It is not so long that entrepreneurship has been studied as its own separate category of business. Every multi-million dollar company was once a start-up and all the businesses follow their own class of business with different challenges and opportunities they face along the way. As the business field received more focus, specific strategies for more successful entrepreneurship started to emerge.
It is common that entrepreneurs try out unique strategies when it comes to marketing. Traditional marketing is fine when the initial stages of a business but, once the business gain momentum, there are other things that need to be considered for a successful launch.
We shall explore entrepreneurial marketing and how it is different from traditional marketing.
What is Entrepreneurial Marketing?
Most commonly used definition for entrepreneurial marketing is – proactive identification and exploitation of opportunities for gaining a competitive edge in retaining profitable customers.
A few people believe that the marketing process is fully absorbed into entrepreneurship. Instead of the market being a platform for transactions, it’s a process that helps producers and consumers to leverage from each other. Thus, one can say that entrepreneurial marketing is a process of co-creating opportunities.
Why ONPASSIVE thinks Entrepreneurial marketing is Different from Traditional Marketing?
Mainly there are four key concepts that set entrepreneurial marketing aside from traditional marketing:
- Business Orientation: While traditional marketing is all about customer orientation, entrepreneurial marketing is more focussed on innovation orientation, trying new methods along the way.
Usually, traditional marketing includes analysing the market and assess the needs before developing a product or an idea. Entrepreneurial marketing is focussed on an idea and then trying to find the market to showcase it.
- Strategic Level: Most common method the traditional marketing use is a top-down approach. It is where marketers clearly define the sequence of activities such as segmenting, targeting and positioning.
Successful entrepreneurs follow a reverse process from the bottom up. In entrepreneurial marketing, people mostly focus on identifying a potential market opportunity and testing it via a trial-and-error process.
- Tactical Level: The 4 Ps of traditional marketing – product, price, place and promotion doesn’t go well with entrepreneurial marketing because entrepreneurs have another innovative approach which is inspired by their preference for direct or personal contact with the prospects.
Entrepreneurs interact with customers on various activities like direct selling and build a long-lasting relationship for future marketing activities. This ensures future ventures of a company are set and they can focus on other important things.
- Gathering Marketing Information: Entrepreneurs know the importance of auditing the marketing background and they practice informal methods. The methods include individual observation or gathering data through their network of contacts.
You can see that some of the best practices of successful entrepreneurs don’t include traditional marketing concepts. Entrepreneurs don’t just use marketing, they are more focussed on combines marketing and advertising. The reason why they don’t is that they cannot afford the risk and costs of communication. ONPASSIVE believes entrepreneurial marketing brings flexible tactics and will be more concerned with building long-term customer value.