Worldwide, economist Philip Kotler is recognized for all his valuable contributions to marketing strategies. Being considered “The father of modern marketing”, for his publication years ago of the 10 commandments of marketing for entrepreneurs. Which will be studying in this entry.
1. Segmenting is essential
Entrepreneurs must choose the group of consumers to which the product will be directed. Also, knowing where the marketing campaign will offer a competitive position and have the greatest advantage.
2. Know the needs and preferences of customers
The second commandment of marketing for entrepreneurs is to know the perceptions, needs and preferences of current and potential customers. In other words, both the entrepreneur and his advisers need to have knowledge about how he thinks and what the clients’ needs are. Thus, you will be successful in the market in which you operate.
3. Know who the competition is
The entrepreneur needs to carry out a study to know the weaknesses, strengths, opportunities and threats of the competition . That is, what you do and how you do to promote and offer your products. Also, analyze the business strategies used by market leaders and the businesses around them.
All this will allow you to apply the best marketing techniques to attract new potential customers. Likewise, it is essential that you be aware of the development of new technologies that allow you to have an advantage over the competition.
4. Choose a partner
Within any undertaking, choosing a partner is not always an easy task. However, you should make the most of all your skills and abilities. Also, that the earnings must be fair to that person who believed in your project and risked money on it.
5. Identify new opportunities and innovate
Once the new venture is marching, strategies must be sought to identify new opportunities . Especially choose those that are financially viable for the business and have a good profit margin. In this way, the enterprise will grow.
6. Marketing plan
Entrepreneurs must always establish a marketing plan. Well, it is a tool that will allow you to design strategies and apply them to the marketing of your products. In addition, these plans must be short, medium and long term.
7. Company product portfolio
Every enterprise must have a portfolio of products and services to offer to its clients. Which must be periodically controlled and renewed to incorporate new opportunities that make the company grow.
8. If you don’t communicate, you don’t exist
Currently, with the development of new technologies, it is much easier for entrepreneurs to always be in contact with their consumers.
In addition, these communication tools are cheaper than traditional ones . Helping you build a consolidated brand within your chosen market segment.
9. Internal organization
All members of the company must have full knowledge of its objectives. In other words, the internal organization is the main ambassador for all advertising campaigns and strategies. In this way, your marketing plans will give you great results.
10. Let technology be your ally
Within the company you must take full advantage of the use of technologies. Well, they will allow you to be in constant communication with your customers. In addition, they will help you optimize your internal processes.
In short, the 10 commandments of marketing for entrepreneurs include market segmentation, knowledge of customers and competition . In this way, you can empower your business for financial growth and great commercial success.