n entrepreneur can be defined as someone who builds a business from the ground up. They usually aren’t afraid to take risks, especially financial ones, and are dedicated to the development, launch and daily operations of their company.
In the technological age, entrepreneurialism is easier than ever, provided the person engaging in it has the drive and dedication to make it happen, along with a little business savvy. But just as business start-ups are made possible in the digital world, the need for good marketing is just as important to its success. For this reason, having a basic understanding of digital marketing is one of the most useful skills a new entrepreneur can have. This will be outlined using three main topics: its ability to save money, to better understand the market and its potential audiences, and the marketability of such an in-demand skill set.
Digital marketing skills can save money
When it comes to starting a business, it is essential that the person behind the start-up has a certain level of knowledge and business acumen. Any seasoned businessperson knows that aside from being able to understand their business model, the market and financial aspects, without an ability to promote or make the concept accessible to the public, there is no company to run.
But start-ups can be expensive. They tend to have a lot of up-front costs, and the owner generally doesn’t start to make money until the business breaks even. Because of this, having any sort of marketing experience is of significant benefit to the survival of the business at its onset. This is not to suggest that the business operator will never have a need to create and maintain a marketing position eventually, but to state that until that becomes a feasible option, at least the entrepreneur can do basic online marketing themselves. This isn’t an unusual practice in the realm of start-ups.
Allows the entrepreneur to better understand their audience
One of the greatest things about digital marketing, is that many of the platforms involved come with some form of data analytics. Sure, as the business grows, it might be worthwhile to invest in someone to fill such a position, but until then having a working knowledge of digital marketing will enable the business owner to be able to interpret some of the data collected. With the help of programs such as Google Analytics, doing so can be even easier. And it’s with this collected data that an entrepreneur can better understand its business and the audiences that most interact with its online presence.
Remember – analytics can be used for more than just determining which demographic is best to be the target market. It also provides deeper insights about them, such as their online behaviour. All of this information can be used to set a sound marketing strategy that meets both the business’ needs, as well as fulfilling the expectations of the intended customer-base.
Digital marketing is an in-demand skill set
Aside from the fact that digital marketing knowledge can help in entrepreneurial undertakings, there is another thing these two skills have in common – they’re both highly marketable!
Entrepreneurship, on the one hand shows determination and perseverance, while also highlighting one’s business expertise and/or experience. These are all important characteristics when undergoing a job search, because they show the initiative that the potential employee is willing to take on. But equally so is holding even a beginner level of digital marketing knowledge, because it happens to be one of the most in-demand and growing industries today. This is mainly to do with the fact that so much of business is now conducted online. However, digital marketing is a highly transferable skill set, meaning the concepts can be applied to any industry, in the same way that business management can easily be used for a variety of positions.
Learning a new skillset also makes one more marketable. This is because it shows a willingness to embrace new information and new challenges. Learning, at any age, is beneficial, but especially when it’s a transferable skill, such as digital marketing.
To recap, digital marketing knowledge, even if basic, can have a sizeable impact on entrepreneurial endeavours. As business nowadays is comprised of at least some sort of online presence, having this skill set can help promote the new brand or company from the start. This is because having a working knowledge reduces the need for unnecessary, or perhaps more appropriately, unaffordable, staff that could otherwise focus on marketing initiatives solely. It also enables the operator to use web analytics, and therefore the data collected, to understand its customer-base, which will help to make forward-thinking decisions. And finally, it was noted that digital marketing is one of the most in-demand skill sets in the job market today. So, even if a new business venture fails, at least there is something of value to fall back on.