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Posts Tagged ‘Target Market’

marketing made easy

July 18, 2015 Leave a comment

I recently came across this post a friend shared with me in 2008. It claims to be how an Indian professor explained basic marketing concepts to his students. It’s funny, but very accurate, so I thought I’d share.

1. You see a gorgeous girl at a party. You go up to her and say: “I am very rich. Marry me.” – That’s DIRECT MARKETING

2. You’re at a party with a bunch of friends and see a gorgeous girl. One of your friends goes up to her and pointing at you, says: “He is very rich. Marry him.” – That’s ADVERTISING

3. You see a gorgeous girl at a party. You go up to her and get her telephone number. The next day, you call and say: “Hi, I am very rich. Marry me.” – That’s TELEMARKETING

4. You’re at a party and see gorgeous girl. You get up and straighten your tie, you walk up to her and pour her a drink. When she’s leaving, you offer her ride, you open the door of your car for her, even pick up her bag after she drops it, and then, just before dropping her off, you say: “By the way, I am rich. Will you marry me?” – That’s PUBLIC RELATIONS

5. You’re at a party and see gorgeous girl. She walks up to you and says: “You are very rich! Can you marry me?” – That’s BRAND RECOGNITION

6. You see a gorgeous girl at a party. You go up to her and say: “I am very rich. Marry me.” She gives you a nice hard slap on your face. – That’s CUSTOMER FEEDBACK

7. You see a gorgeous girl at a party. You go up to her and say: “I am very rich. Marry me.” Then, she introduces you to her husband. – That’s DEMAND AND SUPPLY GAP

8. You see a gorgeous girl at a party. You go up to her and before you say anything, another man comes and tells her: “I am rich. Will you marry me?”, and she goes with him. – That’s COMPETITION [EATING INTO YOUR MARKET SHARE]

9. You see a gorgeous girl at a party. You go up to her and before you say: “I am rich. Marry me.”, your wife arrives. – That’s RESTRICTION FOR ENTERING NEW MARKET

10. You see a gorgeous girl at a party. You go up to her and before you say a word to her, she says: “I know your wife and kids, and they are wonderful people.” – That’s UNDERSTANDING YOUR TARGET MARKET

 

I hope you learnt something!

entrepreneurship 101

April 13, 2015 Leave a comment

Every time I’m invited to give a lecture, or speak on entrepreneurship/starting a business, I have an outline I usually work off, and then, I give illustrations the audience can identify with to expatiate. Today, I’ve decided to share that outline for the benefit of those whom I may never have the privilege of speaking to (physically or virtually); at least, my words/writing may exceed/extend my reach.

Entrepreneurship 101

ENTREPRENEURSHIP
 Entrepreneurship starts with a need, and then, an idea on how to satisfy that need.
 Entrepreneurs are people who identify a need and work towards satisfying it, or improving upon an already existing business concept. They provide products and/or services to satisfy specific needs while making a profit.
 Entrepreneurs need to be POP – Passionate, Opportunity-Seeking, and Persistent – in order to be successful.
• Passionate: Passion is the intense love you have for and the satisfaction you derive from what you do. If ego, family, or money is the only reason you decide to become an entrepreneur, entrepreneurship may not be for you. A lot of times, it is only the passion for what you’re doing that keeps you going.
• Opportunity-Seeking: You have to develop the ability to see the favorable chances/uses for your product or service everywhere.
• Persistent: Don’t get easily discouraged. Be prepared to hear “no” a lot of times before you get a “yes”.

SMALL BUSINESS
 A small business is any business one plans to start, or an idea one plans to introduce to the marketplace.
 Any entrepreneur can be a business owner, but not every business owner can be an entrepreneur. This is because an entrepreneur is unique in his/her approach to business.
 If you fail to plan, then you plan to fail; 30% of small businesses fail after two years of business because they had no business plan – not enough research/planning, little funding, poor management, and/or no adaptive measures.

BUSINESS PLAN
 A solid business plan is the foundation for any successful business.
 A good business plan has an executive summary, company overview, marketing plan, operations plan, financial plan, and sometimes, a customer service plan, funding plan, and networking plan.
 A business plan gets you funding from investors, not a business proposal.

PRODUCT OR SERVICE
 Unique Selling Point (USP) is the mark of distinction of any business. It is what separates your business from current and prospective competition. It generally should focus on FAB (features, advantages, benefits), not pricing.

TARGET MARKET
 Never make the mistake of assuming your products or services will appeal to everyone. There is no such thing.
 Your target customer is the person or business with the highest probability of buying your products or services – primary (high demand for your products/services), secondary (needs convincing to buy your products or services) and invisible (never considered would require your products or services).

COMPETITION
 Your competition is the person or business who offers the same products/services or benefits, as perceived by your target customers – direct (offers the same products/services), indirect (offers the same benefits), and invisible (has the capacity and desire to offer the same products, services or benefits).
 Competitive Intelligence is the process of learning, collecting/gathering and using information about your competition for the purpose of growing your own business.

FINAL WORDS
 Know when to move on to the next idea. Entrepreneurship isn’t just about the idea, but the execution of the plan.
 Always refer back to your business plan, and update it as your business evolves.
 Funding options – Family, Friends, Grants, Angel Investors, Partnerships, Bank Loans and Venture Capital.
 You cannot do it all alone – build a team or support system (family, friends, partner etc.)
 Customer satisfaction, not money, should be your primary goal.
 There will be good times, and there will be bad times, but it’s an exciting journey. Enjoy it.

There are no illustrations, but I do hope this makes a difference in your business life. All the best!