Why You Should Plan for Niche Domination
Plan for Niche Domination What is all this dialogue about “Niches” and who should really care? Why should your next business plan focus on finding and developing a niche? Seldom do two people from the same discipline (sales, marketing, research, etc.) define niches the same way or agree to the value of pursuing the domination […]
Mobile is Transforming Consumer Retail Behavior
Multi-Device Retail Preference Multi-device usage is quickly becoming the norm in consumer behavior. Consumers will research a product on their phone or iPad, test the product in a brick-and-mortar store, and go home to purchase the product online from their laptop computer. While this shift to multi-device usage can make it difficult for marketers to […]
Pricing Strategies Than Can Improve Sales
The Right Price Can Make a Big Difference Using smart pricing strategies can make a big difference to your sales and help you succeed in a competitive marketplace. Each product and service is unique and therefore what works for some companies may not work for others. Nonetheless, the strategies outlined below may be a good […]
Understanding Barriers to Entry
Entry into any market by a startup business is in some way possible, though it is often constrained by some sort of economic, procedural, regulatory or technical obstacle. Such obstacles are often referred to as ‘barriers to entry.’ Some examples of barriers to entry include high startup costs, strict laws and regulations, inability to access resources, […]
Sustainable Competitive Advantages
A competitive advantage is some aspect of the company and/or its product or service that gives it an edge over its competitors and allows it to generate greater values for the firm (in sales and/or profit margins) for the firm and its shareholders. Two primary examples of competitive advantages include: 1) comparative cost advantage – […]
The Importance of Differentiation
When asked about their product or service, most entrepreneurs could go on and on with the various features and advantages. However, once you ask them, “what makes your product or service desirably different?” their pitch begins to flounder. They begin to fall back on their key features or advantages over their competition. But, the question […]
Narrowing Your Addressable Market Down To Your Target Market
Before we go over some tips for narrowing your addressable market into a concise target market, lets first define these terms. Addressable Market The addressable market is the group of people (or businesses) whom might be interested in what you are selling. It is the broadest umbrella of potential customers that your target or service […]
Value Propositions vs. Positioning Statements
The main objective of a company’s marketing strategy is to define and reach the target customer demographic while differentiating itself from the competition. Value propositions and positioning statements stem from this marketing strategy and help the company to accomplish its marketing goals. Many people use these terms interchangeably when writing a business plan or discussing […]
How to Write a Positioning Statement
Many first time entrepreneurs get tripped up on the positioning statement portion of their business plan and how it differentiates from their value proposition. In this blog post, we will tell you just how to write a positioning statement. Please refer to the following links for instructions on how to write a value proposition and the difference […]
How to Write a Value Proposition
When writing a business plan, many entrepreneurs get confused about value propositions and positioning statements. In this blog post, we will tell you just how to write a value proposition. Please refer to the following links for instructions on how to write a positioning statement and the difference between a value proposition and positioning statement. What is a […]