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Entrepreneurial Marketing
Business School The University of Colorado DenverJake Jabs Center for Entrepreneurship
Guest Lecturer | Kimberly Arnold | CEO, Escalate Solutions | March 29. 2016
Escalate Solutions
Observations on
Kimberly Arnold.
@EscalateAdvisor
CEO/Founder, Escalate Solutions
3-time business owner
Growth strategy expert, specialist helping rapidly scaling and diversifying organizations
Entrepreneur committed to work life balance
Experience in sectors including gaming, entertainment, hospitality, tourism, leisure, healthcare, education, architecture, construction, technology, sustainable energy, development, social media, market research, non-profits and government
Board member (compensated and non-profits)
Speaker, author, conference producer
Community champion, charity advocate, philanthropist
Mission, Vision & Value Proposition.
Assist companies in their request to grow, scale and achieve sustainability utilizing strategic and deliberate practices.
Support the advancement of pioneering organizations with exceptional vision and that recognize the importance of innovation, creativity, deliberate growth, culture, values, philanthropy and business ethics as cornerstones of their mission.
Transform emerging, growing and transitioning entities - from startups and growth hackers to
non-profits and diversifying corporations - that need cross-disciplinary support across all departments and functions within their infrastructure to solidify, achieve and maintain aggressive growth goals.
Guide emerging organization utilizing the four pillars/tactics of strategy, alignment, implementation and optimization.
Leverage non-traditional, personal, culture and intangible business considerations.
Develop thought leadership for business, entrepreneurship, strategy, diversification and growth.
It’s a Niche to be a Generalist…Supporting Growth Across Disciplines
OBSERVATIONS.
Evolving definitions, characteristics and perceptions of EMo Practices, methodologies and techniques being adopted
beyond startups Beyond tangibles Amplified importance of strategic planning Progressions in external life cycles and internal growth tactics The death (i.e., irrelevancy) of the single-minded business
leader Stuff happens
6 ES OBSERVATIONS FROM PERSONAL & CLIENT EXPERIENCESENTREPRENEURIAL MARKETING
DEFINITIONS.
Limited resources Unorthodox toolkits and solutions “Anything & everything” mentality to produce
campaigns and results Adapted processes to address emerging
disciplines/schools of thought Emphasis on analytics, assessment, refinement,
optimization resulting from advancements in technology
CHARACTERISTICSENTREPRENEURIAL MARKETING
DEFINITIONS IN THE PUBLIC DOMAINENTREPRENEURIAL MARKETING
Its not about strategy but more about spirit. *(www.marketing-schools.org)
Marketing with an entrepreneurial mindset; the organizational function of marketing by taking into account innovativeness, risk taking, proactiveness and the pursuit of opportunities without regard for the resources currently controlled. (S. Kraus, R. Harms and M. Fink)
Behavior shown by any individual and/or organization that attempts to establish and promote market ideas, while developing new ones in order to create value.(Bäckbrö and Nyström)
ES DEFINITIONENTREPRENEURIAL MARKETING
Entrepreneurial + Visionary + Strategic + Structured + Pivot-Capable + Flexible + Passionate + Dedicated + Resource Limited + Impactful + Innovative + Experimental + Imitative + Perceptive + Tech-Savvy + Analytical + Risk-Tolerant + Fearless + Cross-Disciplined + Balanced + Customer-Focused + Value Generating + Imaginative + Inquisitive + Networked + Social + Time Intensive + Energetic + People-Centric + Personal + Involved + Philanthropic
(K. Arnold…Me!)
INTANGIBLE FACTORS.
Value more difficult to define (intangible)
o Contributing to a greater goodo Emotions, happiness, well-beingo Social status, comforto Convenience, efficiency, productivity,
performanceo Nostalgia
THE VALUE OF GOODS & SERVICES IN MARKETINGTANGIBLE VS. INTANGIBLE Value known at outset
(tangible)o Product – good or service – is
understood o Uses and benefits are clearo Can be tested in person or
experienced with the senseso Appearance translates to reality Value perceptions drive marketing strategies Advanced intangible-factors for EM stemming from liabilities of “smallness”, “newness” Attracting and retaining customers even more challenging
STRATEGIC PLANNING.
