5 Customers and Markets here are the things that customers look for

when buying an offering whether a product or

"Service, in short, is not what you do, but who you
service or both.
are. It's a way of living that you need to bring to
everything you do if you're to bring it to your
1. Price - Majority of the customers look at price
customer interactions." Betsy Sanders
when buying a product or availing of a service. It is
a reality that every customer purchases within his
Customers are the core of every business. Every
budget limit Not unless a product and/or service is
business should always try to attract new customers
exceptional customers may be compelled to spend
for profit and to stay in its industry. The customers
outside his limitation.
are the real bosses of any company. Having an
increasing number of customers is the only way to
2. Experience - These days, almost everyone is
grow a business. For an entrepreneur, he needs to
busy doing their activities, Most customers wanted
reflect on the market he is about to enter the
to buy things that are readily available. The market
moment he starts the process of creating a good
today contains so many alternatives to choose from.
business concept and model. He needs to
Hence, it is essential to provide a worthwhile
understand the needs of his customers, satisfy their
experience in addition to good product and/or
needs and retain them. The key to always being
service quality. This kind of shopping experience
successful in business is to understand very well
may create loyal customers.
the market and those customers inside.
3. Design-The design of the product must always be
Market and Customers
appealing to customers.

A market is any place where manufacturers,

4. Functionality It is always expected by the
distributors and retailers sell and consumers buy.
customer that the product he is buying can serve its
Physical shops, high streets, or websites are
purpose. Simply all the functionalities that are
examples of a market. The term may also speak of
expected of the product should be present.
the whole group of buyers for a product and/or
service. Inside the markets are competitive
5. Convenience The product and/or service must be
companies that offer similar products and/ or
always readily available for the customer, otherwise,
services. The prices of products and/or services are
he will not buy the product and possibly look for an
dictated by the market due mainly from demands
alternative.
and competition.
6. Reliability-The product should be dependable
Markets are always dynamic, hence businesses
and it should meet the customer's requirements and
must always monitor the trends and the changing
expectations every time he buys it.
needs of customers. Factors that influence the
changes in the marketplace could be the economic
7. Compatibility - The product should be
situations, innovations, lifestyles and new fashions.
well-matched with the other products that the
customer is already consuming.
In starting a new business, an entrepreneur must
understand the market and those that are inside it.
Customers are the essential component of every
He needs to identify first those customers he
business because they are the ones who uses and
intends to self to and how to reach them. Then he
judges the quality of those products and/or services
must understand all the potential factors tha
being bought from the market. In order for the
contribute to the market he is entering into.
business to flourish, every business needs to retain
Certainly these factors shall determing how will he
old customers and make new ones. Therefore, for
market to consumers, beat competition and create
an entrepreneur, he needs to consider that every
his own business plan
customer is valuable and profitable.

It is essential really to understand customers, their

Types of Customers
needs, their personality, ther attitudes and even
their budgets. A company needs to bring to mind a
Every customer is unique, hence there is no single
"hunger" in a customer to buy its certain products,
formula to approach them. In order to identify the
Essentially,
best approach on how to handle customers, it is
necessary to know them first. Here are some types
of customers that an entrepreneur may encounter
in his business.
The Potential Pandoy (Potential customer) Discount Daboy (Discount customer)

In principle, Pandoy cannot be considered a Discount Daboy is a customer who never buys a
customer yet. However, he needs a little bit of product and/or avail of service on full price but only
convincing and assistance to hopefully change into on a discounted rate. Said customer never shop for
quickly making him a paying customer. He may anything off-sale. It is difficult to retain Daboy as a
show interest in the product and/or service offering customer once the discount stops applying. An
by filling out a contact form, signing up in a entrepreneur must offer an extra added value or
newsletter or asking a question through live chat or even go beyond the initial offering such as a good
personal message. (PM). Said interest should be customer service to make Daboy have a second
capitalized by an entrepreneur by providing him the thought before switching to the competitor. In reality,
information about the benefits of the offering. The the group of Daboy has the biggest slice of the pie
entrepreneur must make Pandoy aware that he is in the total customers of any business. Daboy is the
available for help or advice any time for him. Surely least loyal among customers as he moves easily
Pandoy shall appreciate such gesture even if he from one store to another when availing better
does not have any immediate need for said offers. The more discounts, the more Daboy will
assistance. visit the store and makes purchase

New Netnot (New customer) Loyal Lando (Loyal customer)

