Entrepreneurs' guide in managing marketing for tomorrow

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10 principles of marketing for entrepreneurs of tomorrow


  • 1.ENTREPRENEURS' GUIDE IN MANAGING MARKETING FOR TOMORROWTkjains 10 simple principles of marketing for the fresh entrepreneurs Dr. Trilok Kumar JainEntrepreneurs Guide to Managing MarketingPage 1

2. ENTREPRENEURS' GUIDE IN MANAGING MARKETING FOR TOMORROWby : Trilok Kumar Jain Dean, ISBM, Suresh Gyan Vihar University, Jaipur, India jain.tk@gmail.com Mobile : 9414430763 Author of book on: Marketing Managementfor whom? Are you an entrepreneur? - this will help you thow who have become entrepreneurs Entrepreneurs Guide to Managing MarketingPage 2 3. those who aspire to be entrepreneurs those who aspire to train entrepreneurs thow who aspire to support entrepreneursIntroduction Its great to be entrepreneur - its even greater to be someone who creates innovative products and services for the people - its even more greater to create solutions for this small planet. Entrepreneurs are born to offer solutions to humanity and to ease our lives. Entreprenuers need support and mentoring. Let us all join together to reduce bureaucratic, legalistic, social and political hurdles that we are creating all around entrepreneurs. The real growth in our times is created by entrepreneurs, but all other segments of society take away the rewards and ultimately curse the entrepreneurs for all the pollution and degradation created in the process. Let us recognise that we all have come to this planet as a journey and this journey is accomplished most beautifully if we are able to discover Entrepreneurs Guide to Managing MarketingPage 3 4. solutions for our (man-made) problems faster - which is really possible. No business without marketing. No entrepreneurship without customers. No survival without turnover. Marketing is the blood and soul for every entrepreneur. Marketing cant be learnt from books, it is an approch. Dig yourself deep into a customer centric approch and immerse yourself in the position of the customer. See what fantasy can you create for the customer. See how can you make the customer 'wow'. Marketing is all about being innovative, techy, creative, and artistic. Marketing is all about finding the gap in the market and designing your offering to make the customers hungry for the gap. You have to make the customer aspire your products. People have sold useless and harmful products even through marketing. I wish that you should be one who offers really useful and beneficial products to the society. There are many difficulties and challenges faced by society. More the challenges, more are the opportunities for marketers. You should jump to the occasion and Entrepreneurs Guide to Managing MarketingPage 4 5. catch the challenge with your offerings. Poeple will salute you, your cause, admire you, reward you and support you for your initiatives. You will find that your customers are your best brand ambassadors. You will discover that real marketing is nothing but being prophet to your customers. You will be amazed to know that its not you cost, but its your imagination for which people will pay and they will be grateful to you for all that you have created and offered. 10 Principles of Marketing for the entrepreneurs of tomorrow : 1. beyoung : i am not talking about age - its aboutideas. Be young in your spirit, thougts and actions that will propel your company to a high growth path. Your energetic voice and your youthful adventurous approach will drive every employee to work with zeal and energy, which is the first requirement for any marketing. If you are youthful, you will adopt technology also in marketing. You will add catchy keywords in your online campaigns. You will add energetic touch in your products and services Entrepreneurs Guide to Managing MarketingPage 5 6. through their attractive designing and positioning. Being young means you are displaying youthfullness in your products and services. People wish to be associated with youth - and your initiatives will make you appear youthful. See your company's logo, your company's names, communication, dress, appearence, furniture, designing, internet campaign - make all look young. 2. dothe opposite of other companies:Rules are made by companies and business norms are set by the collective efforts of the companies. The companies that innovate are different from others. This difference should be eye-catching. When Gramin Bank of Bangladesh started, it just did opposite of the traditional banking system - and it evolved what we recognise as the most fascinating micro-finance system of our times. When IGNOU spread, it introduced flexible education system not found in traditional colleges - and IGNOU became extremely popular among learners. Today the distance education system created by IGNOU is Entrepreneurs Guide to Managing MarketingPage 6 7. being admired and followed across the country. New products and services evolve out of dis-engagement with the traditional ones. 3. dontspend money on advertisements, invest in PR & promotions: for new entrepreneurs - advertisements only prove to be burden. Advertisements generate revenues - but that takes time. Entrepreneurs need quick cash flows in the beginning. PR and sales promotions generate quick returns. This will enable entrepreneur to strenthen the position of the company and build a brand slowly but steadily. There are many options in PR, which can help the entrepreneurs in generating quick sales. There are also various types of promotion schemes including online marketing promotions schemes, special discount schemes etc. These schemes should be carefully designed not to dilute the brand value of your company (as discount schemes generally dilute the brand value and therefore should be avoided).Entrepreneurs Guide to Managing MarketingPage 7 8. 