Vivian Rhoads: Keys to an Effective Marketing Strategy for New Entrepreneurs
You’ve completed the formulation and branding phases in the development of your brand. One of the next steps is coming up with an effective marketing strategy; it should be comprehensive and draw upon reliable market research and consumer insights.
Last week, FBU spoke with innovation and marketing consultant Vivian Rhoads about ways to inexpensively obtain consumer data and opinions as a first step for your marketing plan. This week, Rhoads talks about the development of a strong marketing strategy for new entrepreneurs and offers practical solutions to implement.
Rhoads stresses that a marketing strategy should be one of the first things an entrepreneur thinks about when launching a new brand. She notes the importance of:
- Identifying your target consumers
- Detailing what differentiates your brand versus its competitors.
When it comes to choosing the most effective marketing channels for a new entrepreneur, Rhodes said that brand owners should stick to the basics.
“When you’re just starting out you should focus on the store,” Rhodes said. “That’s where people are going to make the decision to buy your product. Make sure you do as much sampling as you can. Mainly, you need to make sure your packaging grabs people’s attention. Everything close to the point of purchase; this is where you should be spending your time.
Watch the rest of our interview on developing a marketing plan and strategy for new entrepreneurs, along with tips and information for marketing your abroad. And stay tuned for the final part of Rhoads’ interview with FBU when we discuss how to identify and execute on innovation and what larger companies look for when investing in emerging brands.
