Internet Marketing Vs Traditional Marketing – Can I Abandon Traditional Marketing?

This is a common question raised by novices in Internet marketing. Actually, it reflects a misunderstanding of the whole concept of Internet marketing. Because of its reliably novel stage, there is a mystique attached to the concept by newcomers and so the question: If I go for Internet marketing, should I abandon traditional marketing (as if one should now exclude the other)?

My simple answer is – why would you? Internet marketing and traditional marketing should complement each other. The Internet simply allows you to extend your reach beyond the current confines of your traditional marketing system such that areas in the world that were previously beyond your reach can now be accessed through the Internet.

To better appreciate that, it would be helpful to know what Internet marketing actually is. In a nutshell, it means putting up a website where you can display the product or service you are selling, and then encouraging people to drop by your site so that you can have buyers or customers. Everything else you will encounter in Internet marketing, including what may initially appear to you as highfalutin terms – like search engine optimization, search engine submission, reciprocal linking, keyword research – are nothing more than part of Internet marketing strategies to bring people to your website so that you will have the chance of making a sale. Without people finding out your website, you will never succeed in Internet marketing.

To better visualize this, consider the example of putting up a store in the physical world. Your store is located in a vast empty prairie. How are you ever make any sale if there are no people around? No matter how good your products or services are, if you have no passers by, if people can not locate you, you're finished. You have a choice of absolutely shutting down the store – or start an aggressive marketing campaign so that people will get to know about the existence of your store. And if you are successful in enticing them, people may start flocking to you to patronize your merchandise. Your strategies may occasionally include distributing leaflets announcing your store, putting up giant air balloons where from a distance, people will spot you, advertising on mass media, an so on.

The same thing happens to a business website – your virtual store in the Internet. Much like that solitary store in the prairie, all business websites initially exist in a much much vaster cyberspace prairie where no one will find you unless you now adopt and implement the well known Internet marketing strategies. But here's the exciting part – the analogy between the physical store and the business website (your Internet store) ends when it comes to their probable reach for potential customers. In that example of a physical store, how far can you reach out physically to attract customers? Realistically, even with a massive advertising campaign, you will most likely attract only people who are living within your immediate locality. Maybe a radius of fifty kilometers is good enough. Beyond that distance, people will find it impractical to still go to your store to buy anything. But not so in the Internet marketing model. You can be in the middle of the Sahara but your website can be found and access by anyone all over the world where you have Internet connection and where people will need your product or service! That's how massive you can get in Internet marketing!

Now, going back to the question – should you then abandon traditional marketing? That question sounds to me like coming from someone who's using a cellphone for the first time and who, in excitement about the power of the new gadget requests – will I now abandon face to face encounters and just talk with everyone through my cellphone? Of course not! Use your cellphone to get in touch with people who are not physically in your vicinity. But for people who are around you, there is nothing wrong with talking with them directly in person. In fact, that might even be preferred.

Instead of abandoning one system in favor of another, I suggest you combine Internet marketing with your traditional marketing skills. You could build an awesome marketing network that way!

Personal Brand Marketing – Brand Buzz 101

I understand the importance of visibility. As a small business owner, being "known" can be the difference between a steady flow of revenue or closing your doors. Yet, being visible is not enough. Being remembered is most important and means you occupy some prime real estate in the mind of someone. Garnering "share of mind" means that you somewhere along the way that they sampled your character and competency and you became memorable.

Marketing, by definition, is creating an exchange environment. For an individual, that could mean breaking a referral, speaking positively on your behalf, a promotion or an introduction. Branding, by definition, is an emotion or image tied to a product. YOU are the product. Even in businesses, people are the brand and define the company, more than any mission mission statement hanging in the lobby. So, how does an individual create "buzz" for their brand for visibility and more importantly to be remembered so that they can develop credibility?

1. Know what makes you unique.

Whether you're job hunting or wanting a position on board of director's, you need to confidently know what value you bring to the table.

2. Get really good at communicating what makes you valuable.

Ninety-three percent of communication is tone and body language. Spend time on the words so that what you say and how you communicate are congruent with your value. Yet, know that communication includes your image, the way you present yourself, your workspace, your phone skills and even your lunch meeting etiquette. They must all be congruent with what makes you valuable. Any discrepancies will jeopardize your credibility and could produce negative word of mouth which is a problem that I will address in future articles.

