Marketing the Social Entrepreneurship
Entrepreneurs used to be enterprising, savvy founders who started businesses for one reason: to make money. But times have changed — and with the emergence of something known as social entrepreneurship, several founders’ motivations have shifted from profit margins to social responsibility.
Let’s focus on Marketing
While marketing social entrepreneurship, the focus on marketing strategies must be revised. For social entrepreneurs sometimes main benefit is not profit but growth of positive reputation. This can be achieved through dissemination of marketing strategies. In social entrepreneurship an additional element should be stated among the main elements of marketing mix – and this is a social impact.
Consumers get an intangiable outcome when purchasing goods or services from social entrepreneurs. This outcome should be positioned as an additional element of customer’s response to the marketing mix.
Social impact from marketing mix meets intangible outcome, the sense that customers get while buying socially related products. It is stated that making strategic marketing decisions, however, is more difficult for a social entrepreneur than it is for either a traditional nonprofit or a commercial business, both of which are primarily concerned with a single bottom line.
A traditional nonprofit will continue offering products and services that have a significant social impact even if they lose money; commercial enterprises will not. Social entrepreneurs, on the other hand, are equally concerned both with social impact and income, and that means they must simultaneously analyze the social impact and financial viability of each product and service – and only then they are ready make decisions about which ones to expand, nurture, harvest or kill.
The same as in standard marketing strategies, the strategy for social entrepreneurs should include segmentation of the customers and consumers by taking into consideration standard criteria (such as geographical, demographical, psychographic and behavior segmentation) but also implementing own criteria most adequate for the products they are currently interested to produce providing also a social impact.
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