Marketing is of critical importance to the success of entrepreneurial ventures. Marketing in a small, new venture is very different compared to marketing practices in a larger firm. Marketing in a small firm is not just the scaled down version of how it is done in a large firm. This difference is even wider in the case of entrepreneurial ventures as they are small as well as new. Very often, marketing mistakes are the reason a small, new firm might fail. There can be no marketing guide that can precisely prescribe the right marketing formula for a venture.
Also, what works for one firm may not work for another. Even if they are addressing the same markets. There are bound to be several differences which would necessiate a customized marketing plan.
In most B-Plan competitions I have judged, the marketing section is usually the most neglected, ill-thought out part. The following are the most common mistakes made by the would be entrepreneurs:
- Not enough money has been allocated for marketing activities
- The marketing activities mirror what they see other companies doing, without thought to addressing their chosen segments with meaningful message.
- The marketing strategies are unnecessarily innovative and are unlikely to strike a chord with the customers.
I have reason to believe that even 'real' entrepreneurs ( as opposed to the b-plan competition pretenders) also make the same mistakes.
Posts
