Starting a business is like setting off on an exciting journey, but it’s not always a smooth ride. As you venture into the world of entrepreneurship, some key ideas can steer you towards long-term success. Let’s break down these marketing principles in a way that’s easy to understand for budding entrepreneurs.
Principle no. 1. Awareness Before Revenues: The Power of Recognition
Think of awareness like the opening chapter of a good story — it comes first. Why invest in marketing only after making sales? Start building awareness early to make your business more recognizable.
Awareness contributes to building trust. When target customers are familiar with your brand, they are more likely to trust it — an essential element in the decision-making process. Trust simplifies choices for consumers.
Principle no. 2. Branding Not Trading: Building a Lasting Impression
Marketing is more than just buying and selling; it’s about creating a brand that people remember positively and establishing an emotional connection. Make your brand name simple and descriptive, allowing customers to easily remember and connect with your product.
In a marketplace filled with choices, consumers are more likely to choose a brand that resonates with them
Principle no. 3. Value Over Price: Redefining Entrepreneurial Worth
Don’t lower your prices just because you’re new. Instead, tell your customers why your brand is relevant and unique.
While lowering prices might attract attention initially, it can create a precarious situation. Competing solely on price can lead to a race to the bottom, impacting profit margins and the overall sustainability of your business. Value, on the other hand, ensures a solid foundation for long-term success.
Principle no. 4. Proposition Before Marketing: Crafting a Compelling Narrative
Before marketing your product or service, make sure it’s a good one. A clear and compelling proposition fuels effective communication and engagement. The right proposition is the key to successful marketing.
By effectively communicating the value your brand brings — whether through quality, innovation, or exceptional customer service — the perceived value is elevated in the eyes of the audience.
Principle no. 5. Relationship Over Sales: Cultivating Customer Connections
Sales come from first-time customers and repeat purchases. Focus on customer satisfaction to build a loyal customer base. Repeat customers are more likely when they’re satisfied with your product and/or service.
Business longevity is often linked to a loyal customer base that not only returns but also becomes an advocate, influencing others to choose your brand.
Principle no. 6. Teach Others: The Entrepreneurial Ripple Effect
Teaching isn’t just for schools — it’s part of a smart marketing system. It improves skills, enhances customer experience, and fosters a collaborative culture.
Teaching is not just about transferring knowledge; it’s about creating a system that can be duplicated successfully. Whether within your own offices or through franchising, a well-structured system ensures consistency and efficiency, reinforcing the principles that contribute to your business’s success.
Principle no. 7. Process Not Self: Scaling Through Effective Systems
Imagine if your business could run smoothly even when you are not around. Having effective systems in place is better than being tied to the business all the time. Build an effective process that ensures your business operates seamlessly to satisfy customers.
An effective process not only streamlines internal operations but also contributes to a positive customer experience. From order fulfillment to query resolution, having a systematic approach ensures that customers receive the same level of service every time.
Principle no. 8. Feedback Is the Best Gift: Leveraging Customer Insights
Feedback isn’t criticism; it’s a valuable gift. When customers share their dislikes, it’s an opportunity for improvement. It is the heart of evidence-based decision-making. Instead of making random choices, base your actions on solid evidence derived from customer insights.
Dislikes highlight areas where your business can evolve and excel. By addressing these concerns, you not only improve customer satisfaction but also demonstrate a commitment to providing a product or service that aligns with their preferences.
Remember, learning these principles can set you on the path to success. Be a lifelong learner, attend seminars, seek mentors, and don’t be afraid to ask for guidance. It’s a smarter way to navigate the entrepreneurial journey.
***
Josiah Go is chair and chief innovation strategist of Mansmith and Fielders Inc. The 8th Entrep Summit: The Future-Ready NextGen is happening on January 30, 2024, Live via Zoom. Visit bit.ly/The8thEntrepSummit.for more details.
See more articles on Entrepreneurship.
