MGT 340 - Chapter 15: Engaging Customers Through Marketing Study Guide (2023-2024) PDF

Chapter 15: Engaging Customers Through Marketing Dr. Kipp A. Krukowski MGT 340 – Fundamentals of Entrepreneurship Entrepreneurial Marketing • Main features: Innovation, risk taking, and resourcefulness • Focuses on proving you can solve a customer’s problem/need • Until there is traction, mar...

Chapter 15: Engaging Customers Through Marketing Dr. Kipp A. Krukowski MGT 340 – Fundamentals of Entrepreneurship Entrepreneurial Marketing • Main features: Innovation, risk taking, and resourcefulness • Focuses on proving you can solve a customer’s problem/need • Until there is traction, marketing and sales very much about finding, acquiring, and keeping customers (build trust) • On a timeclock to gain traction in a new market • Word-of-mouth and social media marketing – It’s about chasing reputation, credibility, and buzz (build community) • Web has changed the rules of marketing • Buyer is more in control today Entrepreneurial Marketing Basic Principals of Marketing • • 4 Ps of marketing – Product - Tangible vs Intangible – Price – Perceived Value – Place – Where Distribution Takes Place – Promotion – Ways of Communication With Customers Plus 3 others – People – Responsible for sales and marketing – Packaging – Visuals through eyes of the customers – Positioning – Strategy relative to competition • Marketing mix • Branding and strategy Guerrilla Marketing • • Low-budget strategy that focuses on interacting with a target group – Understand target market and traffic – Difficult to measure Examples: – T-Shirts – Emails – Characters in Costume – Advertisements on cars – Stickers – YouTube videos Marketing Through Social Media • Valuable way of following market trends, finding new employees, and building and maintaining relationships with customers • Advantages: • – Ability to focus on groups – Can be inexpensive – Can become an influencer – Can help with SEO Getting the most out of it – Start with Research – Think about your goals and design strategy – Post regular updates and monitor Content Creation Tips to Drive Sales • Creative content aims to educate, inspire, and entertain people – Customers to get to know the human side of your business • Make content about them, not you • Develop a fresh point of view • Pick your battles – Taking divisive standpoints may put off some of your customers • Be authentic • Use your gut • Quality is the key Building Your First Website • Websites with crisp, clean designs are the most successful • Your website must be easy to navigate • Attracting an audience takes time • Evolves over time (won't be perfect at first) 10 Mistakes to Avoid When Building Your Website • Inaccessibility • Difficult-to-find contact information • Overusing the “wow” factor • Slow load times • Not getting picked up by search engines • Long sections of text • Poor navigation • Not monitoring your site • Not updating your content • Failing to link to social platforms Personal Brand Marketing Yourself • • Investors will want to see: – They can build a long-term relationship with you – You have the personality that they can work with How to Make a Good First Impression – Be Polite – Dress Nice – Discover Areas in Common – Be Open – Learn to Listen – Handshakes – Body Language – Confidence The Art of Pitching • • Very Important to the Success of the Business – Capture the essentials (Idea, Team, Special Sauce) – Do your research (market opportunity, for example) – Takes time to perfect – Be prepared for questions – Understanding your audience – Think about their needs/wants from this pitch Pitch Trustworthiness – Don’t Lie About Skills – Be Honest About Flaws and Mistakes – Accept Critique, Suggestions, and Feedback 3 Key Points • Sales and marketing will make or break your startup. Great ideas don’t sell themselves. You must get out there and do it! • You will likely have a limited budget thus you must be strategic about where to invest your time and money related to marketing. • The entrepreneur and the company are often one in the same. The impression that customers (or investors) have of you is how they will feel about your product/service and will give them the confidence (or lack of confidence) in you delivering what you promise. Questions? Dr. Kipp A. Krukowski MGT 340 – Fundamentals of Entrepreneurship