Externally, they have a different view of the market. They focus on high compelling needs, growth niche markets, scalable products and services and innovation as a competitive advantage. That being the case, we should expect their advertising strategy to be different.
Unlike lifestyle businesses, high growth entrepreneurial firms are different because they have an intention to grow and their businesses models, business processes, products and services are characterised by novelty, creativity or innovation. Even if they are in a commoditised market, the manner in which they go about doing business will have interesting characteristics that set them apart. They will develop different forms of selling, pricing, delivery, service or distribution. They will always be seeking ways to differentiate and to create extra customer value.
While many firms, such as most professional practices, personal service organisations, retail and hospitality establishments are content to remain relatively stable in size, entrepreneurial firms set out to increase in size, employ more people and service more markets and customers. Growth intention is part of the DNA of the entrepreneur. Entrepreneurs grow through organisational growth rather than just personal trading or speculation.
Because their orientation to the market is to drive high growth, the marketing strategies that they employ are different from low growth firms. The fundamentals of product, place, position and price are the same but the way they implement these is heavily influenced by their desire to leverage their high growth potential.
Much of current marketing literature focuses on the marketing of existing products as if there was a single answer and once implemented, the marketing strategy work is done. The literature is very large corporation focused and very much a big budget view of the world. It is often sterile in its approach, providing insightful descriptions of marketing issues but not offering guidance on what to do. More often than not, it is hard to implement this style of marketing in the high growth entrepreneurial firm where budgets are tight, funding is scarce and the business is changing dramatically due to its growth rate.
To improve the growth rate without expending more resources in marketing and sales means that you have to capture more initial sales and subsequently, convert more of the initial sales to repeat sales and referrals. We improve repeat sales and referrals by improving customer satisfaction levels. I will show that we can significantly impact satisfaction levels through our marketing strategies.
Source : http://www.smartcompany.com.au/advertising-and-marketing/20110826-marketing-strategies-high-growth-ventures-are-different-2.html
Unlike lifestyle businesses, high growth entrepreneurial firms are different because they have an intention to grow and their businesses models, business processes, products and services are characterised by novelty, creativity or innovation. Even if they are in a commoditised market, the manner in which they go about doing business will have interesting characteristics that set them apart. They will develop different forms of selling, pricing, delivery, service or distribution. They will always be seeking ways to differentiate and to create extra customer value.
While many firms, such as most professional practices, personal service organisations, retail and hospitality establishments are content to remain relatively stable in size, entrepreneurial firms set out to increase in size, employ more people and service more markets and customers. Growth intention is part of the DNA of the entrepreneur. Entrepreneurs grow through organisational growth rather than just personal trading or speculation.
Because their orientation to the market is to drive high growth, the marketing strategies that they employ are different from low growth firms. The fundamentals of product, place, position and price are the same but the way they implement these is heavily influenced by their desire to leverage their high growth potential.
Much of current marketing literature focuses on the marketing of existing products as if there was a single answer and once implemented, the marketing strategy work is done. The literature is very large corporation focused and very much a big budget view of the world. It is often sterile in its approach, providing insightful descriptions of marketing issues but not offering guidance on what to do. More often than not, it is hard to implement this style of marketing in the high growth entrepreneurial firm where budgets are tight, funding is scarce and the business is changing dramatically due to its growth rate.
To improve the growth rate without expending more resources in marketing and sales means that you have to capture more initial sales and subsequently, convert more of the initial sales to repeat sales and referrals. We improve repeat sales and referrals by improving customer satisfaction levels. I will show that we can significantly impact satisfaction levels through our marketing strategies.
Source : http://www.smartcompany.com.au/advertising-and-marketing/20110826-marketing-strategies-high-growth-ventures-are-different-2.html
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