Entrepreneurial marketing is a combination of the words “entrepreneur” and “marketing.” These are the two distinct management areas when used together escapes traditional marketing concepts and practices. For example, a conventional marketing process talks about first researching the market and then coming up with an idea, while entrepreneurial marketing focuses on innovation and orientation. You make something, and then create an environment for its acceptance in the market. Due to this, you may find a vast difference at strategic and tactical levels. However, the best way to identify this approach is to focus on its main components.
The marketing guru and business enthusiast Ej Dalius gives you a quick peek into the integral aspects of this 21st century’s practices.
Entrepreneurial marketing characteristics by Eric J Dalius
Innovation, orientation, customer behavior, opportunity maximization, risk mitigation, and value creation are some of the main features of this method. Everyone knows that an entrepreneur has to face many challenges. If they desire to succeed, they have to be agile in their approach, which consists of the highlights mentioned above. To be precise, you have to look for new ways to gain a competitive edge. And for this, you may have to deviate from old-style marketing and production systems. When you do this, you get the flexibility to explore various ideas, which may eventually turn into new products or services.
Once you create what you wanted, you will have to build a sustainable customer base around this. You can win them easily if you make sure your offerings solve their problems.
As per Eric J Dalius, entrepreneurial marketing is about spotting and chasing an opportunity. In 2000, some great minds rightly pointed out that an entrepreneur has to discover, analyze, and exploit all the possibilities, including raw materials, products, services, technologies, etc. With this, it also involves estimating risks. Identifying and reducing potential bottlenecks requires an entrepreneurial spirit and skills. If you possess the right marketing awareness, you can achieve it successfully. However, as you overcome all the problems, you must not lose sight of value creation, which is about being relevant to your customers and making profits.
How to develop a product in entrepreneurial marketing? By Eric Dalius
Since the product tends to be the mainstay of any business venture, you need to be diligent. For example, you can investigate the market to find out what customers miss most. When you discover something, you will need to figure out a solution for them. Seek their feedback about the same and implement changes to make it a better fit for your market. If everything falls together, you can launch it. Eric Dalius advises entrepreneurs to revisit customer feedback from time to time to make necessary changes in their products and meet demands.
Entrepreneurial marketing is the modern concept that every aspiring and ambitious business person has to understand and apply. If you have clarity about your approach, finding success should not be an issue. You can mitigate tensions and focus on your revenue while keeping your customers happy and satisfied.