New Netnot is the fresh customer who has just Loyal Lando is a satisfied customer that keeps
bought something for the first time from a business. coming back to one's store for more purchase.
An entrepreneur must always be watchful in dealing Lando is a good brand's ambassador that can make
with first time customer, as the saying goes "first recommendation of a business to his family and
impression is the last impression". It is understood friends, thus attracting a stream of new customers.
that he bought that product and/or service for the A customer like him can help an entrepreneur grow
first time and a beginner at using it. It is vital to his business using word of mouth The role of an
create a investment of time to smooth adoption entrepreneur is to make certain that Lando stays
period for Netnot. An explain how a product and/or happy about the product and/or the service as well
service offering works may lead to success in more as the business. An entrepreneur may ask Lando
future business from the same customer. Hence, it what makes him so pleased with the business and
is best to offer applicable assistance and make then replicate his experience with the rest of the
contact option open with this customer. Establishing customers. Normally the segment of Lando is just
a customer relationship would help in converting 20% of the total customers, but it is responsible for
Netnot into a loyal customer. the most part of the company's profit. There should
be regular communication with Lando who wants
Impulsive Icoy (Impulsive customer) individual attention on a polite and respectful way
from the business.
Impulsive Icoy is a customer that make instant
buying decision based on craving or whim provided Target Customer Group
that the conditions are right. He is highly influenced
by his current mood when shopping. He needs not A target market is a group of possible consumers or
much convincing to buy for as long as he wants to organizational buyers to whom a company wants to
buy something with less steps. He is even less sell its products and/or services. Therefore, it
interested in value proposition, so an entrepreneur makes sense to focus all the marketing efforts to
must not waste said buying impulse when it comes. reach them with the company's marketing message.
When Icoy makes a query, an entrepreneur should An entrepreneur needs to identify exactly the pain
give a quick and short response or else his impulse points and preference that his product and/or
will drop. It is a challenge to handle Icoy because service offering would be resolving for the intended
he always wants fast and brief help for all the useful users. It must be clear who those people that are in
products available at that point of time. He wants all need or want of this offering whether they are
the useful products in his front in order to buy what individuals, families or businesses. When the pain
he likes form the display. Although, when treated points and those concerned are determined then
properly, Ico could provide high percentage of sales there is a possibility that the entrepreneur has
for the company. define his target market.
There are some approaches in exactly describing A user persona is a short fictional profile of an ideal
the perfect customer, namely: user or customer. An entrepreneur must need to
conduct market research to produce a brief
1. Consumer or business - A product and/or service combination of actual or acceptable customer
may be intended for a business- to-business (B2B) details. This user persona includes a fictional name
or business-to-consumer (B2C) market. and photo, important demographics, user needs
and desires, goals, motivations, activities, pain
2. Geographic - This is defining the target market points, and quotes. Except for the name and photo,
according to the place where possible customers all details are from real user data or customers that
live or work, take vacation or do business. For have been served and market research or
instance, in a local brick-and-mortar store, potential customers that the entrepreneur would like to reach.
customers may come from two-meter radius or The important consideration here in creating a user
inside the barangay. persona is to take in all items that are applicable to
the product and/or service and those useful things
3. Demographic - The target market here is to remember the real needs and motivations of the
describing by means of age, gender, income level, people they are designing the offering for. The user
educational background, marital status and other persona must accurately represent the company's
areas of an individual customer's life. users because it is essential to the overall value
proposition.
4. Psychographic characteristics are based from the
intrinsic traits of a customer such as personality, The essential elements of each user persona is
lifestyle, social status, AIO (activities, interests, normally written in one page. Personas help find the
opinions) and attitudes. ideal customers in real life situation in order to test
the product with real people. The entrepreneur must
5. Generation - A lot of businesses these days be certain that each persona is specific, accurate
define their target market based on which and can be found in real life among customers.
generation they were born in, namely Baby
Boomers, Gen X, Millennials and even Centennials. In general, personas are helpful throughout the
entire product development phase: from deciding on
6. Cohort-Some companies look for their target which features to have in a prototype, to evaluating
market using cohorts. A cohort is a group of the end product.
subjects who share a significant characteristic or
typically subjects who experienced a common event Here is an example of a user persona that includes
in a selected time period, such as birth or some of the common elements:
graduation.
Once the entrepreneur is able to identify his user
7. Life stage - Other businesses use the stage of life groups, he can now create user personas, through
for target marketing whether its infancy, childhood, these steps:
adolescent, adulthood or old age.
Step 1: Create a Header
8. Behavioral - Another way of finding the target
market is based on customer loyalty, The header consists of a fictitious name, a picture
occasion-based, consumer usage and others. and a quote which sums up what is the most
important to the persona that is related to the
Customer Personas product and/or service offering. These simple
features are intended for memorability, so that the
In order to solve a real user problem, an designer/ entrepreneur is focused on these users as
entrepreneur needs to have a clear problem he forms his offering for them.
statement in mind. In order to write this problem
statement, he first need to understand the users of Step 2: Include A Demographic Profile
his product and/or service and their needs. The use
of the user persona clarifies who the target users Although the name and picture are fictitious, the