4. redifineyour product: what is your product(or service) ? If you selling a car, you are mistaken, so whats the product? the product is the bundle of benefits that you are offering to your customers. Why is your customer buying your product? Its not the car, but its the benefit that you promise to deliver - that makes customer come to you. You have to redefine the product again and again - as the customers' requirements also change. The benefits that the customers expect also change. So why dont you also redefine your product. When I was studying in school, my parents expected the school to train me in Hindi, Mathematics, Science, and fundamentals of English. Today's parents are not satisfied with this much. They expect much more. They expect the school to do all that they are not able to do - from teaching, to personality development, to hobby classes, to developing ettiquettes, to communication skill enhancement ... so on. The product that the schools are offering today is different from what it was 25 years back. The situation has changed, the customers are Entrepreneurs Guide to Managing MarketingPage 8 9. different, their expectations are different. As an entrepreneur, you also have to redefine your products and services. 5. learnfrom product failures : Product failuresshould be your gurus. Take them as case studies. Meet the team behind such products and services and learn from them. They have tried somethings which proved failures - you can know about these things without trying. Meet the laboratories and the product development teams and understand how they designed products - so that you can avoid those mistakes that they have committed. 6. learnfrom retailers: retailers feel thecustomers. If you can feel the customers - its the best. If you can talk to the customers - its the best. Otherwise, talk to retailers, who will tell you the pulse of the customers. 7. extendsupply chain relations from last supplier to the ultimate customer : supply chain is to create a strong relation with the suppliersEntrepreneurs Guide to Managing MarketingPage 9 10. as well as customers. It is to understand that they are also a part of your team. It is to understand that growth in your business is dependent on them as well as instrumental in their development. It is to have detailed discussions, frequent communication, and a strong strategy formulation with them. It is to involve them in your important decision making. Strong linkage with the supply chain will ensure that you are able to have a very strong winning chances. 8. ruralmarketing - the key to the future :companies like HUL send their executives for a rural orientation programme and design their marketing programmes keeping the rural India in perspective. This is the need of today. The rural market is just like urban market, but the marketing strategies are slightly different. The urban market is hard to please, difficult to change, indifferent to your messages and aspiring for alien brands, but the rural market is one, which is easier to approach, easier to talk to. Rural market takes decisions based on referrals of retailers and other communicators - which is the forte for Entrepreneurs Guide to Managing MarketingPage 10 11. entrepreneurs in the beginning. 9. createunique products- with distinct brandsand distinct market segments : experiment, experiment, experiment, and ultimately break the rules of the business. When a fast forward bank introduced flexi-fixed deposits - it clicked - because it was different. When you go to the market - identify products that fail to meet the aspirations of the customers. Look into the market gap and try to fill up the gap with your unique offerings. Break the product into a bundle of offereings (benefits) remove some, add some, add some which have not yet been imagined and see what product can you offer. Explore the possibilities of combining / detaching / removing product features and ensure that your product is beyond the expectations of the customers. It should create a 'WoW' experience. It whould offer surprises. A small growing market segment is better than a large market segment without unique positioning. A strong market niche will be formed only if there are clarity about what Entrepreneurs Guide to Managing MarketingPage 11 12. distinct you are offering and how are your offerings able to meet the aspirations and dreams of your target segment. Customers search for their dreams in the products and services they buy. Customers wish to buy products and services to feel glorious, to feel special and to feel that they are able to achieve what they aspired. Customers would be willing to promote your brands if they find your brand to be admirable. You have to cultivate the habit of recognising, accpting and changing the change. You have to question yourself daily and break your habits regularly so that you can be the one who can bring changes for the society. The tendency to accept what is going on is the inertia that will kill your entrepreneurial spirit. 10.beloud, make your products louder, bolder and confident : your products and services carry a personality, marketing is all about being visible, being audible, being talked about. Marketing is about those who are bold and beautiful. Marketing is all about being the mostEntrepreneurs Guide to Managing MarketingPage 12 13. admired, most aspired and most desired brands. Marketing is to create a personality that is an ideal personality for the segment. Marketing will succeed only if there are strong communications with the market. This communication will be based on what strengths you are able to place before the market. Identify your strengths, identify your uniqueness, identify your difference, and go loud to the market.Pl. do read my other articles also - which are freely available on the net : 10 Point Orientation Programme for the Future Entrepreneurs Beginners Guide to Career Enrichment Biographies of Great Scholars from Bikaner Bikaners Greatest Role Models of our times Sujit Lalwani An Inspirational Leader and Social Entrepreneur Abhay Jain Granthalaya Bikaner Harakh Chand Nahata The Great Social EntrepreneurI also need your support - I also need your network - I also need your patronage - I also need you.Entrepreneurs Guide to Managing MarketingPage 13