Marketing the New. Marketing vs. Entrepreneurial Marketing Marketing creates awareness and the opportunity for a sale. Entrepreneurial Marketing involves.

ENTREPRENEURIAL MARKETING

Marketing the “New”

Marketing vs. Entrepreneurial Marketing

Marketing creates awareness and the opportunity for a sale.

Entrepreneurial Marketing involves entering a market, creating awareness for a new product/service/business and then creating the opportunity to close those hard-to-get first sales.

Why Entrepreneurial Marketing

is different from (regular) Marketing

An entrepreneur……..

May need to create a market (example: GPS)

Henry Ford: “If I’d have asked the customer what they wanted, they’d have said a faster horse!”

Must market to all new customers Must obtain that elusive first customer Must establish distribution channels and prices Must persuade customers to try (not just continue to buy) a

product Must build a new brand Must deal with resource scarcity

Who am I and why am I qualified to talk to you about this topic?

http://www.steris.com/products/specialty-surgical-tables/surgigraphic-6000-image-guided-surgical-table


http://www.launchinaday.com/index.html








The MarketingPlanningProcess

Why Entrepreneurial Marketing

is different from (regular) Marketing

An entrepreneur……..

May need to create a market (example: GPS)

Henry Ford: “If I’d have asked the customer what they wanted, they’d have said a faster horse!”

Must market to all new customers Must obtain that elusive first customer Must establish distribution channels and prices Must persuade customers to try (not just continue to buy) a

product Must build a new brand Must deal with resource scarcity


SWOT Analysis of Competitors

Strengths Internal capabilities that can help achieve goals and

objectives Weaknesses

Internal factors that can prevent achievement of goals and objectives

OpportunitiesExternal circumstances that the firm may be able to

exploit for better performance Threats

External circumstances that might hurt the firm’s performance now or in the future

LaunchInADay.com SWOT Analysis

Strengths:

100% online guide for how to start a business with links to needed resources, including online forms, documents and other websites

Website built by 3 experienced entrepreneurs who’ve all been through the business set-up, growth, sale and dissolution processes several times

One of Launch In A Day’s partners owns his own website and mobile application development firm.

Unique, relevant content not provided in entrepreneurial textbooks

Ability to update content instantly (unlike textbooks)


Weaknesses:

Time constraints (each Launch In A Day partner is involved in at least one other major venture)


Opportunities:

Many entrepreneurship educators and mentors, while good at coaching, do not know (or do not fully understand) the business set-up technical and administrative detail included in Launch In A Day.

Most of the educators and mentors who do understand this technical detail either do not want to or do not have time to run entrepreneurs through all the technical and administrative details of starting a business.

Launch In A Day’s pre-paid subscription cards are attractive to those who want to mentor and coach entrepreneurs, but who either don’t know how to or don’t want to walk such entrepreneurs through the practical, legal, accounting, tax and other requirements of setting up of a business.


Threats:

Potential for others to duplicate our copyrighted content

Potential for customers to share a subscription

Entrepreneurship educators and coaches may incorrectly view Launch In A Day as something that can replace them and therefore refuse to use it.

A vast array of new tools and software aimed at entrepreneurs and those who educate and coach them results in a cluttered market.

SWOT analysis, once completed, effectively illustrates your company’s

competitive advantage (or lack thereof) and how you are positioned relative to

your competitors.


Customer Purchase Decision Process

1. Problem Recognition Sources: dissatisfaction, new needs/wants, related purchases,

and marketer-induced

2. Information Search Internal (memory) vs. external search Brand awareness set – if your brand is not part of the customer’s

awareness, there is no possibility the customer will buy from you

3. Alternative Evaluation Brand consideration set – the brands the customer would actually

consider purchasing

4. Purchase decision

5. Post-purchase Behavior Satisfaction or dissatisfaction with the purchase will affect whether

the customer buys again (if applicable)

What do your potential customers really do

versus

what they say they do?

(What are their real habits with regard to research and reading, LinkedIn, Twitter,

Facebook, Email, etc.?)


Objectives and Resources

Create awareness that our company/product/service exists.

Create awareness of our company’s/product’s/services’ competitive advantage.

Create the opportunity to make a sale.

Resources are scarce.


Segment, Target, Position

Not every customer is alike. Some customers need your product more than others. Some are more likely to become repeat customers. Some customers are easier to reach and sell to than others. Some are simply too expensive or too difficult to reach. Segmentation identifies which customers are which.

