Small Business Grants Marketing info checklist

Transcription

1 Small Business Grants Marketing info checklist Prepared by Helen Ward Director ClientEdge and past City of Melbourne assessment panel member The following information is provided to guide you to complete the market analysis and marketing strategy sections of the small business grants application forms.

2 Contents Market analysis... 3 Your Customers who are you targeting?... 3 Competitors who are your main current and potential competitors?... 3 The external business environment your business will operate in... 4 What is your competitive advantage? Why are you going to succeed?... 4 Some ways you might build or maintain a competitive advantage:... 4 Not on the list, at least not prominently... 4 Marketing Strategy... 5 Product and/or Service... 5 Price... 5 Distribution... 5 Promotion/communication... 5 Customer service... 5 People... 6 Processes and Systems... 6 Presentation... 6

3 Market analysis In this section you should provide an outline of the market research you have done and the results, in relation to your customers, competitors and the external business environment in which you will operate? Tip: there are many low cost, practical market research options you can undertake. Some of the methods you may have used are: Focus groups Interviews Observation Sampling Desk research Analysing existing customer date Surveys and questionnaires Your Customers who are you targeting? Who is going to buy your products/services and what is the level of demand for your product/services? Is there currently a gap in the market that you are hoping to exploit? Is the market segmented, with different groups of customers that have similar characteristics and/or behaviours? This could include: Geographic boundaries Age Gender Aspirational Lifestyle Industry or sector Which will you target? From your current or potential customers, do you know: The level of demand for your products or services? What will motivate them to use your services? The size of the market? Competitors who are your main current and potential competitors? Which competitors do you believe are also targeting your chosen market? Is the market crowded?

4 What are their offerings and how do they compare with yours? What are their strengths and weaknesses against your offer? The external business environment your business will operate in What are the opportunities and risks which could impact your business? These are the things external to the business and therefore out of your control. Below is a list of typical influencers that can have a major impact, positive and negative, on a business. Consider what would happen to your business if there was a major shift in any of the things listed below? The economy Technology Government policy/legislation New competitors entering the market Exchange rates Fuel costs What is your competitive advantage? Why are you going to succeed? What are the benefits of your products/services and what will motivate your customers to do business with you? A unique selling proposition or competitive advantage exists when a business is able to deliver benefits that exceed those of competing products or services! What are you going to do that your competitors are not? Have you identified a gap you can fill? How do your business strengths match what your customers want? Some ways you might build or maintain a competitive advantage (Seth Godin): Access to hard-to-replicate talent Hard-earned skills Low overheads for you and your staff allowing you to be cheaper Protected or secret technology or trade secrets Existing relationships (switching costs working in your favour) Virally organized product and organization Large network of users already Focus on speed Monopoly power and the willingness to use it Unique story that resonates with the worldview of your target audience Not on the list, at least not prominently We are #1

5 We are better Quality - until proven Marketing Strategy In this section you should provide an outline of your proposed marketing Strategy. If you have more than one target markets, you will need a strategy for each identifying the differences. Product and/or Service Where do you intend to position your product/service against your competitors and why? Describe your product or service range for each target market. How will you keep your product/service competitive? Price Has your pricing included all costs to get your products/services to your customers, including service delivery? And what have you based your pricing on? Three commonly used pricing methods are: Competition-based setting your price based on similar competitor products Cost-plus incudes the cost of producing your product/service then adding a percentage Skimming selling at a high price, often used to target early adopters who are less price sensitive and value the product better than others Distribution How are you going to distribute your products/services? How will customers access your products/services? On-line Retail Wholesale Direct Promotion/communication How will you communicate with and promote to your customers? Virtual marketing - networking, websites, s, blogs and social media, mobile technologies Traditional marketing - word of mouth, public relations, face-to-face, print magazines, newspapers What will be your financial budget for these activities? Customer service What level and type of customer service will you offer and describe how it will be suited to your customers expectations?

6 Customer service is more than a friendly manner. It can only be carried out consistently if it is planned carefully. People What hiring strategy do you have in place? What training and support is planned for staff? Will you offer any professional development or career opportunities? Processes and Systems How can you be sure of always keeping your delivery promise? Complaints handling Re-works getting it right first time Presentation To be consistent with all other aspects of the business, any physical or visual aspect of your business must be appropriate. These will include any of the following: Website, social media etc Promotional materials Vehicles Premises Stationary Uniforms