“Anyone who tries to assert that strategic planning is dead doesn’t understand the
methodology or core principles of what it is.
If the pillars of Strategy, Alignment, Execution and
Optimization are applied and revisited as
intended – all which encourage assessment, analysis and
pivoting as needed- the practice inherently can never be
irrelevant.”
Myth #1“STRATEGIC PLANNING IS DEAD”MYTHS ABOUT PLANNING
TRUTH
“Don't get so caught up in the idea
of short-term results that you forget
about scaling for the long-term.
Whether a bootstrapper, VC seeker, growth hacker, or more
traditional firm seeking diversification and
aggressive growth…the common EM tie is that being strategic and
deliberate is what makes entrepreneurs successful and
sustainable.”
Myth #2“TECHNOLOGY CHANGES DICTATE FOCUS ON TODAY”MYTHS ABOUT PLANNING
TRUTH
“It is erroneous to assert that pioneering implementation
tactics associated with models such as entrepreneurial, passion,
viral, buzz, guerrilla marketing and growth hacking can’t co-exist with strategic planning.
To the contrary, the more aggressive and out-of-the-box
the scheme, the more the guiding framework of strategy is
needed.”
Myth #3“PLANNING & AGGRESSIVE GROWTH CAN’T CO-EXIST”MYTHS ABOUT PLANNING
TRUTH
An investment in a dynamic, ongoing, evolving and flexible
strategic planning exercise is the most beneficial investment
that an entrepreneur can make.
STRATEGIC PLANNING IS EM’S MOST VALUABLE ASSETKEY TAKEWAY
TRUTH
LIFE CYCLES & TACTICS.
INTERNAL & EXTERNAL CONSIDERATIONSLIFE CYCLES & GROWTH TACTICS
TRADITIONAL LIFE CYCLES (EXTERNAL)FORMULATING
Formalize mission, vision, values and offerings
Solidify offerings that meet a demand, determine “fit” and differentiation in the market
Target demographics and, segments, make introduction to those potential clients
Classic and innovation channels including passion, relationship, viral, guerrilla, buzz marketing, growth hacking, etc.
SHORT-TERM• Strategies and
improvements likely to remain internal/organic
• Focus on supportive and expansive strategies for existing products
• Increase market share• Intensify sales via
tactics beyond guerilla, viral and passion marketing
• Acquire new customers• “Steal” from
competitors• Increase volume of
existing products• The 6 “P’s (product,
people, price, place, production, promotion)
MID-TERM Internal and external
considerations (new verticals, M/A, strategic partnerships, etc.)
Collaboration or cooperate with third parties
Maximize synergies, diversify risk
Enable R&D, marketing, distribution and procurement opportunities
Open new doors for expanded offerings and products
Consider untapped markets (new segments, uses, territories, and other options considered out-of-the-box
LONG-TERM Vertical
opportunities (directly relevant services and products)
Horizontal opportunities (indirectly related but in the “food chain”)
Open opportunities (new products not anticipated currently)
Continue external and strategic alliance opportunities
Consider exit strategies if relevantTAKEAWAYS: 1. INTERNAL PROCESS CONTINUES SIMULTANEOUSLY 2. TECHNOLOGY = TIMING COMPRESSED
STRATEGY & POSITIONINGGROWTH TACTICS (INTERNAL) In traditional and entrepreneurial
marketing, better outcomes stem from asking the right questions
9 Critical Topics = Aspiration, Assets, Challenges, Competition, Acumen, Customers, Infrastructure, Analytics and Profit Centers
For EM…enhanced importance answering with a balance of both analytics AND creativity
Sustainable energy example
ALIGNMENTGROWTH TACTICS (INTERNAL) Mission, vision, values, culture, goals
and outcomes are clear Every stakeholder, department,
function and individual at every level understands their role
Enhanced importance for EM’s..but applicable to all
Professional services firm example
EXECUTION / IMPLEMENTATIONGROWTH TACTICS (INTERNAL) Plans, tools, products and activities
that will be launched, tried and tested Advances in tech have opened up new
doors and opportunities to what those action items can be (where misperception of irrelevancy of planning stems from)o Classic channelso Innovative channels o Classic channels in innovative
ways Second professional services firm
example
OPTIMIZATION / REFINEMENTGROWTH TACTICS (INTERNAL) Technological advancements have also
impacted this step significantly Engage in the process assuming pivoting,
adjustment Prioritize KPIs and metrics that measure
what matters; all analytical tools not created equal o Overall qualitative and quantitative information,
voice of customer feedback, social media monitoring, experimentation testing and comparison, competitive intelligence, and/or conversion monitoring
MULTI-FUNCTIONING.