are. Knowing the target users will help influence the demographic profiles of the users are based from
features and design elements the entrepreneur facts and user research. These profiles include
chooses, making his product and/or service more personal background, professional background,
useful. user environment, and psychographics.
1. Personal background consists of the age, gender,
ethnicity, education, persona group (working moms, Most journey mapping format looks like a timeline
single professionals, working students, etc.), and that consists of a series of user actions. Then the
family status (single, married with children, timeline is elaborated containing thoughts and
widowed, etc.). emotions to form a story. This story is summarized
and refined to create visualization. The map helps
2. Professional background The professional to set where customers become frustrated on their
background contains details like occupation, income way to buying and beyond. This also combines the
level, and work experience/s. data on personas and user behavior. Each persona
may have his own map, which may serve as a
3. User environment - The user environment is the reference point.
physical, social, and technological context of the
user. This section may include the technological A well-thought out customer journey map is very
devices the users have access to; and where they helpful but not all companies are taking full
spend most of their time such as in a corporate advantage of it in order to discover more
office or a home office. opportunities. Mapping customer journeys must
every time aim for business impact. Unfortunately,
4. Psychographics - Psychographics contain facts, most customer journey map do not consider the
for example attitudes, interests, motivations, and company side and focus only the customer side. It
pain points. This profile makes the entrepreneur is vital to include both sides to map and cultivate the
understands the reasons for the user's behavior connections between the company and customers.
including the use of the company's product and/or It is also important to modify the map based on the
service. unique needs of the company and the goal that has
been set.
Step 3: Include End Goal(s)
Key Components of a Journey Map
The end goal is the encouraging factor that
stimulates action. It provides the details on the Journey maps come in all forms and dimensions.
want/s and need/s of users that can be satisfied by Regardless of their appearance, journey maps have
using the product and/or service offering of a the following five key elements in common:
company. The end goals define the things the
persona wants or needs that have to be fulfilled. 1. Actor - The actor is the viewpoint of the journey
who is actually the persona or user. Coming from
Step 4: Include a Scenario the data gathered, the actors must be in relation
with personas and their respective actions. Hence,
An everyday life scenario is a story that describes there must be one journey map for each persona in
the interaction of the user to a product and/or order to create a solid and rich story that captures
service in a particular situation to reach his end their particular journey.
goal/s. The scenario details the when, where, and
how of the story that happens. The scenario is 2. Scenario + Expectations - The scenario is simply
normally written from the data gathered from the the situation which the journey map talks about in
angle of the persona and may describe important relation to the actor's goals, needs and
details about the future. The rule of thumb here is to expectations. When the product is still in the
omit that information which will not affect or development stage, scenarios could be those that
influence the final design. are projected. However, for existing products and
services, scenarios should be what are real.
Customer Journey Map Journey maps are useful when scenarios are
created as a series of events like the online grocery
A most popular and favorite tool for imagining the shopping, designing a process or those that
customer's experience/s is the customer journey comprise a set of switches over time or those that
mapping. A customer journey map is a considers using several channels.
representation of a typical customer's experience
over time instead of a snapshot. It is different from 3. Journey Phases - Journey phases are the
the discussed customer persona. The emphasis of various high-level stages in the journey of an actor.
a persona is on the person, while a customer These phases are responsible for the information
journey map highlights their experience. A customer about actions, thoughts, and emotions in the map.
journey map is basically a story intended to give Obviously, for each scenario there would be
awareness of the customer's complex buying trip. different phases. Each company should have data
in order to determine the various phases for a maximizing customer success, an entrepreneur
particular scenario. Here are some examples, such must focus on the essential steps such as breaking
as: down the customer journey phase by phase,
making parallel each step with a goal, and
a. An ecommerce scenario Buying a set of restructuring the touchpoints.
Bluetooth speakers may have discover, try, buy,
use, seek support phases. Nevertheless, the intention is really to solve
customers' problems and help them be successful
b. A huge or expensive purchases - Test driving and in using the product and/or service for a long period
buying a car may include stages such as of time. Here is some importance of a journey map:
engagement, education, research, evaluation,
justification. 1. Refocus a company with an incoming
perspective - With inbound marketing an
c. A business-to-business (B2B) scenario Rolling entrepreneur may discover his customers. Inbound
out an internal tool may consider the stages like marketing also known as content marketing is
purchase, adoption, retention, expansion, advocacy. creating blog posts, social media, infographics,
white papers, email newsletters, and other content
4. Actions, Mindsets, and Emotions - These include that people actually want to read. Customers are
behaviors, thoughts, and feelings the actor has actually interested and searching for this content. It
during the journey and that are drawn within each of catches the attention of customers first and then
the journey phases. later starts to buy things that they have read about.
Through journey mapping, an entrepreneur can
a. Actions-These are the concrete behaviors and understand what interest and help his customers
steps engaged by users. This element is not meant about his company and website as well as what
to be a granular step-by-step record of every drives them away. The company may construct the
isolated interaction. Rather, it is a story of the steps type of content which will draw the attention of
the actor undertakes during that phase. customers and help to keep them.

