Real world examples of entrepreneurial marketing

As real world comes into play, it becomes a whole new ball game. Being business book smart helps, but to a certain extent. There are things constantly changing in the business world on a day by day basis so being able to adapt to those changes can be what keeps your head above water at times. Peoples wants and needs also change daily, including the way things are made and being used so therefore it changes the market constantly. With business, experience is everything and will teach you the most about how to adapt to these changes and how to be successful. Study what works and doesn't work, this paragraph is from entrepreneur.com: We learn from experience. We also learn from the experience of others. That’s how all successful executives and business leaders got that way. If you have to read anything, read about real successes and failures in the real business world. Try Organizing Genius by Warren Bennis or Business Adventuresby John Brooks. It’s Warren Buffett’s and Bill Gates’s favorite business book for a reason. Also plan for success and develop competitive barriers, this is also another paragraph from that same source: Come up with a plan, put all you’ve got behind it, then figure out what can go wrong, including coming up with a strategy to keep bigger and better funded competitors from beating you at your own game. If you’re successful, that’s exactly what will happen. If you’re not, it doesn’t really matter, now does it? That’s why you always plan for success.  

Networking, Guerrilla marketing and other non-monetary marketing techniques

Much of the time in big markets with small or large businesses, business owners will stay so focused on targeting large priced products along with expensive services which can cause limited potential for business success. A lot of business success can come from focusing on targeting smaller and lower cost products which can bring in good amounts of profit while your main focus can be on main products. Engaging in Guerrilla marketing helps keep existing customers engaged in products and gives them new looks in products and services.

Public Relations

Once a business is built up and is heading in the right direction, you must not slack off of your work because there will always be somebody that owns another business who is outworking you. A business can fail in the blink of an eye if proper precautions are not taken, this can mean many things but one very particular can be a good backbone for a business and that is maintaining very good public relations. Now this can mean having good relations with customers whom can spread a good word out about your business or having good relations with the public as a whole. This also includes getting good with other big businesses and even there public who can help you out when needed. Good public relations can help a business adapt mutually to each other which just get things started off on the right foot. Part of success from public relations refers to public opinion or other evidence of public support. Needless to say, public relations play a big role in a businesses success.

E-marketing

In order for a business to become successful it must market its products to the customers in the way that catches the most attention. When it comes to marketing, there are many ways to do so, the most popular way is by the internet. E-marketing is the most effective way for a business to grow, whether locally or worldwide. Millions of people use the internet everyday, searching the web for numerous things and also millions prefer shopping online versus getting out. When it comes to E-marketing there is so much competition that you really have to find customer wants and needs and target those. If a business can successfully advertise and sell products over the internet it can become very successful. E-marketing includes many tactics such as, newsletters, social media, e-mail, search engine optimizer, mobile as well as many more.

Market Penetration and Competitive Advantage

Whether beginning a business or continuing a business that has already been established, market penetration can really determine how well that business will hold up in certain areas of competition. Once a business accomplishes a certain part of marketing or selling a product better than their competitors, they have that competitive advantage over the field which draws more and more customers in. When a product is successful on the market, word spreads and sells go up which gives that market advantage. Outdoing the competition is what business is all about and that requires dedication and hard work to stay ahead and gain that advantage.

Distribution and Location

When designing and opening a successful business, many things lead up to the success of that business. One of the major things leading up to that is the location and distribution ability of your business. If you put your business in a place where the product you are selling is not demanded then you will see a much more shortage of revenue than you may if you position your business in the right area. Depending on whether your business is mostly online or not can have another effect on that because of distribution availability. Online sells happen all over the country, or even the world so having the available warehouse for your products can play a big factor on customer satisfaction when it comes to the delivery rate and times. The worst case can be out of stock of a product that is in need of a consumer so having plenty of supply in the warehouse can help you big

Pricing in an entrepreneurial venture

Knowing prices are what can cause gains or losses in companies through any industry of any kind. Competitively pricing items are what attracts customers, and customers talk to other customers who can spread the word for your price. Yet seeming so simple, pricing items can be very difficult considering prices fluctuate on the market, weekly, even daily. Having too high of a price will run customers to other stores but pricing products too low may attract nearly all customers but can also create a loss in the companies profit so knowing the competitive price and adjusting according to that will create success in your line of products. There is a difference in price and pricing, the price is what you want someone to pay for the product while pricing is the process you go through to get that price. While in the pricing process, there are two methods you can choose which are competition-based pricing and cost-based pricing. Cost-based pricing takes in all that it has cost you to make that product or all that you have in that product to get it for sale so you know the minimum you may be able to charge while competition-based pricing looks at other producers that have similar products so you know what the market may be able to bear.

Branding

Being one of the most important aspects of any business, branding is key in businesses big and small. In markets that are constantly growing competitively you always want to find things that takes an edge over competitors, branding is pretty much a promise to your customer. It tells them what they can expect from your products and the way your services work. Not only does it help with customers, it differentiates your offerings from the competitors. Knowing what your customers prospect about your company knowing what qualities you want them to like about your company are key in making Brands.

