Best Marketing Techniques Use By Entrepreneurs [Companies]
Entrepreneurship is all about creativity and innovation. It is very easy to start an activity but maintaining that activity to a point where it attained maturity is what matters.
Entrepreneurs worry about; what to produce, how to produce it, where to produce it, when to produce it and for whom to produce it. A successful entrepreneur is one who has studied and understood the above worries which will enable him achieve success in his business.
An entrepreneur is someone who strategize in order to gain his customers and market despite the high competition. In this article, we bring to you some marketing strategies used by entrepreneurs in marketing their products.
Best Marketing Strategies(Techniques) Of All Time Used By Entrepreneurs
These are the different ways, activities and methods put in place by an entrepreneur in other to achieve success in the business world. Some of these include:
1. Caring Out A Feasibility Study
Caring out a feasibility study is a very important entrepreneurial marketing technique which enables success in business and marketing.
A feasibility study as the name suggest is a study that is designed to reveal weather a project or plan can be a success. It analyzes the viability of a project to determine the likelihood of succeeding.
Before you produce a product or a service, the first and the most important thing to do is to know who your customers are. This will help you be prepare on the type of product or service to offer.
Also a feasibility study will help you assess the cost of production. That is, you will be able to access the price of row materials, the cost of producing a particular commodity and the price of that commodity in the market.
At the marketing level, a feasibility study will be a very important entrepreneurial marketing strategy, as it will help you know who your competitors are and also enable you to be aware of the risks involved in competing. It also help you asses your marketing power/strength and the size of the available market.
It help you to understand the strategies used by your competitors and you can then decide to either change it or implement it.
How Can I find out if a business activity is Feasible in a particular area?
- Research the market: Understand the demographics of the area, including; population size and their characteristics, as well as the economic conditions and trends. These will help you determine the demand for your products or services.
- Asses the competition: Identify other businesses in the area that offer similar products or services. Consider their strengths and weaknesses and how they might impact your potential success.
- Consider the cost: Estimate the costs of starting and operating the business, including rent or lease costs, employees salaries, and supplies. Compare these costs to the prospective revenue you expect to generate to determine if the business will be financially feasible.
- Seek advice: Talk to other business owners or professionals such as; lawyers or accountants, who can provide insights and advice on the feasibility of starting a business in the area.
- Create a business plan: Use the information you have gathered to create a detailed business plan that outlines your goals, target market, marketing strategy, and financial projections. This will help you further asses the feasibility of the business.
2. Having Good Products Design and Packaging
Another entrepreneurial marketing strategy/technique is having a good product design and packaging.
After you have carried out a feasibility study and seen that your business project is feasible, the next thing is to choose a good design for your products base on who you are producing for. Product design is the first thing that attracts a customer before the price and quality. Your quality might not be the best but a good design will enable you sell your product faster.
For example, an entrepreneur who produce mainly for children should know that children are attracted to toys and cartoons. So creating a product like a school bag or shoes that has the image of any actor in their favorite cartoon like: Mr. Bin, Power Rangers, Fireman Sam etc, will mean success in the market. Also, children are attracted to colorful toys and designs.
As for ladies, they are attracted to colors like; pink, white, purple, red and to an extent black dealing with products of such designs will mean success.
Good packaging and preservation of products especially eatable products gives customers the confidence of consuming the product without fear of infections.
3. Trading with Complimentary Goods/products
Trading with or producing complimentary goods or services is another entrepreneurial marketing strategy.
When we talk of complementary goods, we refer to those goods/products that can be substituted for others. That is to say that, in the absence of one the other complimentary product can replaced it.
For example, an entrepreneur selling bread and chocolate may also sell mayonnaise and butter so that in the absence of chocolate, a customer can decide to go with butter or mayonnaise. This help you maintain your customer and make profit.
An entrepreneur who sells beer meal and also sell fish so that in the absences of meal, a customer's second choice may be fish.
Other complimentary goods are; Maggi and salt, bread and cake, shoes-bags-dresses, phone and charger or earphones, Car and petrol, book and pen, etc.
4. Introducing Auction Selling
The introduction of auction selling in a business activity is an entrepreneurial marketing strategy although it is less frequently used nowadays.
An auction is a system of buying and selling goods or services by offering them for bidding, that is allowing them to bid and selling it to the highest bidder.
Entrepreneur who implement this method have a greater advantage because this will help prevent your products from going out of fashion and also getting expired. They usually do this using products that are almost going out of fashion and those that if not consumed will get expired.
In order to achieve success, they usually mixed this goods with fashion products to attract bidders. Auction selling help in minimizing lost and also the recovery of business capital.
5. Credit marketing
Here, we are talking about selling goods on credit which is a marketing strategy used by mostly entrepreneurs of larger scale production.
An entrepreneur might give his goods or services to his customer on credit with the aim that the customer pays him after selling them. Or in the case where market is not productive for him, he might give his product to a customer who pays him after selling them. In this case, he will become a creditor from the customer.
