Hello Everyone,
I hope you all are doing well in your respective life. I know you all might feel like I am not going to continue my lecture on entrepreneurship but every time I came back. It is just because I have already done all the work which I had to do. I have the definition written with the examples as well. For you all to understand it easily.
Now let us start with our day 6 lecture, which is about entrepreneurial marketing. So Have you ever heard of Entrepreneurial Marketing?
If yes, great! You have a basic understanding of what it is. If not, no problem. Entrepreneurial Marketing is a marketing approach that emphasizes creativity, innovation, and risk-taking in order to bring new products or services to the market.
The main goal of Entrepreneurial Marketing is to help startups and small businesses grow and succeed by utilizing marketing strategies that are efficient and cost-effective. By embracing an entrepreneurial mindset, you can find unique and creative ways to reach your target audience, build brand awareness, and ultimately grow your business.
So, are you ready to dive into the exciting world of Entrepreneurial Marketing? Let's do it!
But before that if you have not read my previous post related to entrepreneurship let you can follow that in the below links:
In case you missed my previous lectures, you can visit them in the link given below:
1. Entrepreneurship literacy
2. Overview of Entrepreneurship
3. Entrepreneurial Process
4. Entrepreneurial Mindset
5. Entrepreneurial Finance
6. Legal and Regulatory Environment
The table of content for today's session is:
- Market research and analysis
- Product development and positioning
- Promotion and sales
- E-commerce and digital marketing
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Imagine that you are starting a new business selling organic, locally-sourced produce. To get started, you need to have a good understanding of your target market, which includes understanding your customers, their needs and preferences, and the competitive landscape. This is where market research and analysis comes into play.
Market research involves gathering data and information about your target market and competitors, including their buying habits, preferences, and pain points. This information can be obtained through various methods, such as surveys, focus groups, and competitor analysis.
Next, it's time to analyze the data you've gathered. This is where you use the information you've collected to gain insights into your target market, your competitors, and your own business. For example, you might find that your target market is mainly health-conscious individuals who are interested in buying locally-sourced produce. You might also discover that your competitors offer similar products but at a higher price point.
Based on this analysis, you can then make informed decisions about how to position your business and what steps to take in order to reach your target market and stand out from the competition. For example, you could emphasize the local sourcing aspect of your products and offer competitive pricing to appeal to your target market.
So, as you can see, market research and analysis play a critical role in Entrepreneurial Marketing by helping you understand your target market and make informed decisions about how to position and grow your business.
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Now let's imagine that you've just come up with a new product idea: a smart water bottle that tracks how much water you drink and syncs with your fitness tracker to help you stay hydrated.
The first step in bringing this product to market is product development. This involves creating a prototype, testing it, and making any necessary changes based on feedback from potential customers. During this phase, you'll also need to consider the cost of production, the materials you'll need, and the manufacturing process.
Once you've developed your product, it's time to position it in the market. Positioning refers to how you present your product to your target market, including the features and benefits you emphasize, the price point, and the packaging.
In this example, you might position your smart water bottle as a high-tech solution for health and wellness enthusiasts who are looking to improve their hydration habits. You might emphasize the fact that it syncs with fitness trackers and provides real-time data on water intake, and price it at a premium to reflect its unique features.
By carefully considering product development and positioning, you can ensure that your product appeals to your target market and stands out from the competition. And that's the key to success in Entrepreneurial Marketing!
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Now while keeping that smart water bottle in mind as an example. We need to see that after the position the next step is promotion and sales.
Promotion refers to the various marketing activities you undertake to raise awareness of your product and reach your target market. There are many different promotion strategies to choose from, including advertising, public relations, social media marketing, and influencer marketing.
In this example, you might start by running targeted online ads for your smart water bottle, targeting fitness and health enthusiasts. You might also reach out to influencers in the health and wellness space and offer them your product in exchange for a review or endorsement. And you could use social media platforms like Instagram and Twitter to showcase the benefits of your product and engage with potential customers.
Next, it's time to focus on sales. Sales refer to the actual act of selling your product, either through online channels, retail stores, or a sales team. To maximize sales, it's important to understand your target market and their buying habits, as well as to have a clear pricing strategy in place.
In this example, you might offer your smart water bottle for sale on your website, as well as through a network of retail stores that cater to fitness and health enthusiasts. You might also consider offering special promotions and discounts to drive sales and create a sense of urgency among potential customers.
By effectively promoting and selling your product, you can build your customer base, increase revenue, and grow your business. And that's what Entrepreneurial Marketing is all about!
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Let's continue with the smart water bottle example. To reach your target market and grow your business, you'll need to have a strong online presence and engage in effective e-commerce and digital marketing strategies.
E-commerce refers to selling products or services online, and for your smart water bottle, you'll want to have a user-friendly website that makes it easy for customers to purchase your product. You'll also need to have a secure payment system in place, as well as a streamlined fulfillment process.
For example, you might create an online store that showcases the features and benefits of your smart water bottle, with easy-to-use options for purchasing and shipping.
Digital marketing refers to promoting products or services through digital channels such as websites, social media, email, and mobile apps. To be effective in digital marketing, you'll want to understand your target market and their online behavior, as well as use data-driven insights to make informed decisions about your marketing strategies.
For example, you might use social media platforms like Instagram and Twitter to showcase the benefits of your smart water bottle, and use targeted online ads to reach health and wellness enthusiasts. You might also reach out to influencers in the health and wellness space to help promote your brand and use email marketing to build relationships with your customers and drive repeat sales.
By effectively utilizing e-commerce and digital marketing, you can reach your target market, build your brand, and grow your business. That's the power of Entrepreneurial Marketing!
Thanks and Regards