Author(s): Som Aditya Juyal and Amit Nautiyal
Entrepreneurial businesses usually create market offerings based on ideas/ technologies that are new to the existing marketplace. The challenge for them is selling an innovative product in a market that is non-existent. The classical marketing concepts of 4Ps (marketing mix) and STP (Segmentation, Target Marketing and Positioning), may have limited scope, and the present data and research may not be adequate to answer how to successfully generate demand from customers to help create a market for innovative products. Entrepreneurs can attempt to create an understanding for marketing of exclusively new businesses by assessing and evaluating the possible opportunities. The experience and exposure level of an entrepreneur shall be fundamental in this process of evaluation and finding the first customer, and how this early segment (niche) can be developed into a more formidable and potent one, by reducing the need-solution gap. Persistent market research from early states of idea generation to the existing proposition being offered to customers will not only keep the entrepreneur aware, but also build possibilities of co-creating products with customers. Besides this, creating new customers is the best way to develop the customer base and the market size. Lastly, entrepreneurs can successfully introduce new ideas/ technologies by crafting connections with customers by leveraging digital technologies for designing an effective and efficient logistics network with formidable sales support and services.