6. Home Marketing
Some entrepreneur prefer to choose a marketing strategy which allows them to do a door to door business transactions.
They prefer selling their products to customers at their homes radar than going to the market. Although it is a stressful process but it is profitable and advantageous to the entrepreneur since there is no competition and the customer has lesser choices to make.
Some Examples Of Entrepreneurial methods [Strategies]
Here are some examples of entrepreneurial strategies:
Differentiation: This strategy focuses on making your product or service unique and desirable to customers. You can do this by offering superior quality, innovative features, or a unique customer experience. For example, Apple differentiates itself by offering high-quality, stylish consumer electronics products.
- Cost leadership: This strategy focuses on producing your product or service at a lower cost than your competitors. You can do this by using efficient production processes, sourcing low-cost materials, or negotiating favorable deals with suppliers. For example, Walmart is known for its cost leadership strategy, which allows it to offer lower prices to customers.
- Niche market targeting: This strategy focuses on serving a specific niche market, or group of customers with shared needs and preferences. By focusing on a niche market, you can better understand customer needs and develop products and services that meet those needs. For example, a company that sells vegan clothing is targeting a specific niche market.
- Innovation and disruption: This strategy focuses on developing new products or services that disrupt existing markets. Disruptive innovations can create new markets or displace existing competitors. For example, the introduction of the smartphone disrupted the mobile phone market.
- Strategic partnerships and alliances: This strategy involves partnering with other businesses to share resources, expertise, and markets. Strategic partnerships can help businesses to grow faster and expand into new markets. For example, a small business might partner with a larger company to distribute its products.
- Market segmentation: This strategy involves dividing the target market into smaller groups of customers with similar needs and preferences. This allows businesses to tailor their marketing and sales efforts to each segment. For example, a company that sells clothing might segment its market by age, gender, and income.
- Diversification: This strategy involves expanding into new markets or product categories. Diversification can help businesses to reduce risk and generate new revenue streams. For example, a company that sells software might diversify into cloud computing.
Entrepreneurs can use a variety of strategies to succeed, depending on their specific business goals and circumstances. It is important to choose a strategy that is aligned with your business's strengths and weaknesses, and that is realistic given your resources.
Here are some additional examples of entrepreneurial strategies, used by successful companies:
Amazon: Amazon uses a combination of entrepreneurial strategies, including differentiation, cost leadership, and market segmentation. The company differentiates itself by offering a wide selection of products, competitive prices, and convenient delivery options. Amazon also uses cost leadership to keep its prices low. And the company segments its market to offer different products and services to different customer groups.
Tesla: Tesla uses a differentiation strategy to compete in the electric vehicle market. The company's cars are known for their stylish design, innovative features, and long range. Tesla also has a strong brand reputation and a loyal customer base.
Netflix: Netflix uses a combination of differentiation and innovation strategies to compete in the streaming video market. The company differentiates itself by offering a wide selection of TV shows and movies, personalized recommendations, and offline viewing. Netflix also invests heavily in original content, such as Stranger Things and Bridgerton.
These are just a few examples of entrepreneurial strategies. There are many other strategies that entrepreneurs can use to succeed. It is important to choose a strategy that is right for your business and to execute it effectively.
What are Some Limitations Encountered by Entrepreneurs in the Market?
After seeing the entrepreneurial marketing strategies above, lets now look at some limitations face by entrepreneurs in the market.
Entrepreneurship may sounds good and the best way to independence. Never the less, there are some limitations encountered, some of which are;
1. Poor Accessibility to the Market
Poor access to market is a limitation that most entrepreneurs in the rural area faced.
An entrepreneur will face transportation problems if access to the market is poor and at times most products gets bad even before arriving the market, bringing about a lost in business.
2. The Small Size of the Market
The small size of market is a limitation faced by entrepreneurs .
Entrepreneurs who produce in large scale will face challenges in marketing if the size of the market is small. For this reason, they might choose to deal with urban areas radar than rural areas.
3. High Tax fee
The market authorities usually place taxes on any space occupied in the market. If these taxes are high, it becomes difficult for young entrepreneurs to pay and this will hinder them from doing business.
4. Dealing with Seasonal Products
There are products that people will purchase more at a particle season and less in another season. Understanding this as an entrepreneur will help you to know when to engage in such lines of business. The limitation will come if you don't know know when to buy or produce such goods.
For example, goods like umbrella, rain cord, pullovers will usually have a high purchasing power in the rainy season than in the dry seasons. Also, people will buy more dressing during festival period like in December and more school materials during school resumption in September etc.
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Entrepreneurial marketing techniques are the different ways, activities and methods put in place by an entrepreneur in other to achieve success in the business world.
As already explain above, in order for success to be achieve by an entrepreneur, it is important to know what to produce, where to produce it, when to produce and for whom to produce.
Also, it is important to know his competitors and how to compete with them in the market either by creating beautiful designs or good quality products.
Some limitations could be; difficulty in accessing the market, the size of the market and taxes.