THE INEFFECTIVENESS OF MYOPIC LEADERSCROSS-DISCIPLINARY BALANCE
Details matter, but the big picture is also vital to company mission, vision, values, culture and goals
No one can be defined as a true leader if they fail to invest in or are unable to address overlapping industry, economic, community, philanthropic, government, regulatory and political realms
Single-minded and myopic leaders who can’t see the forest through the trees are unlikely to recognize when it is time to reassess, adjust or pivot
THE INEFFECTIVENESS OF MYOPIC LEADERSCROSS-DISCIPLINARY BALANCE
Ooooh! Here’s a new object that just “appeared”
on the right!
… And another, on the left!
GROWTH IMPACTS EVERY ASPECT OF OPERATIONS.
When the pitch or product gains traction and revenues soar, the administrative and operational ripple effects accompanying aggressive increases in revenues and business growth cycles are widespread and
multi-faceted across every function of the organization. Entrepreneurs, owners and managers have to be prepared to address the diverse array of
infrastructure needs, cross-disciplinary logistics and internal/external expectations that go hand-in-hand with such progress.
“An ideal entrepreneur, CEO or COO has to be both specialist and generalist. Effective leaders identify and retain the big picture, are willing to learn something
about everything, hire and oversee the specialists tasked to run every discipline, and consistently
contribute on a meaningful level to every aspect of a business and the greater community.
Cross-disciplinary balance and expertise is a must, particularly in an entrepreneurial environment.”
Advanced growth and scaling comes with multi-functional challenges. EMs have to address them all.
THE UNEXPECTED.
RESPONDING TO THE UNEXPECTED & UNWELCOMECRISIS MANAGEMENT
PROFESSIONAL • Market Forces• Strategy Shifts and
Unexpected Pivots• Business Partners• Investors, Failed VC
Initiatives• Clients• Vendors• Etc.
PERSONAL • Health & Wellness• Friends, Family• Parents, Spouse, Children• Colleagues• Work/Life Balance• Personal Branding• Etc.
(Left to right) My daughter, Addison - Age 1 - following major heart surgery; Age 4 - during a 2.5 year protocol of chemotherapy for leukemia; Age 5 - following reconstructive brain surgery to alleviate the impacts of a stroke she suffered during cancer treatment.
Entrepreneurs will have to shift, adapt and address to an unexpected crisis periodically. It isn’t always possible to plan for the unknown, but it is possible to be best prepared as you can
be.
RESPONDING TO THE UNEXPECTED & UNWELCOMECRISIS MANAGEMENT
“Purpose brings meaningfulness that fuels the fire for even greater intellectual curiosity and Sustained Superior Performance (SSP). I like to define SSP as steadfast execution amidst frequent uncertainty.
People who can perform in the face of ambiguity — those who can conceptually build a mental and emotional bridge and safely maneuver across it without setback — are the ones who ultimately discover their high performance status.”
- excerpt from “Navigating Chaos” by Jeff Boss
CLOSING ADVICE.
ES CLOSING THOUGHTSENTREPRENEURIAL MARKETING
Make your mission something you are passionate about Be deliberate and creative Don’t rule anything out Strategic planning is your greatest asset if you engage in the
process correctly… assuming pivoting, adjusting and re-tooling
Entrepreneurial Marketing
Business School The University of Colorado DenverJake Jabs Center for Entrepreneurship
Guest Lecture | Kimberly Arnold | CEO, Escalate Solutions | March 29. 2016
Escalate Solutions
Observations on
Escalate Solutions helps businesses grow strategically and deliberately.
EscalateSolutions.com @EscalateAdvisor Escalate Solutions
[email protected] 303.886.4666