In the crowded global marketplace, companies and organizations everywhere are vying for attention. A Master of Business Administration (MBA) in Entrepreneurship prepares graduates not only to start and run businesses but also to broadcast branding messages that rise above the noise.
Start With a Marketing Strategy
The first place to start when marketing a new venture is with a marketing strategy. What are the business’s objectives? What are the marketing objectives? Are you trying to reach individuals or other businesses?
Once you know what you are trying to accomplish, you will have an easier time finding ways to market your business that align with the company’s image and speak to your target customers. If you do not develop a strategy during the start-up phase of your new venture, you can quickly find yourself floundering in the common noise of vague and inefficient marketing. Developing a marketing strategy gives your venture focus and clarity by revealing which ways to market your business are compatible with your overall goals — and which you should avoid.
Network, Network, Network
In the early phases of establishing a company, one of the most critical ways to market your business is networking. Get to know the other leaders and innovators in your industry and find ways to support each other. By learning the needs of other companies and identifying potential customers, you can build mutually beneficial relationships that lead to great word-of-mouth marketing.
The Power of Free
Another vital component of marketing a new venture is getting your product out into the marketplace. You should set aside a portion of your budget to pay for samples or giveaways so customers can try out your product at no financial risk to themselves. Trade shows, conferences, and direct interactions with potential contacts are all great opportunities to put your product into customers’ hands and get them talking.
Using social media sites like Facebook, Instagram, Pinterest, Twitter and Periscope can be a free or low-cost method of creating name recognition for your new venture. Your company can share links, photos and videos related to your product through various social media channels. Similarly, posting articles and links related to your industry can help you establish yourself as an authority in the field. Social media is a great low- or no-cost way to build trust and develop relationships with customers.
Building an email list of your customers and prospects is another excellent way to stay in close contact and market your company at a relatively low cost. If people opt in to your email list, you have the opportunity to reach out on a regular basis and let them know more about your product. You can send a weekly or monthly newsletter with helpful information related to your industry, or you can notify recipients when new products or pricing are available. Email lists are also a great way to offer exclusive coupons and special promotions to generate sales.
An MBA in entrepreneurship guides students through in-depth study of how best to use the marketing tools available to new ventures. Students will learn the best practices for marketing in busy, multi-touch marketplaces, and they can prepare to market their own ventures in the most efficient, money-saving ways possible.
Learn more about the Southeastern Oklahoma State University online MBA in Entrepreneurship program.