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.
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Just wanted to add a small note to it. Marketing no doubt should be the core of the launch of any business. But, it should be properly supplemented with, what would be a Selling Strategy or proposition. At the end, you need to sell the product, the premise on which the entire success of the firm rests. Unless the Selling Happens, and the distribution channels is in place, every functions stands crippled. Distribution channels, do not change often and the reputation earned once in market stays for long. And this itself can become a core competency for firms.
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