b. Mindsets - These correspond to the thoughts, 2. Form a new target customer base – On the
questions, motivations, and information of the actor part of the entrepreneur, it is risky not to know fully
at various steps in the journey. Ideally, these are the demographics and psychographics of his
customer exact words from research. customers because he will not also correctly realize
his customer's journey. It's actually of time, money
c. Emotions They are drawn as distinct line across and effort to target a broad segment who shows
the journey phases. This line accurately indicates interest in the company's products and/or services.
the emotional "ups" and "downs" of the experience. The needs and pain points of usual customers must
This line gives the idea of the related layer of be researched on. Journey mapping will actually
emotion that the actor feels such as very happy provide a good picture of the types of people who
against unhappy. are trying to accomplish a goal with the
entrepreneur's company.
5. Opportunities - Opportunities are insights that are
obtained from mapping. These opportunities they 3. Form a customer-focused mindset all over the
can used to identify the ways of optimizing the company- As a company becomes bigger, it turns
actor's experience. Insights and opportunities are to be challenging to be as customer-focused like the
useful in getting knowledge from the journey map in customer service, support, and success teams.
terms of: Most often, sales and marketing goals are no longer
what the customers want. Since, the journey map
f. needs to be completed with this knowledge outlines each single step of the customer journey
g. owner of respective change from initial attraction to post-purchase support that
h. the biggest opportunities concerns marketing, sales, and service, then it can
i. ways of measuring improvements as they are be shared with the whole company.
implemented
Steps to Craft a Customer Journey Map
Importance of a Customer Journey Map
The following are the steps in creating a customer
Although it is true that an entrepreneur understands journey map:
the needs and pain points of his customers, but it
could actually be surface-level. Although, in
1. Set clear objectives for the map - Before creating with his brand or company. He may Google search
a map, an entrepreneur should know the goals he is for the keywords or may click on an email sent to
directing the map and the experiences it is based him. It is alright to have a long list of actions.
upon. In other words, he may create a buyer
persona. As presented earlier in this chapter a b. Emotions and motivations - Every action that a
persona is a fictitious customer with all of their customer takes is triggered by an emotion. Said
demographics and psychographics who embodies a emotion/s may change based on which part of the
typical customer. With a distinct persona drawn an journey a customer is at. Normally, what drives the
entrepreneur he may direct each phase of his emotion of a customer is a pain point or problem.
customer journey map towards them. The knowledge on these emotions and motivations
will give the fitting content at the right time so that
2. Profile personas and define their goals - The next there will be a smooth customer's emotional journey
step is to make researches by getting valuable through the entrepreneur's brand.
customer feedback using questionnaires and user
testing. Here only actual customers or prospects c. Obstacles and pain points - Here the road blocks
are reached out to make feedbacks. Feedback must that are preventing the customer to take the
come to people who had shown interest in buying preferred action must be revealed. Cost is one of
the entrepreneur's products and/or services and the prime problem. High shipping rates may cause
those that have dealt with the company already or a customer not to buy the product even he so
plan to do so. desires it. Emphasizing these possible difficulties in
the customer journey may help lessen them.
3. Emphasize the target customer personas -
Although an entrepreneur must know those 5. Identify the elements of the map to show - There
customer personas that interact with his business, are several types of customer journey maps with
he needs to narrow down his focus to one or two of corresponding benefits.
them. Each customer has his own journey map that
takes a definite path with his experience in the Here are some of them:
entrepreneur's company. Grouping excessive
number of personas into just one journey may result a. Current state-This is most commonly used type
to inaccurate disclosure of the customers' of customer journey map. It tries to create in one's
experience. For an entrepreneur drawing his first mind the actions, thoughts, and emotions that
journey map, the rule of thumb is to select the most customers presently experience while interacting
common customer persona and study the path he with the entrepreneur's company. This is best
normally takes when doing business with the applied for continuously refining the customer
company. A marketing dashboard may be created journey,
to make comparison of the different personas that
would fit in with the journey map. Personas that b. Day in the life - This type of customer map tries
have been eliminated could still be reconsider to create in one's mind the actions, thoughts, and
through a new map. emotions that customers presently experience when
he participates on daily basis whether it includes the
4. Write down all the touchpoints - Touchpoints are company or not. It offers a wider viewpoint into the
those places in the website that customers may use lives of the customer and their pain points in real
to interact with the company. An entrepreneur must life. This is best applied for fulfilling unmet
write down all the touchpoints his customers and customers' needs before customers even know they
prospects are presently using and those that they exist.
must use based from research. This step is vital in
creating a customer journey map since the insights c. Future state - This journey map is designed by an
into what action his customers are doing are entrepreneur to imagine the actions, thoughts and
revealed here. The touchpoints are tools that can emotions of his customer's experience as the latter
help an entrepreneur understands the comfort and interacts with his company in the future. The
purposes of customer journeys. An entrepreneur reference is the present experience though the plan
may consider others way in which a customer may heads towards what the entrepreneur wants the
come across his online such as social channels, customer journey to be. The best application of this
paid ads, e-mail marketing and third party review map is illustrating vision and planning a clear
sites or mentions objective.

