Entrepreneurial Communication Channels

Communication Goals in Business

  • Acquiring new customers: Expensive, involves informing people of the business's value.
  • Retaining customers: Making customers stay through loyalty programs and demonstrating value.
  • Growing customers: Encouraging more devotion or spending by informing them of new products/services.

Types of Communication Channels

  • Direct Channels: Communication pathways a business owns/controls.
    • Physical: Ads in the mail, billboards, conversations in stores, trade shows, or phone calls.
    • Digital: Website, email, business's social media posts.
    • Example: REI uses physical (knowledgeable staff, classes) and digital (e-commerce website, expert advice blog, mobile apps, social media) direct channels.
  • Indirect Channels: Communication pathways owned by other businesses/organizations.
    • Physical: Selling in other stores (Target, Costco).
    • Digital: Other websites, podcasts, videos, word-of-mouth, news features, product reviews.
    • Influencers: Individuals with a large social media following paid to promote products.

Channel Selection for New Businesses

  • Focus on platforms frequented by the target market.
  • Ensure enough channels to acquire, retain, and grow customers.

Communication Strategies

  • Use familiar language and empathy.
  • Be clear, concise, and timely.
  • Delight customers with originality.
  • Communicate trust by engaging with customers.
  • Vary communication methods to capture the target market.