Hawking for Entrepreneurs

 “Marketing is not a function; it is the whole business seen from the customers’ point of view.” – Peter Drucker

 

Entrepreneurs are the new creators and evaluators of the economy. The position of customer integration is very high in an entrepreneur’s journey. When an individual is ready to push limits and create a sense of self-worth and accomplishment, finances aren’t the only thing they are looking for. This is what motivated us to mention the word "hawking" instead of marketing. When something is to be sold in the bazaar, we hear hawkers pitching their product to potential customers. That’s what marketing is. It is also one of the most important pillars of our economy. Hence, when these two align their axes, "entrepreneurial marketing" is born. This is a strategy that entails company planning, creating brand awareness, consumer research, and finally, customer relationship management. If a person starts his business in the market, there must be a personal connection built over time to retain customers and, most importantly, create new ones as it’s a budding business. This may not always mean raising capital or investing more in the business; it can also be in terms of word-of-mouth publicity and advertising. So, in simple terms, when a company is new, entrepreneurial marketing is used by the owner as it is easily modifiable.

Entrepreneurial marketing practices can be broken down into three categories: low-cost marketing, direct marketing, and viral marketing. Low-cost marketing is when businesses create campaigns to promote their product or service that cost little money and time to make. Since this type of campaigning does not require a lot of work from the business owner, they are more likely to get a huge number of sales from this tactic.

 

Entrepreneurial marketing is advantageous because it doesn't cost a lot of money, making it suitable for business owners with tight budgets. An affordable marketing strategy can be extremely useful given how expensive running a business can be. Traditional marketing on the other hand includes advertising, slogans, commercials, etc., which are not always budget friendly. Another advantage of entrepreneurial marketing is that it gives business owners greater choice in how they promote their goods or services, making it simpler for them to select a strategy that is effective for both them and their company. Entrepreneurs tend to have freedom in terms of how the product can be branded or marketed according to the requirements and limitations about the individual. 

 

We have many examples of successful entrepreneurs who have aced their marketing strategies and proven to be huge contributors to the economy. Let’s take Mr. Bill Gates, for instance, who has been a successful entrepreneur for many years. His three-step mantra is:

·       Be the natural expert you are – Showcase your strong suit without pretense. Some people might show disinterest, but the right people will eventually come to you. Try to be a natural fit.

·       Give something good away – ‘Micro-commitment’ is what drives any business or entrepreneur.

·       Show them how to buy immediately – If the micro-commitment is successful, a major commitment is not out of the question. Never presume that your ideal buyer won't be ready to buy right away. There is plenty of speculation around the notion that digital shoppers will often make a purchase from someone within 5 to 12 touches.

 

Concluding, we would like to mention how entrepreneurial marketing is a new field coming up with a set of ideologies personalized for different owners. Hawking isn’t only restricted to hawkers but is a field for newly budding entrepreneurs; the difference being the areas of interest, the technique, and the planning behind it.