a. Actions - An entrepreneur may write down all the d. Service blueprint - This journey map starts with
actions his customers are doing as they interact the simple version of the above mentioned maps.
The later add further those factors in charge of provide a better understanding of the entrepreneur's
providing the experience such as people, policies, investment worthiness in terms of time, money and
technologies, and processes. This is best applied effort. For an existing type of business, one may
when determining the main reasons of the present refer to the existing sales number in an industry to
customer journeys or determining the steps know the market size.
required to accomplish the preferred future
customer journeys. The market size is divided into four broad
categories, namely:
6. Identify the resources on hand and those that are
still needed - Every part of the business could be 1. Potential Available Market (TAM)- The potential
touched by the customer journey map. Obviously, available market is the total possible value that
the entrepreneur must emphasize all the resources represents the global market of products and/or
that goes with the customer experience. Hence it is services sold over a definite timeframe without any
necessary for the entrepreneur to come up with the limits of geography and other factors. This assumes
inventory of the resources he has on-hand and the 100% market share.
those resources he will be needing to improve the
customer's journey. For instance, if the customer 2. Total Addressable Market (TAM) - TAM is the
service does not have the tools to appropriately potential value of product and/ or service sold to a
follow up with customers after a service interaction, particular customer segment. This shows the
then the entrepreneur must invest on these number of customers in the core market around the
resources. world who are in need of the entrepreneur's product
and/or service offering. TAM is irrespective of
7. Experience the customer journey himself - After competition. These may not necessarily be those
designing the customer journey map, the who can afford to buy the offering but they must
entrepreneur must analyze the results himself. For have a need of the item. Hence, in estimating the
instance, he must know the number of people TAM, the type of customers who are in need of the
clicking his company's website but never really product and/or service and their volume
make a purchase. This will make him decide on requirement must be known. An entrepreneur in
how he could better support customers. The results order to know his TAM must define first his own
of the analysis can confirm where customer needs company and should know where his company is
are being unmet. With this a valuable experience heading to. For instance, the TAM for Uber is not
can be guaranteed and that customers are able to merely the size of the taxi market but includes the
find solutions to their problems through the whole transportation industry. Say an entrepreneur
entrepreneur's company products and/or services. for his service business wanted to know his TAM. In
Mapping the customer journey remains hypothetical this case his TAM consists of all people who have a
unless the experience has been tried by the need for help doing tasks and running errands in his
entrepreneur himself. The entrepreneur may follow community. Based from market research, if his
the journey of each personas using their social community has 150,000 constituents, the TAM
media, reading their emails and searching online. could probably be 33% which is 50,000 people This
percentage is obtained by excluding people who are
8. Create the needed changes - The analysis of below 18 years of age and those people who has
data can give the entrepreneur the idea on what his no capacity to buy his service offering.
website must be. The entrepreneur may create the
applicable changes to his website to accomplish his 3. Serviceable Available Market (SAM) - SAM is the
goals for the business. He may place numerous subset customer of the total addressable market
distinct call-to-action links. He may also write vivid (TAM) who can be reached and ready to buy goods
and detailed descriptions of each product to make or services using a one revenue stream/channel.
its purpose and benefits clear to the customers. Going back to the example of an entrepreneur with
a service business, his SAM is the slice of that
Market Sizing 50,000 who he is targeting in his present business
model. He may qualify to serve only those people
The market size refers to the aggregate number of between the age of 35-55 years old with small
possible buyers of a product and/ or service in an children and disposable income. With these
industry and the aggregate revenue that these sales limitations, he may realize that this is 40% of his
may produce over the course of a year. It is vital TAM which is 20,000.
and beneficial to know the possible market size
prior to the introduction of a new product, a new 4. Serviceable Obtainable Market (SOM) This is the
product line or new line of business. This would subset of the SAM that will realistically get to use a
product and/or avail of the service. This is the target statistics and import/ export data for a given
market who the entrepreneur shall primarily sell to. industry using sources such as Philippines. Trade
Here, there is much consideration to strategic Data, Philippine Statistics Authority, Foreign Trade
development of the market and the competitors' Statistics of the Philippines and even Department of
actions. An entrepreneur should have strong Trade and Industry. It is possible to estimate
understanding of his local a deeper knowledge of demand through estimating apparent consumption.
his own company and what he can deliver. market,
a When starting a business, simple things such as The formula for this is:
the amount of traffic that is on the road may really Apparent Consumption - Domestic Production -
have a big impact. Using again the example of the Exports + Imports
entrepreneur with a service business, he must
estimate the portion of his SAM that his business 3. A production census of leading suppliers in
model can realistically serve at present. He may markets with a concentrated supply base - When
have himself and his two employees who can serve the supply base consists of only few suppliers such
people within a 2-kilometer radios say 10% of his that they are less than ten (10), top-line demand
SAM which he can reach in the first 2 to 3 years of estimates can be established easily by adding all
operation. So this means his SOM is 2,000 people a the sales or production of leading manufacturers of
year. the product being studied.

