Many entrepreneurs usually do not tend to follow traditional marketing principles. So, what is the entrepreneurial marketing? And to what extent different from traditional marketing.
Entrepreneurial marketing is the proactive identification of opportunities for accruing and retaining profitable customers. Instead of the market being a place for transactions, it’s a process that enables producers and consumers to co-produce and co-consume not only a product but a lifestyle and an identity. Thus, entrepreneurial marketing is, in this sense, a process of co-creating opportunities.
The most common features of entrepreneurial marketing include innovation, taking the risk, and being proactive. Entrepreneurial marketing campaigns try to highlight the company’s greatest strengths while emphasizing their value to the customer. Focusing on innovative products or exemplary customer service is a way to stand out from competitors.
In short, traditional Marketing depends on every strategy and activity of the organizations should focus on meeting the customer needs.
Entrepreneurial Marketing vs. Traditional Marketing
There are several concepts that separate entrepreneurial marketing from traditional marketing.
1- Business Orientation
The traditional marketing requires an assessment of market needs before developing a product, but the entrepreneurial marketing often starts with an idea and then trying to find a market for it. So, the traditional one is defined by customer orientation, But entrepreneurial one is defined by entrepreneurial and innovation orientation.
2- Strategic Level
In traditional marketing, where a clearly defined sequence of activities, such as segmenting, targeting and positioning, takes place. But Successful entrepreneurs practice a reverse process from the bottom up: once identified a possible market opportunity, an entrepreneur tests it.
3- Tactical Level
Entrepreneurial marketing doesn’t fit in with the traditional in the product, price, place, and promotion. entrepreneurs adopt an interactive marketing approach that’s driven by their preference for direct and personal contact with customers. Entrepreneurs interact with customers with activities like personal selling and relationship marketing activities.
4- Market Information Gathering
Entrepreneurs understand the importance of monitoring the marketing environment, but they use informal methods like personal observation or collecting information through their networks of contacts.