Developing new products and services

When it comes to businesses, developing new products and services are the lifeline of all businesses. Development is where the gambles are made and what predicts success or not, in this process it is all about what the customers want and need and will or will not buy. The process is a long sought after process when it comes to investing big money to make a product that could potentially put your business over the top. The moment you may think your product is unbeatable, there is always someone one step ahead so continually improving that product can be just as important as producing it in the first place. One of the final steps that be crucial is pricing your product, there is always competition so meeting the right standards with the right price is the key. When it comes to services, a business that has crews working for them is in the same boat as producing products. There will always be competition so beating the skill level of workers in other businesses is key. Many people take standards and politeness to heart so one major thing in growing a business can be making your workers respect the customers.

Market segmentation, differentiation, & positioning

When it comes to marketing for a business, steps lead to other steps which lead to productiveness. Once you have found buyers that will be loyal then you have to have more than just one option available for them to choose from, diversifying yourself from the rest of the marketing field that is keying in on that same buyer. This step is called market segmentation, also when targeting different segments on the market, do not have the same strategy for each, this can gain stronger market position and more sales. As you do this, positioning your buyers in separate classes can help for example you can have a higher class and a lower class, lets say cosco and sams are in the higher while walmart and kmart are in the lower. you want to keep your base steady so go with what has been productive while trying different market targets on the higher class to make some really big sells. Again, in marketing it is all about differentiating and selling yourself better than the rest of the field.

Identifying customer markets and demand

Knowing how to persuade and inform customers to buy your product is more challenging today than ever before. Customers in todays business world is harder to please and less likely to be loyal to one supplier so meeting customers wants and needs is important. Gaining consistent business from one customer that is willing to be loyal is good for business so keeping them around requires change within marketing wants of customers. Technology advancing allows customers to be aware of many different suppliers prices from different businesses so that allows them to pick and choose as they please. Being able to look at market history and product reputation allows the customers to trust or not to trust the product from that company. One of the biggest things that come with sailing a product is building a relationship with that buyer and showing respect, respect goes a long way in todays business. 

Marketing research

In order to know what is currently trending or popular, market research is crucial for a business. Something may be at the top of the charts for two months out of the year, every year, so knowing the times that this happens can be a money maker for your business. Staying on top of research is an important key to maintaining as steady of an income as possible while also looking for good opportunities on special occasions at special times. For example, in electrical work, some electrical companies like a certain brand of pipe when laying underground pipe so keeping up with who likes what and having that available in stock keeps customers coming back for more down the road. If prices rise and fall with products, you need to be there to fluctuate your prices with them. Businesses are risky, especially from an entrepreneurial stand point, so allowing market research to be in your schedule can help keep risks down that would otherwise be a wrong turn for the business. Observing customers reactions to some items can be very important, if they do not like the availability of the item, you have to change that. Little things add up that may not seem so important at the time, so market research is a key element in business.

marketing opportunities

Many people have big dreams about starting successful businesses that will soon make them millions, the only way that is possible is if people want the business that they are creating. Having it the way you want it is not always the key, you want it the way that the people want it. Market needs are what create success, many people get into the right market but inefficiently apply their technology or have the right technology yet target the wrong market. One may ask well how do I know if my product will succeed in that market? One of many little things you can do is to get inputs from customers before putting the product on the market. Five forces that make up the framework for market opportunity consists of : customer, product, timing, competition, and finance. If success is achieved in those five things then you are headed in the right direction.

currently trending

Businesses are upgrading and updating everyday, in order to have popular items, you have to know what the people are wanting at that time. Always staying updated on charts and graphs are a good way to figure out what is selling at that time. One of the best ways to really know what people want is to sell personally. These ways often times work with big and well established companies. Along with traditional marketing, like mentioned before, ways of diversifying your marketing can have a great impact on your business as well. Getting away from everyone else's marketing plans can be a risk but a very big reward and that is what entrepreneurial marketing is all about.

Billboard advertising

Every day if you live in a commercialized area, you will see billboards. Billboards are one of the most popular ways of advertising. Both digital and vinyl are seen daily. When trying to get their name out, one may want to look into renting a billboard with the name of a business and contact information which can lead to more business.

Learning and proving your skills

Entrepreneurs all over the world begin with very little or nothing. Building a business takes time, dedication, and hard work. Being smart with your work leads to good work which leads to more customers. People look for good quality work when it comes to anything to do with their house, shop, yard, etc. I personally have been around a  successful entrepreneur my whole life, my father. He is an electrician who started in the electrical business by working for a company and learning little at a time. After years of learning and experiencing this field of work, he decided to become his own boss and work for himself. When one decides to go out on their own, it can be a very hard journey, experiencing things like trouble to find work. Many things can prevent that from happening such as doing good quality work, respecting that persons property and getting your name and number out as much as possible.