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offline marketing, brick & motar stores, internet, my 2 cents

by cuttingedge
3 replies
No matter what type of business you decide to enter, make a plan to help you become successful.

Summary: The idea hear is an "elevator pitch or "USP" which communicates what you/the business does, the target market your after, and the potential upside in as few a sentences as possible.

Revenues/expenses: Don't leave out expenses, both personal and business. If your bootstrapping your business, include personal living expenses as well if you don't have a job or your job isn't covering it.

Market size: Entrepreneurs are optimistic by nature define their market too broadly. Without a segmentation plan you might have a tough time implementing your strategy.

Reseach: Talk to others already in the field and see what types of problems and opportunities they faced and over came. Ask about competition, pricing, labor, and how did it effect their decisions. Think about getting a job in the field part time or full time before you go it alone.

Marketing: Will not go into this as this is a great forum and will give ideas and ways to get your business off the ground.

Take action. Nothing will happen until you commit and believe in your business.

You will encounter problems, opportunites, excitement, loneliness, and all kind of emotions along the way. Stay with it, you can suceed.

Just my 2 cents.

To your success.

Bob
#brick #cents #internet #marketing #motar #offline #stores
  • Profile picture of the author SkyeFWP
    Thanks Bob, I think I've got most of it covered but there's one thing I'd like you elaborate on if you could be so kind:

    The segmentation plan

    Is this a case of finding your target customer?
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    • Profile picture of the author cuttingedge
      Originally Posted by SkyeFWP View Post

      Thanks Bob, I think I've got most of it covered but there's one thing I'd like you elaborate on if you could be so kind:

      The segmentation plan

      Is this a case of finding your target customer?

      Correct, it's finding & focusing on the subset of propects that are "most likely" to purchase your product or service.

      If segmentation is done properly it helps to insure the highest rate of return for your marketing and sales expenditures.

      First, look at What the need is: for business or for individual consumer

      Next look at segmenting the needs: expense reduction for business that are downsizing or individuals who have cash flow problems.

      This should establish what the need (want) is and who is likely to experience that need. Your product/service will determine a match between benefits offered and what your prospects need.

      After general segmentation, proceed to a more detailed analysis of the market: for business this may be by size (revenues,# of employees,locations), job position or responsibilty, acess (urban/rural), and other factors which may determine your success.

      For individuals: could be by gender, age, education, special interest(types of pets, ect) and other factors which determine their buying paterns.

      The more you know about your prospects needs, wants, and desires, the better chance you have of providing the solutions and benefits they want
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  • Profile picture of the author Alphy3000
    I'm always astonished about the volume of businesses who dont have a USP or at least try to differentiate themselves.

    But good post buddy.
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