Business Plans FAQs

Question:Just what should marketing research look like?

Marketing research for a start up (or for any company really) should look like this: 1. Overall view of the market (this used to be a long story about how big the internet is, but probably is useless these days because everyone knows that). 2. Segmentation of the market and determination of which segment you are targeting. Indication of growth rate of the market segment. 3. Detailed evaluation of the competition for the segment you are targeting. Detailed understanding of the start-up's capability of beating the competition in this segment. 4. Detailed understanding of how the start-up will grow in terms of new segments or new services or products of the targeted segment. Numbers for each of these subjects make the case stronger, but often firms use analogies (make sure the analogy is good) to make their point.

Question:What goes into a marketing plan?

You don’t have to kill a tree to create an effective marketing plan. In fact, you can create a successful plan for your business in just one day. To begin, don’t worry about writing style or making your plan fancy. Now read this article to see what's involved.

Question:What kind of strategy and marketing efforts do we need to put in for a services start-up?

Here at Willig Concepts we're always getting questions about what kind of marketing know-how you need for a start-up company. It turns out we have lots of articles on our site that are crucial for understanding the marketing of a start-up company. So what do start-ups really need to know? Here is our list, summarized from a MarketingProfs article by Allen Weiss (which you can read in its entirety at http://www.MarketingProfs.com/2/startupmktg.asp) - Beware of the First Mover Myth Aside from the fact that established companies with much larger funds usually take over the market from first movers, first movers have a huge task in educating the market. - Don't Push your Services or Products Most start-ups begin with a good idea, and people in the start-up company are typically thrilled with it. The problem is that many of these start-ups don't do enough research to find out if anybody wants their new idea. If you're in a start-up, don't push your services or products onto your customers…they won't buy them! - Don't Plan without Robustness Most marketing plans of start-ups are shortsighted. While the plan may be good for today, the world always changes. Think about all those start-up internet companies that relied heavily on advertising for income, but are now facing bankruptcy. Why? The world changed like it always does. But if your marketing plan was robust, these changes wouldn't be so devastating. - Short Cuts and Bad Thinking Often start-ups operate in a mode of quick thinking, a fast pace, and extreme forms of uncertainty. While exciting, this is precisely the condition when people make use of short cuts in thinking. These short cuts are what we in academics call "heuristics." The important point is to understand how these heuristics work for or against you in the high uncertainty situations in which start-ups often operate. - Compatibility is not Just About Relationships We've written several articles on this site trying to emphasize the importance of compatibility in marketing. An example of such an article is "What You can Learn from Infomercials" One reason this is so important is that the history of innovations and new ideas (and many start-ups begin with a "new" idea) shows that the adoption of new innovations is highly dependent on how compatible they are with existing ways of doing things. - Service Can Save You Why is service on the Internet (and in the offline world as well) so bad? There are many reasons for this I suspect, but one reason is likely to be that people just believe they know how to provide good service (of course, understanding is one thing, implementation is another). Many start-ups get so focused on the cool tactics of marketing (advertising, press coverage, handing out samples) and cool technologies that the basic concepts of good service are simply assumed. Anything Else? Of course there are several other things that every start-up should know (e.g., How to Segment Markets, Predict Competitive Reactions, Create a Brand Platform, and if you're going to do advertising you better understand The Hierarchy of Communications). Start by reading the whole article at http://www.marketingprofs.com/2/startupmktg.asp and from there you’ll find a number of useful links to other related pieces that you’ll find difficult to resist stop reading!

Question:What is a “positioning statement,” and how do I create one?

This answer is excerpted from a MarketingProfs.com article by Ford Kanzler that you can read in its entirety here. Without direction or focus, a business or organization often acts like a multi-headed creature -speaking from many mouths, saying nothing and going nowhere. From a management perspective, positioning is the heartbeat of an effective communications plan. A well-crafted positioning statement defines your company's direction. It answers seven essential questions: · who you are · what business you're in · for whom (what people do you serve) · what's needed by the market you serve · against whom do you compete · what's different about your business · what unique benefit is derived from your product or services? Don't confuse a positioning statement with market position. As Harry Beckwith states so clearly in his book Selling the Invisible, "A position (or statement of position) is a cold-hearted, no-nonsense statement of how you are perceived in the minds of your prospects. A positioning statement, by contrast expresses how you wish to be perceived. It is the core message you want to deliver in every medium." So, how can you get your communications program on the right path? By creating a clear, defensible, differentiated positioning statement and supporting key messages to guide you and others along the way. Making It Happen: The following is a process for developing your company's communications direction (positioning statement) and path (key messages). - Get the Right Information - Get the Right People - Use the Right Thinking - Generate Ideas - Challenge your managers’ thinking - Get The Word Out Read the full article here.

Source: marketingprofs.com

 

Willig Concepts is a professional consultancy, specializing in Marketing; and in conjunction, offers
Information Technology, Human Resources, and Business Development services. As an Indiana-based company,
Willig Concepts strives to support economic growth in Indiana.

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