Marketing is one of the business functions which entrepreneurs need to use accurately to both successfully launch as well as develop a new venture. Entrepreneurs and marketers have a lot in common; most marketers dream of becoming entrepreneurs. Entrepreneurship allures marketers for reasons good. A vital role of an entrepreneur is to be able to market and sell their services or products. They should think of smart and innovative ways and look outside-the-box to stand head and shoulders above others in the crowd akin to their entrepreneur counterparts.
What Entrepreneurs and Marketers Share in Common as per Eric J Dalius
- Clash – Most marketers and entrepreneurs have worked hand-in-hand in their careers. A-type personalities are often associated with entrepreneurs, as do the majority of the marketers that climb the ladder of success in their careers. Often two people sharing such personalities can either prosper together or can clash. It is something of a mixed bag. To understand the different perspectives and to understand human psychology can often heighten their ability to become better marketers or entrepreneurs. It means to both understand the A-type personality and work with it and, above all, navigate their own happy place in the world of entrepreneurs.
- Creativity – It is creativity that often pushes an entrepreneur to begin a business. He/she thinks of a concept, realizes the potential of the same, and finally gives in all their efforts to materialize it. For any marketer, for instance, who worked with an entrepreneur, especially in the corporate field, often come up with concepts that are creative, fascinating, and above all, game-changing. During such a state of affairs, resting on the marketer’s personality type, he/she can either feel inadequate or embrace creativity. For EJ Dalius, this is truly inspirational. What one is capable of both sides of the coin is what helps in creating the line between success & failure.
- Mexican Stand-off – Marketers and entrepreneurs often feel they are marketers, which is right in most cases, yet in different forms. Many times, marketers are in a fix when they are asked for data or figures as a backup from the marketing perspective regarding what he/she is doing and how this impacts a firm’s ability directly to build a brand as well as accelerate sales performance. Similarly, at times there is no relevant data that can be traced correctly, and it is here when then the entrepreneur begins to ask questions.
Questions like the absence of data, its intractability, and PR authenticity get the marketer off on a wrong foot resulting in a tiff. The truth is, the data in case of marketing activities is often there, thus it is crucial for a marketer to be forward to understand data and above all gain access to technologies, which throws light on whether a marketing campaign is working or not. According to Eric Dalius, data science has an integral part in just any marketing campaign for creating data regarding what does and what does not work so that every campaign can aim to get better outcomes compared to the earlier ones.
- Small Budget – Often, entrepreneurs start a business and make marketing campaigns which just cost time, not money. As per a marketing guru, the budget is the be-all and end-all to success. An entrepreneur is well aware of the fact that the higher the amount invested in marketing, which has appropriate data, automatically, the higher will be their ROI. But often they are perplexed as to which comes first-the the marketing budget, technology and systems, or more people.
Entrepreneurs and marketers are usually in the same boat. Both desire the same things but, at times, struggle in finding common ground. The moment a marketer turns into an entrepreneur, either they may fail as they are clueless about how their product is not making any sales online as expected or become successful and come out with flying colors.
Successful Marketing Strategies that Every Entrepreneur Should Follow
Getting aloof in a crowd can be easy, especially when it comes to a competitive market. A critical challenge that any entrepreneur can face is to stay ahead in the competition. Marketing in ways that are aggressive, unusual, and new is the finest means of illustrating what makes any business unique. Here are some effective marketing strategies which successful entrepreneurs use. Either a firm can use a couple of these strategies together or direct every marketing effort towards a single strategy.
- Digital Marketing – Make the most of internet tools such as social networking and email for supporting marketing efforts.
- Viral Marketing – Place marketing message on the World Wide Web to be shared as well as expanded through customers.
- Real-Time Marketing – Make the utmost of technology for interacting with customers in real-time.
- One-to-One Marketing – A customer is marketed to like an individual. Every marketing effort is personalized.
- Expeditionary Marketing – It includes developing innovative products and creating markets. The company will serve as a leader instead of a follower.
- Relationship Marketing – It emphasizes building a strong link between the customer and the brand.
Creativity and innovation are two different things but go hand-in-hand. This is simply because there cannot be any creative spark sans innovation, which helps a great deal in setting everything in motion. The truth is, there are countless ideas with no marketing or Spokesperson behind them. No wonder these fail to succeed. The bottom line is, for that real innovation, what is needed is entrepreneurs, innovators, geniuses, and above all, a proper marketing plan as a backup.
Brainstorming is an excellent means of developing unique ideas for marketing, but one needs to ensure that the concept is out of the box. Often, people have ideas that appear to be perfect, but during its implementation may turn into a mess should one accidentally forgets a vital point. It is always useful in learning from others’ mistakes, and last but not least, one should have a couple of back up plans for turning things around should they begin messing up.