Last week, I wrote about the basics of crafting a feasibility study to test a new business idea before investing too much time and money in it. This week, we look at what a feasibility plan might look like.
What does a feasibility plan look like?
There is no “set in stone” format for a feasibility plan. Good plans are on paper or digital – and some great plans have sketched out on the back of napkins (literally). Here are two suggested outlines of information you will need: Continue reading »
Have you ever spent a lot of time, money and energy on a “great new idea”, but wondered later what you ever saw in it? New business ideas are exciting. After all, they are new!
One way is to do a quick feasibility study to test the idea. Feasibility studies serve three key purposes: Continue reading »
Recommended must read: Is your social media expert really an expert? The top 25 ways to find out.
This new post by Peter Shankman and Sarah Evans (both experts) nail the differences between those who claim to be experts and those who really are experts in social media. Social media is, of course, the hot marketing topic de jour, surrounded by tons of hype and more than a few charlatans. Peter and Sarah do a great job (as usual) of showing how to spot the posers.
Social media may not fit every organization’s goals and does require on-going attention. And the elements may vary from business to business. Not everyone needs to be on all of the “latest and greatest” platforms. Beware of anyone who makes a blanket claim to that effect.
Bing, Microsoft’s new search engine, offers some great features. The attractive landing page with a single stunning photo as backdrop to the simple search box sets the stage for a different experience. There are some interesting tools that come with search results – a table of contents, cool travel feature and others – but how has Bing performed it’s first few days?
Good marketers do their homework. Homework goes by different names: due diligence, research and discovery among them. Whatever moniker you choose, it boils down to the same thing: work. Lots of work. Work to learn more and more about who your customers may be, what matters to them, where they go to get information, to shop, and on and on.
I’ve noticed many people want to skip this part. Eager to get to the “fun” parts like graphic design, tag lines and soundtracks, they barrel ahead at full tilt – often in the wrong direction.
It’s irritating as sand sometimes. The market and competition seem more active during the homework phase, and business owners often feel they are wasting time and their money with little to show for it. But, like oysters, it takes time for the discovery process to yield the pearls. By doing the work up front and learning as much as possible, you can avoid costly mistakes and instead capture opportunities you may not have known existed.
“Oh, you’re in advertising”
How many times have people said that when they ask what I do, and I respond “Marketing.”
The truth is, many people, including some clients, view marketing as advertising. Continue reading »
Happy 2009! By all of the media accounts, it looks like a challenging year is in store. But challenges usually present great opportunities. Many people made money during the depression, and in the various recessions since. Continue reading »