3. Manage that communication.

If you're creating "buzz" around your brand, it will require you to proactively manage the communication. For example, if you're new to a company or a position you will need to build a credibility wall. Yes, a physical wall if possible. It showcases every plaque, certificate, service honor, licensing, certification and degree you've received. This wall is your visual third party testimonial on the character and competency of your brand. Since that wall can not travel with you, make sure that anytime you're honored for volunteer service or recognized for a contribution that a copy of the "thank you" letter, note or card be placed into you personnel file.

Even if you're on your own, these "proof of credibility" tools will take you far. As the vice president of a business concern in college, I invited speakers to speak to our fraternity for professional development. I asked each of them to write a letter for me about their experience working with me so that I could include that in my personal portfolio. Many of these speakers went on to become regional directors, chief operation officers, chief financial officers, company presidents and further that my portfolio has become quite valuable. Actively "buzz" your brand! Doing that will develop credibility; credibility will lead to influence; and influence with lead to leadership.

Food and Tea in China

Chinese food is a very popular type of food among American's and has become a favorite to many. With this in mind, many people consider going to China to experience the food directly from China. The food alone in China makes China a top travel destination. However, it is to be of no surprise that the Chinese food in China is very different from the Americanized Chinese food available within the United States.

The quality of rice available in China is much different than anywhere else across the globe. China has an abundance of rice fields, making rice readily available within the country. Rice is one of the main dishes in any Chinese meal.

There are several different locations in China to visit for various dishes you might like to try. Beijing is well-known for their Peking duck. However, Shanghai is famous for their pork buns. It is all dependent on what it is you are looking for as to what area of ​​China you would be pleased the most within your travels abroad to China.

However, some food customs in China are very different than anywhere an American traveler would be used to. In most parts of China, soups are served after the meal. However, the Cantonese do serve soup before the meal.

Aside from the Chinese food us Americans have grown to love China for, China is also famous for their tea. They are most famous for their jasmine and green tea. So, while in China, do not pass up the opportunity to taste their tea.

Entrepreneurship: What does it REALLY mean?

Introduction:

In a world where ideas drive economies, it is no wonder that innovation and entrepreneurship are often seen as inseparable bedfellows. The governments around the world are starting to realize that in order to sustain progress and improve a country’s economy, the people have to be encouraged and trained to think out-of-the-box and be constantly developing innovative products and services. The once feasible ways of doing business are no longer guarantees for future economic success!

In response to this inevitable change, some governments are rethinking the way the young are educated by infusing creative thinking and innovation in their nation’s educational curriculum. In the same vein, they are putting much emphasis on the need to train future entrepreneurs through infusing entrepreneurship components within the educational system, especially at the tertiary level.

Some countries have taken this initiative to a higher level by introducing entrepreneurship education at elementary schools and encouraging them to be future entrepreneurs when they are of age. In a series of survey funded by Kauffman Center for Entrepreneurial Leadership, it was found that nearly seven out of 10 youths (aged 14-19) were interested in becoming entrepreneurs.

Being an entrepreneur is now the choice of the new generation as compared to the preferred career choices of yesteryears such as being a doctor, lawyer or a fighter pilot. In a recent visit to the bustling city of Shanghai in China, an informal survey was carried out among Chinese youths by the author. The results of the survey showed that being an entrepreneur, especially in the field of computer and e-commerce, is perceived as a ‘cool’ career and is an aspiration for many Chinese youths Prior to the ‘opening up’ of modern China, being an entrepreneur was perceived as the outcome of one’s inability to hold a good government job and those who dared to venture, were often scorned at by their peers. Times have indeed changed.

With this change in mindset and the relative knowledge that entrepreneurs bring forth increased job creations, the awareness and academic studies of entrepreneurship have also heightened. In many tertiary institutes, many courses of entrepreneurship and innovation are being developed and offered to cater to the increasing demand. The term “entrepreneurship” has also evolved with numerous variations. The proliferation of jargons such as netpreneur, biotechpreneur, technopreneur and multipreneur are coined to keep up with the ever-changing times and business conditions that surround us.

