Marketing for Entrepreneurs

The Marketing Basics:

I assume you are all familiar with the basics of marketing. So we won't go there. What we will do here is cover the marketing aspects that are instrumental for the positioning of your business and the creation of customer value. The principles of marketing for new businesses is easy. The challenge is to get a lot of people to buy into your offering and happily pay twice the price you paid for it to deliver it to them. The 4 P's of the marketing mix play an important role, but they are certainly not your main variables. They are actually hardly variable. If your product is no good, the price isn't right or your promotion is wrong, you don't sell anything. Therefore the P's in the marketing mix are dis-satisfiers, when they are no good, you have no business. When they are good you still have no business unless people want to buy your offering. This desire to buy from you is aroused by more strategic elements of marketing, mainly your "reputation"; are you considered "cool" or "reliable", your "relation" to your customers; are they loyal to you and will they promote your product to their friends and "value proposition"; what do they loose and what do the gain by dealing with you. What is the value to them of what they loose and what the gain and what is the value to you of what you loose and what you gain. Tweaking these values can create value for your customer and margin for you.

The most strategic P from the marketing mix is the P from position. If you translate this P into "distribution" its extremely strategic; where can your customers buy your product and how is it delivered to them? You will most probably need partners for this and the availability of these partners and their fit to your vision on business can be quite limiting to your expansion plans. 

In "Marketing for Entrepreneurs" we will start out with the general Business Model Canvas. This canvas is a valuable tool to design the business model of your business. Once we master the business model we will enhance the model and make it more suitable for high impact businesses by paying some additional attention to the relation between Value Proposition and Customer Segments by using the Abell Analysis and Alexander Osterwalder's add-on for the business model canvas called Customer Value Map. Furthermore we will be paying specific attention to Market, Competition and Alternatives, since this is not properly covered in the Business Model Canvas and finally we will convert "Costs" and "Revenues" building blocks into a Service Model and a Revenue Model.

Nils de Witte