Market Sizing Approaches Bottom Up

There are two ways to sizing a market which are the The bottom-up is only considered if there are no
top-down analysis or bottom-up analysis. In order to dependable sources of top-line demand present.
guarantee the correct reliability of the data and However, if this approach can give a more
identify any areas that will need more research for dependable estimate though analysis of product
understanding, the combination of these consumption in relation to a direct indicator (the
approaches is recommended. product being consumed) then this can be useful.
Compared to a top-down methodology, this
Top Down approach can be more time consuming. It is also
sensitive on the face of small assumptions that falls
This type of sizing is normally completed by using through the analysis. In this method, an
demographics such as company size, industry type, entrepreneur may be able to make extrapolations
location, population, age, income and others. It until he reaches an applicable scale close enough
requires the determination of an existing to offer a more precise solution.
dependable top-line demand estimate. For this
estimate, there performance are several sources What is Entrepreneurship Marketing
that the entrepreneur can turn to. Of its own pluses
and minuses that need to be well-adjusted in the of Entrepreneurial marketing is more about a
this analysis. Most of the times, these approaches marketing spirit that distinguishes itself from
are combined to get the best result. traditional marketing practices. This type of
marketing for entrepreneurs avoids many of the
1. Multi-client research from publishers - There fundamental principles of marketing are usually
are a lot of publishers on the market selling aimed for big and well-known companies. It makes
products with different range underlying research use of new and non-traditional marketing practices
and accuracy such as The Freedonia Group, that makes entrepreneurs stand out from their
Packaged Facts, and Simba Information. Hence if competitors.
the entrepreneur decides to use this method he
must get his information from reliable sources which Entrepreneurial marketing campaigns try to
is the [Link] which consists of those emphasize the company's greatest strengths while
publishing brands mentioned above. In the stressing their value to the customer. Here are
Philippines, an entrepreneur may go to Esomar some of the marketing strategies that makes a lot of
Directory to find market research companies such entrepreneurs successful when use in combination:
as ASCEND, Cogencia, InsightsImpact, IPSOS
Philippines and the rest. 1. Relationship marketing - The emphasis of this
is on building a solid connection between the brand
2. Apparent consumption calculated from and the customer.
government production and trade statistics -
There are dependable industry shipment/production
2. Expeditionary marketing - This involves forming and/or transform the environment in which the
markets and creating innovative products. Here the company functions.
entrepreneur's company acts as a leader rather
than a follower. 6. Resource leverage - Entrepreneurs' ambitions
usually go beyond their resources hence they are
3. One to one marketing - Here customers are obligated to utilize their resources in the best
marketed to as individuals. All marketing efforts are possible way. They control their resources so that
tailor-fitted. they can use them longer than others have used
them in the past. They use resources that others do
4. Real time marketing -This makes use of the not regard as resources. They use other
power of technology to interrelate with a customer people's/companies' resources to accomplish their
in an actual time. own goals. They combine one resource with