In view of these changes, it is important that the definition of entrepreneurship be refined or redefined to enable its application in this 21st century. To put it succinctly, “Good science has to begin with good definitions (Bygrave & Hofer, 1991, p13).” Without the proper definition, it will be laborious for policymakers to develop successful programs to inculcate entrepreneurial qualities in their people and organizations within their country.

The paper will provide a summary of the definitions of entrepreneurship provided by scholars in this subject area. The author will also expand on one of the definitions by Joseph Schumpeter to create a better understanding of the definition of the term “entrepreneurship” as applied in today’s business world.

Entrepreneurship through the Years:

It was discovered that the term ‘entrepreneurship’ could be found from the French verb ‘entreprende’ in the twelfth century though the meaning may not be that applicable today. This meaning of the word then was to do something without any link to economic profits, which is the antithesis of what entrepreneurship is all about today. It was only in the early 1700′s, when French economist, Richard Cantillon, described an entrepreneur as one who bears risks by buying at certain prices and selling at uncertain prices (Barreto, 1989, Casson 1982) which is probably closer to the term as applied today.

In the 1776 thought-provoking book ‘The Wealth of Nations’, Adam Smith explained clearly that it was not the benevolence of the baker but self-interest that motivated him to provide bread. From Smith’s standpoint, entrepreneurs were the economic agents who transformed demand into supply for profits.

In 1848, the famous economist John Stuart Mill described entrepreneurship as the founding of a private enterprise. This encompassed the risk takers, the decision makers, and the individuals who desire wealth by managing limited resources to create new business ventures.

One of the definitions that the author feels best exemplifies entrepreneurship was coined by Joseph Schumpeter (1934). He stated that the entrepreneur is one who applies “innovation” within the context of the business to satisfy unfulfilled market demand (Liebenstein, 1995). In elaboration, he saw an entrepreneur as an innovator who implements change within markets through the carrying out of new combinations. The carrying out of new combinations can take several forms:

The introduction of a new good or standard of quality;

  • The introduction of a novel method of production;
  • The opening of a new market;
  • The acquisition of a new source of new materials supply; and
  • The carrying out of the new organization in any industry.

Though the term ‘innovation’ has different meanings to different people, several writers tended to see “innovation” in the form of entrepreneurship as one not of incremental change but quantum change in the new business start-ups and the goods/services that they provide (egs, Bygrave, 1995; Bygrave & Hofer, 1991).

In the view of Drucker (1985), he perceived entrepreneurship as the creation of a new organization, regardless of its ability to sustain itself, let alone make a profit. The notion of an individual who starts a new business venture would be sufficient for him/her to be labeled as an entrepreneur. It is this characteristic that distinguishes entrepreneurship from the routine management tasks of allocating resources in an already established business organization. Though the definition tends to be somewhat simplistic in nature, it firmly attaches the nature of entrepreneurial action with risk-taking and the bearing of uncertainty by the individual (Swoboda, 1983)

In a Delphi study, Gartner (1990) found eight themes expressed by the participants that constitute the nature of entrepreneurship. They were the entrepreneur, innovation, organization creation, creating value, profit or non-profit, growth, uniqueness, and the owner-manager. The themes could be seen as a derivative and expansion of Schumpter’s earlier concept.

Expanding on Schumpeter’s Definition:

After digesting the numerous definitions of entrepreneurship, one would tend to see a strong link between these two terms: entrepreneurship and innovation. In retrospect, most of the definitions tended to be, to some extent, a re-work and expansion of Schumpeter’s definition of entrepreneurship (which is that of innovation being applied in a business context).

As defining the term of ‘innovation’ is highly debatable and would merit a paper on its own, the author has thus, for convenience, summarised the definition of innovation. Innovation can be perceived simply as the transformation of creative ideas into useful applications by combining resources in new or unusual ways to provide value to society for or improved products, technology, or services.

In the author’s opinion, the difficulties of defining “innovation” could be the reason for the quandary one finds in attempting to arrive at a clear-cut definition of the term ” Entrepreneurship”.

