If you are a new entrepreneur about to start a business or if you are currently running a small organization, you may have encountered numerous challenges in implementing the marketing principles that have been so far based implicitly on big organizations.
As per https://www.businessmodulehub.com, it is generally believed that most entrepreneurs and marketers would be behaving in a different fashion about marketing. We know that at present, the concept of EM or Entrepreneurial Marketing does not seem to be clear or well-developed. EJ Dalius feels that there is currently, a great need for setting up theories, tools, and principles to help businesses especially, startups and small businesses.
What is Entrepreneurial Marketing?
Entrepreneurial Marketing is regarded as an integral part of the presently evolving field of entrepreneurship and a novel school of advanced marketing thought within the purview of the discipline of marketing. EM or Entrepreneurial Marketing has been defined as a proactive identification, as well as, leveraging opportunities to acquire and retain profitable clients through groundbreaking approaches to resource leveraging, risk management, and value generation. Today several business owners are engaging in marketing practices and strategies that seem to be collectively far different from conventional marketing. Why are businesses using EM?
Eric J Dalius Discusses the Reasons Businesses Use EM
Complete Commitment to the Customer
All business owners know that their success depends on how well they are able to satisfy customer requirements. However, businesses that are not the only customer-oriented but passionate about customer experience stand a better chance of success. Entrepreneurial marketing goes beyond just serving customers to the best of your abilities and extends to the entrepreneur’s personal commitment to customer satisfaction. The entrepreneur is completely committed to the customer, in a personal and tangible way, not as an abstract marketing concept.
The initial takeaways from the NFIB study reveal that almost every business owner thinks customers to be their first priority. Eric Dalius says that the ability to adapt to fast-changing conditions and the flexibility to change according to customer demand is especially important to businesses that are relatively new and small. According to the study, 87% of entrepreneurs believe that they are expected to respond to the specific needs and desires of customers. An important element of being customer-oriented is responding to customers quickly and in a positive manner even though the nature of the demands may be dynamic. Virtually all entrepreneurs say that they are ready to do so.
Understanding Customers Well
Entrepreneurial marketers are completely immersed in the marketplace, which enables them to understand customers to a degree that big businesses rarely can. Even though entrepreneurs may tend to overlook this, it can be a competitive asset of great value. Small businesses can use their customer contacts and experience with customer relationships to make decisions in a far more agile and responsive manner as compared to large companies who are typically tied down due to the use of formal and procedure-oriented methods.
Not surprisingly, 75% of respondents in the NFIB study say that they consider gut-feel to be important in making important decisions. The same percentage of participants of the study say that they learn constantly from competitor practices, while as many as 82% agree that they rely more on informal responses from customers than structured market research. 90% of participants agree that creativity inspires better marketing decisions.
Building Long-Term Relationships and Solid Networks
Entrepreneurial marketing is heavily rooted in relationship building and extensive networking. 70-80% of entrepreneurs will agree that they get a tremendous amount of help in the development and marketing of their services and products from their friends, partners, former clients, and network, Relationship marketing is a huge component of the industry as well, with almost 75% of entrepreneurs agreeing that every decision they make is based on advice and information provided by their professional as well as personal networks. A whopping 96% of surveyed business owners go so far as to say that running a successful business without being invested in building customer relationships is not possible, and just as many also maintain a long-term approach to customer acquisition and retention. 94% of entrepreneurs also dedicate time, resources, and effort to build credibility, trust, and reputation in the industry, which are cornerstones for successful professional relationships.
Identifying New Opportunities
Entrepreneurial marketing is all about finding opportunities to grow and scale your business even when they might not be obvious. 83% of veteran entrepreneurs claim that they look for new business opportunities regularly, and 80% also believe that innovation is critical to success. This innovation must not only be central to products developed, but also to the processes employed for client and customer acquisition, sales, supply chain, and analytics.
Marketing Strategy Planning
The majority of business owners are not hugely invested in market research, but almost all agree that having a strong marketing plan is vital to succeeding. Whether this plan is well-documented or developed through top-notch digital tools, it needs to be the cornerstone of every business decision made by the company. You must be future-focused and identify attainable goals to work towards every day.
Entrepreneurial marketing has now become an absolute necessity in the global business landscape. Depending on how quickly you can understand its core tenets and adopt this growing field, your firm can become a successful EM practitioner, and perhaps one day a pioneer like the largest corporations today.