What are the 3 most important elements of entrepreneurial marketing?
If a new entrepreneur came to you and asked:
What are the 3 most important elements of entrepreneurial marketing? (Meaning, those that will lead you to achieve entrepreneurial business success.)
What your three elements will be?
Success has many definitions, so for the sake of this discussion, I would define entrepreneurial business success as achieving:
- Paying customers
- Brand Awareness (and preference)
That is the question I recently asked tens of opinion leaders and successful entrepreneurs.
And in this post, I’m asking you, my readers the same question.
Anyone who answers these questions will win a free half hour ‘one on one’ with me to discover what their specific 3 elements are.
Lets go over the main elements of entrepreneurial marketing:
Those factors are divided to 6 groups.
- Market strategy
- Social Media
- Become an Influencer
- Traditional Marketing
Let’s learn a bit more of the elements of each group.
The four corner stones of your market strategy (By The Gaia Model)
- The Customers - Identify the customers that are ready, right now, to adopt and pay for the product
- The Product - To market our product to the chosen customers, we need to look at the product and define it from the perspective of our potential customer. The challenging part for entrepreneur is how to define a new, unfamiliar product.
- The Category - Find the category the product needs to play in. People purchase products; people think in patterns. This allows us to define and position ourselves inside these patterns.
- We should always aim to look for a category that we can lead. If the product belongs to a market that still does not exist in the customer's mind, we have an opportunity to become the leader from the very beginning.
- The Value proposition - Find the value that will motivate the customer to purchase the product. What is the internal drive that will motivate the customer to purchase the product?
Your Website - Never in the history of business every company or provider had a showroom that anyone in the world could find
- SEO (Search Ending Optimization) - I can’t emphasize enough the importance of SEO. This is something that should be done correctly from day one of your site and through all your content creation.
- How? My recommendation is to use an hourly consultant, first for your site and then 3-5 monthly hours.
- Analytics - This is the real magic of AI at your fingertips. So much information and data power for you to learn from and change accordingly.
- Blog - I’ll talk about it within the content part. However, your blog is the important tool to attracting an audience to your website.
- Social media presence - You should be in the platforms where your audiences are hanging, interacting, and sharing content.
- What? Share valuable content, react to customers, audiences,
- Influencers, and colleges, as well as constantly widen your contacts.
- Use different types of contents: Writing, Video, Audio, Images, etc.
- Note: Each network has its language, rules, and style; be part of it.
- Where: Social media platforms where your target audience hangs out,
- Facebook, Instagram, LinkedIn, Twitter, YouTube, Pinterest, email
- marketing, and more.
- The four leading trends in social media in 2019-2020
- Facebook Groups - Still free and the most effective group interactions and member dialogs today.
- Facebook Live - Still free and attractive, real time interaction is a gift.
- Instagram Stories - relevant to specific audiences and effective today.
- YouTube channel in particle and video in general. I’ll talk about video in the content part.
Types of content
Content - The idea behind content is to attract your audience with educational, relevant content in your field that will be valuable to their success and will position you or your company as the trusted professional provider.
- Written content is probably the classical way to transfer information and provide value. The blog post is the most common way of professional written content however emails, books, eBooks, scripts, and guides are popular as well.
- Video - For several years now, business owners and marketers know they should publish videos to attract customers. Many haven’t started yet or only do so occasionally. However, Instagram stories, as well as Facebook Live, really boost the trend.
- Podcasts - The strength of audio; music, podcasts, and audiobooks are a part of being exposed to content wherever and whenever you want to listen.
- Email Marketing - Email marketing can be a part of social media or content; it was a significant part of interacting and engaging with your customers. However, recently it seems like email marketing is not as effective as it used to be.
Become an Influencer
Entrepreneur can and should become a leading influencer of their market category.
Once you decide, based on research and market overview, what market category you can lead and take ownership of, it’s time to become the voice of this category. The idea is to build yourself as an expert in your field and become known in your field of expertise.
Although we live in a new era of marketing, which is based on creating and adding value, there is still a place for traditional marketing - meaning offline marketing.
- For years, we used to divide the marketing activities into two: Above the line and below the line (ATL - BTL)
- Above the line were the activities that involved media and are largely non-targeted and have a wide reach - among these activities we would find TV ads, radio, outdoor, and printed newspapers.
- Below the line means physical interaction with customers, often known as direct marketing or ‘one to one’ interaction - it can be an exhibitions, promo girls, flyers, events, and the like.
Whether it’s a newspaper advert, radio campaign, or outdoor; it’s all about where our customers are and what would affect them most.
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