ENT4122 Go to Market Strategies: Personal Selling

Go to Market Strategies - Personal Selling

• Course name: ENT4122
• Textbook: SELL 7th Edition by Ingram, LaForge, et. al.
• ISBN-10: 035790138X
• Textbook e-book program changed from Brytewave to Willolabs
• E-book should be available tomorrow
• Announcement will be sent once available

Life of an Entrepreneur

• Cartoon depicts a contrasting view of entrepreneurship
• One side portrays relaxation and ease
• The other depicts a busy and demanding schedule

Entrepreneurial Mindset

• Key traits include: passion, belief, determination, risk taking, resilience, courage, vision, instinct, discipline, adaptability, and inspiration
• Entrepreneurial mindset test is available

Entrepreneurial Mindset - Growth vs. Fixed Mindset

• Growth Mindset: Learning and perseverance are valued
• Fixed Mindset: Abilities are static and unchanging

Entrepreneurial Mindset - Ability to Act

• Quick thinking and action under uncertainty
• Perseverance and learning from failure
• Creating opportunities

Five Principles of Effectuation

• Means (Bird-in-Hand): Start based on available resources
• Affordable Loss: Prioritize downside acceptability over upside attractiveness
• Co-creation (Crazy Quilt): Form partnerships for shared future creation
• Leverage Contingencies (Lemonade): Adapt to surprises and unexpected opportunities
• Worldview (Control vs. Prediction): Believe in influencing the future

Choosing a Business and Initial Analysis

• Idea generation is a process taking time and interaction
• Potential entrepreneurs start with multiple ideas, but analysis frequently leads to pivots or the scrapping of initial ideas
• Analysis requires focus, time, and investment
• Gap analysis is a strategy to identify a business opportunity

Gap Analysis

• Analyzing the difference between expected and observed outcomes in the marketplace
• Comparing market opportunities with personal capabilities

Ways to Identify Gaps

• Examine trends
• Interview successful local entrepreneurs
• Discuss ideas with family members
• Observe environmental changes
• Brainstorm
• Identify daily frustrations
• Review patent files

Don't Have to Be First

• Being second or third to market can be more advantageous in certain situations
• Easier to explain and clarify your approach/strategy

Don't Have to Be Unique

• Most important is getting enough loyal customers to support your business
• Effective value creation and customer experience are key elements
• Successful companies like Apple, FedEx, and Starbucks demonstrate success built on existing ideas and innovations

Value Proposition

• Identify the problems being addressed by a product/service
• Define the target audience

Entrepreneurial Keys to Success

• Effective sales generation model
• Sustainable operating profit margins
• Proper financing

Entrepreneurial Multi-Tasking

• Entrepreneurs wear multiple hats (e.g., salesperson, marketer, product developer)
• Balancing various responsibilities is a crucial skill

Marketing & Sales

• Marketing: Processes of creating, communicating, delivering, and exchanging offerings to customers
• Sales: Transactions with customers/clients exchanging value for money; includes tangible or intangible goods/services

Marketing and Sales - Integration

• Marketing involves creating opportunities and conversion potential
• Sales provides actual customer interactions and persuasive engagement

Entrepreneurial Sales

• Entrepreneurial sales involve identifying, prospecting, and acquiring customers
• It differs from traditional sales being more creative, adaptable, and hands-on
• Strong relationships and providing value to customers are critical

Financing Sales

• Entrepreneurs often face limited financial resources
• Resourcefulness, cost-effectiveness, and leveraging personal networks are important aspects of sales financing

Entrepreneurial Success

• Persistence necessary for overcoming obstacles
• Facing rejection is common
• Maintaining a "never give up" attitude is essential.

Adaptability

• Market feedback and changing circumstances influence sales strategies
• Adaptability and pivoting sales strategies is crucial

Product Knowledge

• Deep product/service knowledge is essential
• Entrepreneurs often represent their brand in sales

Importance of Selling

• Selling yourself as a person and a business is as critical, if not more important, than selling products
• Selling efforts need to focus on a variety of stakeholders beyond just customers (suppliers, investors, advisors and potential partners).

Technology Utilization

• Technology increases efficiency and productivity
• Using technology for seamless sales (CRM, email, e-commerce)

Customer Feedback

• Gathering customer feedback is crucial
• Monitoring the effectiveness of sales efforts and iterating on approaches improves sales performance.

Changing Landscape of Consumerism

• Distinguish between "Me Marketing" (intrusive, product-focused) and "You Marketing" (fit needs, customer-focused)
• Consumer power has shifted to customers and this change profoundly impacts marketing practice

Stages of Consumer Journey

• On average, the buyer's journey involves 30 touch points.