Successful entrepreneurs wear many hats, but what would you say an entrepreneur’s purpose is?
I think the purpose of any entrepreneur is to enable ordinary people around him to do extraordinary things. Successful entrepreneurs are able to motivate, support, and develop his team to think creatively, especially when it comes to developing successful marketing campaigns that help grow the business.
One marketing strategy I have applied to the various startups I have been involved in is called the 3C’s model of successful marketing. This business model suggests that your business must focus on three key factors to achieve success in the industry you are operating in. In order to sustain competitive advantage, your company will focus on your customers, competitors, and company.
Your customers are like the bread and butter of your company’s success. Without customers you have nothing. Who are your customers? What is their level of loyalty? What strategy did you use to obtain your customers and how have you kept them loyal to your brand? Is it because of your price, quality, or both?
In today’s changing technology environment, businesses are able to reach their customers in just a few clicks of the mouse. At the same time, customers are able to reach any company executive using the same approach through social media mediums, like Twitter, website comments, YELP!, and most any other creative approach online. Companies that know how to utilize the new tools in a world that has quickly gone social will have a distinct competitive advantage.
In order to address your competition it is important to understand what your company’s strengths and weaknesses are. You need to know what you are good at and focus on that niche attribute. It is acceptable to have weaknesses, but you want to be aware and understand how to work with your weaknesses and not go against the grain. Know and have a full understanding of how your value proposition (what your business does differently from the rest) is strategically different from the rest of your competition in order to keep you operating with a competitive edge. Your value proposition is what makes your business uniquely different. What you don’t know about your company and competition, can and will hurt your business in the long haul. Just because you would not give your competition the information does not mean that they would not give it to you.
What is your value proposition or what does your company do that is unique, about the services or products you offer?
A common goal will want to have is how well you differentiate your product or service. It is easier said than done, but you do not want to get hung up on the small stuff, like benefits if your customer uses your product or service. Focus on the product and what it is.
Your company will also want to have a mission and value statement. These two statements help your employees to rally behind what the company is doing. When developing your mission statement focus on your company’s product, service, values, and the market you are operating in. Try to have your language precise and as specific as possible not using too many words. Your value statement represents the core priorities in your company’s culture. Your value statement acts as guide posts for your employees to follow the intended direction of the company.
Value marketing as entrepreneur is how you are bringing value to your customers with your product or service. Offer products or services that perform consumers have low tolerance levels so be mindful and work with them to keep their loyalty. Your goal is to exceed customer expectations and one way to do that is by giving those guarantees. Build relationships with your customers and know what they think and say about your company. Social marketing is a great tool to utilize in this new technology era to communicate and respond to your customers
Please post your results on my blog post!