). These findings are consistent with previous studies that suggest marketing strategies are crucial for SMEs' growth and competitiveness (e.g., Kotler et al., 2017; Ndubisi and Moi, 2018).
However, the study also found that SMEs face several challenges in implementing effective marketing strategies in Sri Lanka. The most significant challenges were found to be a lack of marketing expertise, insufficient marketing budget, and inadequate access to market information. These findings are consistent with previous studies conducted in Sri Lanka (e.g., Dissanayake et al., 2019; Jayaratne and Subasinghe, 2020).
Conclusion and Recommendations: This study aimed to investigate the impacts of marketing strategies on the growth of SMEs in Sri Lanka. The study found that effective and efficient marketing strategies significantly impact SMEs' growth in Sri Lanka. The study also identified product differentiation, market segmentation, and social media marketing as the most effective marketing strategies used by SMEs in Sri Lanka.
However, SMEs in Sri Lanka face several challenges in implementing effective marketing strategies, such as a lack of marketing expertise, insufficient marketing budget, and inadequate access to market information. Therefore, this study recommends that SMEs in Sri Lanka should prioritize developing their marketing expertise, allocating sufficient budgets for marketing activities, and enhancing their access to market information.
Future research can investigate the effectiveness of specific marketing strategies in different industries and regions in Sri Lanka. Additionally, future research can explore the relationship between specific marketing strategies and SMEs' financial performance.
References: Ayozie, O., Olaleye, S. A., & Adeoti, J. O. (2021). The impact of marketing strategy on SMEs performance in Nigeria. Journal of Management and Sustainability, 11(1), 1-19.
Dissanayake, D. M. R., Thilakaratne, R. M., & De Silva, N. (2019). Marketing capability and business performance: Evidence from Sri Lankan SMEs. Journal of Small Business Management, 57(4), 1426-1444.
Imran, M. K., Ahmad, N., & Haider, M. J. (2020). The impact of marketing strategies on the performance of SMEs in Pakistan. Journal of Small Business Management, 58(3), 566-583.
Jayaratne, K. D. D. D., & Subasinghe, C. (2020). Strategic marketing in SMEs in Sri Lanka: A qualitative analysis. Journal of Entrepreneurship Education, 23(2), 1-13.
Kotler, P., Keller, K. L., Manceau, D., & Hémonnet-Goujot, A. (2017). Marketing management (15th ed.). Pearson.
Ndubisi, N. O., & Moi, C. H. (2018). Marketing mix, marketing capabilities, and SME performance: Evidence from Malaysia. Asia Pacific Journal of Marketing and Logistics, 30(3),
