Marketing helps in creating and maintaining demand, relevance, reputation, and competitive advantage. It also sets the groundwork for how a business reaches and serves its target clients and customers. That’s why many commercial companies find that marketing greatly contributes to continuous income streams.
You can also say that the success of entrepreneurial firms is boosted by the marketing strategy. Without it, many companies can fail due to a lack of revenue. However, this can only happen when various marketing strategies, which involve print and online campaigns, are implemented effectively.
Because of this, a successful entrepreneur needs to master the discipline of entrepreneurial marketing.
What is Entrepreneurial Marketing?
Entrepreneurial marketing is a marketing strategy that involves company planning, consumer research, brand awareness strategies, the creation of an effective promotional message, and customer relationship management. The ideal entrepreneur for this type of marketing is one with experience, expertise, and a wide-ranging knowledge base in implementing the industry’s best practices. Plus, they ensure that their efforts effectively reach the right people.
What are the Entrepreneurial Marketing Practices?
It is easy for enterprises to get lost in an overcrowded market. That’s why one of the hardest things for businesses to do is stand out from the rest of the competition. Thus, in entrepreneurial marketing, it’s important to use innovative and more aggressive strategies in order to catch your target audience’s attention and to stay relevant.
Entrepreneurs must also rise above conventional marketing to maximize limited marketing resources. You can do this is through low-cost marketing, direct marketing, and viral marketing—the three subcategories of entrepreneurial marketing practices.
1. Low-Cost Marketing
Marketing can be a difficult issue for startups due to a lack of a sizable marketing budget. Thus, the majority of startup business owners apply digital entrepreneurship—which is a strategy that uses low-cost marketing. Low-cost marketing allows entrepreneurs to be resourceful and make the most of their marketing budget to execute the strategy. This type of marketing practice also involves organic online marketing and lead-generation efforts.
2. Direct Marketing
The purpose of direct marketing is to establish a personal connection to the right target market. In a direct marketing campaign, companies use numerous marketing channels to reach their audience and speak directly to a preselected market segment with the goal of getting a direct response. With this highly customized and focused strategy, the company can expand while saving money.
3. Viral Marketing
Viral marketing is a strategy in which a product is directly promoted through the help of viral trends that are relevant to the consumers. This strategy helps them recognize the brand as well as the message which can result in exponential development. Viral marketing also encourages users to share the message to attract more viewers. If you’re eager for your brand to become viral, you can reach many consumers through social media. In fact, among the top social media objectives for marketers today, increasing brand recognition comes first.
Characteristics of Entrepreneurial Marketing
Traditional marketing is different from entrepreneurial marketing because it includes a bottom-up methodology. In contrast with traditional marketing, which focuses on finding a target audience first before promoting their products, this involves developing the product ideas first before identifying a target audience or sector. Following successful market research, an entrepreneur would put their product to the test. Then, they would provide for the demands of the clients or customers in order to serve them.
Entrepreneurial marketing is required to solve challenges that arise along the road. To overcome challenges, it is best to know the characteristics of this type of marketing.
1. Proactive Orientation
Entrepreneurial businesses are constantly looking for new strategies to gain a competitive edge and improve current processes. Here is where it becomes necessary to change ineffective marketing practices. A proactive strategy enables businesses to continuously assess several methods to ensure which are the most effective. And a distinctive marketing plan that enables you to draw customers and clients to your products is essential if you want to be a successful business.
The heart of marketing involves creating, delivering, and communicating value to customers. Since the digital age, industries have become extremely competitive. That is why entrepreneurial marketing focuses on the innovativeness of leaders in coming up with marketing ideas to succeed. This is why being innovative is the core of entrepreneurial marketing.
3. Customer Focus
By paying attention to your customers, your business will know how to satisfy their needs and keep them loyal to the brand. To engage with customers, your entrepreneurial marketing efforts must be able to establish a connection and maintain a relationship with them. This will only be successful if there is well-researched data on your target customers.
4. Risk Management
Entrepreneurs must concentrate on risk management since businesses always come with a potential loss and gain. This entails assessing and controlling threats to an organization’s capital and earnings through risk management. Calculating risks is a key component of entrepreneurship. It entails the identification of risk factors and makes an effort to reduce or eliminate them. Minimize grave loss with proper management of opportunities and identification of probability or impact of unforeseen events.
5. Value Proposition
Each and every entrepreneur must offer a value proposition. By showcasing the value of their brand or product, your target audience will know that these are worth the purchase. You can do this by evoking a positive message in your campaigns or illustrating how your product can improve their lives. Thus, customers will be interested in what you have to offer and be persuaded to trust your brand.
Examples of Entrepreneurial Marketing
For startup business owners, advertising their business products or services puts a lot of money and resources on the line. Because of this, many business owners turn to entrepreneurial marketing. There are different types of campaigns that enable businesses to be successful based on the goal, plan, and execution.
Hence, here are some of the examples of this marketing type:
- Word-of-mouth marketing;
- Email marketing;
- Social media marketing; and
- Public relations.
Achieve your Entrepreneurial Marketing Targets with the CIIT BS Entrepreneurship Program
It is easy to get lost in a sea of competitive markets. For business owners, differentiating yourself from the crowd is one of the hardest challenges. That’s why the best method to demonstrate what makes you distinct is through innovative and effective marketing strategies.
With hundreds of thousands of new businesses that open their doors every year, you need to be a step ahead of the curve by investing in quality education. Start your entrepreneurial journey by taking CIIT’s Bachelor of Science in Entrepreneurship (BSE). At CIIT, you can become a future entrepreneur with a variety of skills to run your own successful start-up or organization.
Weave your future with one of the leading schools in arts, technology, and entrepreneurship.
CIIT Philippines is an innovative industry-based academic institution and home for creators and innovators. We focus on providing quality arts and technology courses, which fully equip our students to achieve entrepreneurial success. Join us today!