Entrepreneurial marketing strategies


The scenario of a competitive market is such that it is pretty much easy to get lost in a crowd of powerful business giants. Here lies the challenge for entrepreneurs to stand out from their competitors. 

A business can be made unique by creating marketing campaigns in unusual, new, and aggressive ways so that it hits the minds of the customers. It is up to an organization whether it would like to channel all of its marketing endeavors towards a single strategy or use all of them at once.  

Some of the successful marketing strategies used by entrepreneurs in the past have been mentioned below:

   Relationship Marketing- Relationship marketing aims to create a strong bond between the customer and the brand.

❏ Expeditionary Marketing- This area of marketing simply focuses on manufacturing innovative products and creating markets. Here the organizations act as leaders rather than acting like followers.

❏ One to one Marketing- As the name suggests one to one marketing simply focuses on the process where every marketing effort is more or less personalized. It is basically selling an idea on one to one basis. For example, a salesman communicating with a prospective buyer about his goods.

❏ Real-Time Marketing- Uses the instruments of technology to interact with consumers in real-time.

❏ Viral Marketing- Viral marketing includes placing marketing-related messages on the internet so that such messages can be shared to reach a significant number of audiences.

❏ Digital Marketing- Digital marketing involves the utilization of the power of internet tools such as social networking and email to enhance marketing efforts.

The entrepreneurship theories of economics date back to the first half of the eighteenth century. The works of Richard Cantillon got worldwide recognition as it introduced the idea of entrepreneurs as the risk takers.  

The neoclassical, classical and Austrian markets process the school of thought that pose the explanations for the entrepreneurship that emphasizes the aspects of economic conditions and the various opportunities created by them. 

The economic theories of entrepreneurial marketing tend to be at the end of criticism that is pretty much constructive for failing to recognize the open characteristics of the market systems, its dynamics, downplaying the contrasting contexts in which entrepreneurship thrives as well as avoiding the unique features of entrepreneurial activities.

Individuals and organizations leverage multiple types of resources to get the efforts of entrepreneurial marketing. Resource-based theories work with this conception. Access to a significant amount of capital provides chances of getting a new venture started on a positive note (Becherer, 2016)

Most of the entrepreneurs start ventures with very little capital. The other forms of resources that entrepreneurs depend upon include the information and social network they offer and also education which happens to be one of the most important sources of human resources. 

There are cases when the entrepreneur adds to intangible components of leadership that operate as a resource that cannot be replaced by the business.

The psychological theories tend to focus on the emotional or mental aspects of the individuals that drive them. Psychologist and Harvard Professor David McClelland puts forward a theory and the theory states that the entrepreneurs possess some desire for achievement that drives their activity. 

University of Connecticut professor Julian Rotter introduces a control theory where she states that individuals with very strong internal locus usually believe that their actions have the ability to influence the outer world. Researchers have come with observations that most prominent entrepreneurs have this personality trait. 

This particular trait in entrepreneurs brings a wide range of creativity and adaptability to changes and optimism.

Being an entrepreneur you must take these theories into consideration while dealing with ID lanyards business.

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