another to produce a greater shared value.
5. Viral marketing - It places marketing messages
on the Internet like Facebook and Instagram so they Creating a Personal Brand
can be shared and expanded on by customers. By
using social media the marketing For individuals who form their businesses using
campaigns/messages can be shared and expanded their expertise such as an author, public speaker,
on by customers. coach, consultant and freelance, the idea of
personal branding is familiar and comes naturally
6. Digital marketing - This considers leveraging for them. It makes sense too for an entrepreneur to
the power of Internet tools like e-mail and social build a reputable personal brand.
networking to back-up marketing efforts.
A personal brand is the one that differentiates an
In a journal article written by Michael H. Morris, the entrepreneur from the rest of his competitors. This
concept of entrepreneurial marketing consists of six type of branding forms a lasting impression on the
elements, which are: minds of the customers about the quality of his
product and/or service. Actually this convincing
1. Customer intensity - This feature concentrates on personal brand draws the target customers to buy
the enthusiasm, passion, zeal, and belief in from the company which makes it a lucrative and
marketing that makes the company successful. It is sustainable business.
believed that a customer-intensity component
makes stronger the primary values of the company In personal branding customers do not think of the
and the passion for the customer. company but the talented founders behind them.
For example, Apple is Steve Jobs, Microsoft is Bill
2. Continuous innovation - An entrepreneurial Gates and Facebook is Mark Zuckerberg. Personal
company must constantly create innovative ideas branding is not only meant for big companies. It is
and transform them into new or improved products also applicable for startups or new ventures
and/or services or processes. because customers shall gauge the value of the
offering based on this brand. An entrepreneur must
3. Strategic flexibility - An entrepreneurial company remember that his product and/or service is the
must display an enthusiasm to always evaluate and "what" of his business and personal branding is the
fine-tune its strategies, action plans, techniques of "why".
resource allocation, structure, culture, and
management systems. Here are some of the benefits of personal branding:

4. Calculated risk-taking - Risk-taking refers to 1. Trust and authority - With a personal brand an
pursuing novel opportunities. Entrepreneurs take entrepreneur can build trust with his customers and
calculated risks, but some can be serious for the position himself as an authority and a thought
future of the company. leader in the industry.

5. Proactiveness - Entrepreneurs are conscious of 2. Get featured in media - With a personal brand, it
the significance of the external marketing is easier for an entrepreneur to pitch and be found
environment; however, they do not take it as a by media like online publications, magazines,
given. They recognize it as a horizon of possibilities. television, radio, podcasts, and others. The media is
Simply, entrepreneurs try to reassess the elements in continuous search of experts that can share their
of the external environment to lessen its ambiguity, visions with the audience.
moderate reliance and exposure of the company,
3. Build a network- With a personal brand it clearly
articulates who the entrepreneur is, what he does,
and how he helps others. The brand makes it easier
for other people and other entrepreneurs to see
value in connecting with the owner of the business.
A personal brand can leverage to build a network,
both online and offline, quickly and effectively.