Take for example, if someone starts another run-of-the-mill hot dog stand in the streets of New York, will he termed as an entrepreneur? According to Drucker’s definition, he will be seen as one. However, if the above definition by Schumpeter was used as a guideline, the answer is probably ‘NO’.

Why? The core of the matter lies in what is so innovative about setting up another hot-dog stand which are in abundance in New York. On the contrary, if he is the first one to start a stand selling hot-dogs with Oriental Sweet and Sour sauce topping; he could be termed as an entrepreneur (even based on Schumpeter’s requirement) as he has done what others have not done before. In the context of entrepreneurship, creativity and innovation are key points in the whole scheme of things.

In this manner, by adding “innovative” features to a product or services and setting up a business based on these additional features to compete in the existing market, new entrants may be able to gain this competitive advantage over existing market players.

In the case of the hot-dog seller, it may be argued that his addition of Oriental Sweet and Sour sauce toppings may be seen as nondescript. This runs in contrary to some scholars’ definition of entrepreneurship as requiring quantum changes in the products/ services to be justified as being entrepreneurial (Bygrave, 1985; Bygrave & Hofer, 1991).

Consistent with creating new products for sale, someone who starts a business by providing a totally new way of serving his customers/ clients is considered to be entrepreneurial too. Though, it is often argued that there are no real new products or services in a case where one does not look to the past products and services for ideas for improvements. Thus, the notion of incremental improvements should be accepted as being innovative too.

Innovation in the business sense may not necessarily involve, in the physical sense, the introduction of a new product or service. It can be in the form of what is commonly known as creative imitations. For example, if an individual starts selling a product that is already common in his area or country, he will not be seen as being entrepreneurial. However, if he is the first to sell the same product in a virgin locale or to an untouched market segment, he will be seen as an entrepreneur in his own rights.

Take Muhammad Yunus, for example. Yunus became an entrepreneur when he started a micro-loan program for the poor villagers in a rural part of Bangladesh named Grameen, with only US$26. The loan was divided among 42 villagers to assist them to buy small items such as combs, scissors, needles and other necessities to start their own home businesses. In the past 22 years, Grameen Bank has grown with over $2 billion loans granted. It has now become a model for several micro-loan facilities.

>From the following example, Yunus created banking and lending facilities in Grameen specifically for the poor villagers. Banking and lending money activities are not new but Yunus was the first to provide such facilities in a rural part of Bangladesh and that is definitely innovation and risk-bearing on his part as a social entrepreneur. In short, innovation need not arise mainly from a new product or service but it could be an old product or service finding a new market for penetration.

An individual could be termed as an entrepreneur if he or she sells a product or service using new systems and/ or mediums of marketing, distribution or production methods as a basis for a new business venture. A good example will be Jeff Bezos, the founder of Amazon, the successful Web-based bookstore. He was one of the first to sell books on a large scale using an online store and also patented the one-click system for online buying. Though selling books is not an innovation in itself, Jeff Bezos was innovative in the use of the Internet then as a viable marketing and sales channel for selling books.

Another example from the field of e-commerce is Stuart Skorman, the founder of Reel.com [http://Reel.com]. Reel.com [http://Reel.com] is essentially one of the first cyber movie store with a very large inventory of over a 100 000 videos. Though setting a movie store was revolutionary then, Reel.com [http://Reel.com] main distinction was being known as the first online store to expand by opening an offline store. The founder felt that by doing so, the online store could be an advertisement for the offline store and vice versa, thus strengthening this click and mortar business venture- an example of creativity and innovation applied in a profitable business context.

Conclusion:

This paper has started as an attempt to redefine the term of entrepreneurship but ended up ‘updating’ the wheel, based on the definition as proposed by Schumpeter. The paper expanded on this influential work by giving examples to illustrate what innovation in entrepreneurship was and hope that along the way, new insights were unearthed in the study of defining entrepreneurship.

In summary, the author hopes that this paper would further encourage the infusion of creative thinking and innovation within the educational system to nurture future entrepreneurs with a competitive edge. In the author’s view, the characteristics and capabilities to set up a new business venture based on doing things that have not done before should be encouraged. Innovation needs to be the cornerstone of entrepreneurship as opposed to the mere setting up of another new enterprise without implementing changes or adding features of improvements to the products and services provided and/ or its business processes.