You may know what an entrepreneur is and you know what marketing is, but what exactly is “entrepreneurial marketing” and why is the trend in 21st century?
The interest in the commonalities, differences and interface between marketing and entrepreneurship has evolved and developed over the past 20 years. Quite often are marketing and entrepreneurship regarded as two distinct fields. Yet there is a growing awareness of the importance of entrepreneurship and innovation in marketing, and of marketing to successful entrepreneurship, that has led to the attempt to combine these two disciplines as entrepreneurial marketing. But what does entrepreneurial marketing exactly stand for, and why can it be called as the best marketing approach in the 21st century?
Entrepreneur as an agent of change
As mentioned before, entrepreneurship and marketing have largely developed as distinct disciplines, yet it is increasingly apparent that these two fields are intimately related. Both have a common managerial foundation, and are heavily influenced by management disciplines, incorporating themes such as innovation and creativity. If you are an entrepreneur in the small business, you may have found it challenging to use marketing principles implicitly based on large corporations, and because of the rapidly growing competitive environments, as well as new products and services, you have faced many unknowns.
So, although the traditional marketing principles would apply in your situation, the context is very different and quite often the target is moving. To reach the target, the marketer must now apply the role of entrepreneurial thinking in marketing efforts, which is not just a process where the marketer has a clear vision of what the customer wants, but also to have a mindset that is relentless in its pursuit of opportunities and gathering of resources needed to make most of it. Therefore in the case of entrepreneurial marketing approach, the marketer can be seen as an entrepreneur who is willing to do things differently, better and more efficiently, with new ideas and imagination, ultimately taking their business to the higher level of success.
Think like a start-up
One of the misconceptions about entrepreneurship mindset is that entrepreneurs are wanderers of the business world and that they make decisions based on pure intuition. By contrast, the ability to identify, assess and commercially exploit business opportunities demands the existence of knowledge and skills, hence the success of an entrepreneurial organisation lies in its willingness to accumulate knowledge. It’s easy to eulogise startups and it’s important to remember that not all startups are success stories, but there are lessons bigger businesses can learn from the culture and behaviours of small business with entrepreneurial marketing approach:
Embrace the creativity and simplicity!
For example, try Guerilla Marketing and take few (creative) marketing risks with designs, copy and other marketing components. Create a smart ad campaign through traditional forms of media, or new ones like Facebook that are purposefully mysterious and engaging. Your ads should be designed to spark curiosity and get people interested in who you are and what you are doing.
Try actionable analytics!
First introduced by Lean Startup guru Eric Ries, marketing, especially in the early stage in the business, can’t just pay attention to things like ‘site visits’ and ‘clicks’. It is important to understand why customers are reacting the way they do. Vanity metrics such as page views or Facebook likes do not provide an opportunity for action. However, they can be indicators that direct you to more actionable metrics. For instance, examine who are your visitors and why are they coming to the site? This kind of questions take you beyond the feel-good aspect of vanity metrics and move into actionable insights.
Leverage your resources to promote your business!
To most marketers, “content is king”, so stretch your resources further than others have done in the past, or simply complement one resource with another to create a greater value. For example, if you develop a blog article or other piece of marketing content, it’s key to leverage the content in multiple to put the content in motion. For example, try these plugins for WordPress that make the social sharing easier for you:
The application of entrepreneurial marketing is broader than it appears. Established organisations become entrepreneur anytime they try something new. Marketing departments that lose their entrepreneurial spirit become complacent, boring and unadventurous. Don’t make the mistake of thinking that just because you have been in business for more than a decade or because you work for a large corporation that you are not an entrepreneur. Entrepreneurial marketing is for anyone who is trying something new and can’t afford to fail.
Have you found some great marketing strategies on your own? What are the exciting ideas informing your own marketing—and how are you implementing them?
Let us know in the comments.
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