Choosing to target only certain customer segments allows you to focus your resources on the most promising opportunities. (Example: ATM 1000 product and its first customers; http://www.steris.com/products/specialty-surgical-tables/surgigraphic-1027-image-guided-surgical-table)

Segmenting and targeting leads to a better understanding of the customer. This allows you to position your product, develop a message to support that positioning (your brand), and select marketing tactics that are appropriate for each chosen segment. (Example: LaunchInADay.com; http://www.launchinaday.com/index.html)





Promotional Mix

Paid Advertising

My advice is to not engage in paid advertising until you’ve experimented with and gotten to know your target market via the four other indicated avenues of promotion.

Starting with paid advertising can be an expensive lesson about not reaching the appropriate potential customer – or reaching them with the wrong message.

Public Relations and Publicity

Public Relations (PR) is communication designed to create a positive image about a company, its products/services, or its people via the use of non-paid forms of communication. It involves letting your actions speak for themselves. (Example: Providing free product for a not-for-profit event. Being voted a “top employer.” Winning awards.)

Publicity is the practice of creating and disseminating information about a company, its products/services, people, or its company activities to secure favorable news coverage in the media reaching target audiences. You craft a story and encourage the media to tell it. (Example: Writing and peddling to the media a press release about how your new product helps others).

How many of us are truly pursuing either of these two avenues for exposure effectively?

Sales Promotion A sales promotion is a short-term inducement

of value offered to arouse customer interest in buying a product or service.

Techniques:CouponsDealsContests/SweepstakesFree samplesLoyalty programsRebates

Sales Promotion

Sales promotion success is easier to measure than the success of many other marketing initiatives.

Consumers are becoming more value conscious so sales promotions are enjoying a better response now than what has been historically true.

Do not use sales promotion as a stand-alone technique.

Do not overuse!

(Examples: Auto manufacturers. “Groupon” effect.)

Direct MarketingDirect communication with customers to generate a

“measurable” response in the form of an order, a request for further information, or a visit to a retail outlet.

Direct mail (expensive; effective?) Catalogues (expensive) Telephone solicitations (increasingly challenging) Direct-response advertising (i.e. 1-800-xxx-xxxx) Online marketing (including social media marketing) E-mail marketing (still “most effective”?) Mobile marketing (i.e., text message marketing) Personal selling

Personal Selling

Personal selling is the two-way flow of communication between a buyer and a seller designed to influence a person’s or group’s purchase decision.

Least expensive methods include utilizing social networking sites (LinkedIn, Twitter, Pintrist, Facebook), and e-mail marketing.

More expensive but more effective methods include the type of one-on-one selling that takes place at tradeshows, exhibitions, retail locations, etc.

Most entrepreneurial marketing involves a high level of direct marketing and personal selling.


Measure Effectiveness

Before embarking on any marketing strategy, first lay out a plan for how you will measure the effectiveness of that strategy.

Before repeating any marketing strategy, first analyze the effectiveness of that plan, as you just executed it.

What My Students Say About Entrepreneurial Marketing

“If you’re not having fun, neither is your customer.” Shirts for Greeks: “Going to chapter meetings was by far our most effective marketing. People bought from us because they liked us!”

E Marketing almost always involves a significant element of personal selling. Snapcessories: “We sold $158 of product in 23 minutes!”

“If you cannot be diligent with regard to social media marketing, don’t bother doing it.”

“Research who your true target market is before you develop a marketing plan. Then, don’t forget who they are when developing your marketing plan.”

(LIAF solution: Plan an event for students during which they “give up” their parents’ email addresses.) (Snapcessories: “Easy to sell to sororities.”)

“People today are overwhelmed with marketing messages and will, by force of habit, tune you out. Very hard to cut through the clutter – unless you are offering something truly unique.” (Dunya Jean)

“If you have a quality product , show it to the customer and they will buy it. (Dunya Jean and Shirts for Greeks)

Hot cards – ineffective. “People take them to be polite, but then toss them.”

What My Students Say About Entrepreneurial Marketing

Most common comment:

“Marketing a brand new company and a brand new product is a lot harder than I thought it was going to be.”

Final Thoughts

If you aren’t already an extrovert, you’ll have to become one (at least part of the time) to successfully market your new venture.

Be brave! Step outside the box and try new things!

That said, try new things on a small scale first (and get feedback) before unleashing your marketing and promotion tactics on all of your potential customers.

Last, be cautious that your tactics and message don’t accidentally offend any sub-set of your potential customers. Your customers will forgive a lot, but not that which is truly offensive or rude.

Marketing the New. Marketing vs. Entrepreneurial Marketing Marketing creates awareness and the opportunity for a sale. Entrepreneurial Marketing involves.

Documents

new slide

future slide

applicable slide

resource scarcity slide

major venture slide

new customers

regular marketing

new brand