Hi, I’m Ja Shia, and this is Startup City, a videolog on starting a company, and as in previous videos, I’m going to ask myself a few more questions before starting this business, just to make sure I have the best foot forward, and will probably come up at some point during the business plan. They are:
Have you identified a Market Niche?
How are you going to market to those customers?
What is important to you in business or a Mission Statement.
It seems like even large companies like HP and Toyota have a market niche. It’s a special place within your industry, where your specific core competencies help to illuminate the positive differences between you and your competition, and then combine with your customer, or people that are looking for you services, and you have your market niche. I think it’s the place within your market where you look the best, and are among the best at what you do. My core competency is video production, and my experience as an independent, needing to find ways to distribute my work for not so much money, has given me a specific but clear knowledge on how social media and video work together. So, my market niche would be customers that are looking for video producers and digital content creators, that specialize in social media and web distribution. I see from other sources on the internet that defining a market niche was difficult, but I thought it was easier when I looked at it through the perspective of “what do I do well” or even, what do I do best, sort of way.
After I’ve identified a Market Niche, the next question is how are you going to reach customers within this niche? There appears to many ways you can find customers but generally speaking, these days there are digital marketing, direct marketing, and network marketing. Luckily for me, I’m a digital content producer, and I’m going to produce a lot of the digital marketing materials I need to market this company such as videos, the website, and content for social media. This will target my niche, because chances are, customers looking for social media producers are using social media channels. I will also use direct marketing, such as hanging flyers in a coffee shop, and having postcards made, but minimally, because material cost gets really expensive. However, it is kind of fun to hang the poster in a coffee shop, even though there are a 1000 options already there. In my industry, network marketing is really important to get face to face with potential customers, and also to keep in touch and on top of your customer relationships. In addition to joining the chamber of commerce, I’m going to build a CRM and keep in good contact with everyone with a newsletter, or a personal note once every so often. So after saying all that, I think my marketing approach is a mix, and powered mostly by my own labor, but at least I have an approach.
Lastly, I bet its a good idea to identify and write down what is most important to you in business now, because things change, and priorities will pull us further and further from why we started in the first place. So at square one, I’m going to say that it’s really important that my company always engage in quality, creative, and targeted storytelling, that isn’t offensive, sexists, or racists.Besides that anything goes, and the sky’s the limit.
I said in the Introduction, this was a personal blog, but hopefully, if you’re following along, the steps I’m taking, and the honesty that you should have with yourself before starting a business, is providing good guidance, but if you have any questions, comments, or would like me to discuss something further, let me know.
I think that does it for all the pre-business plan questions. I’m really excited about the next couple of videos because I get to go through the business plan process and clearly identify what I want to do in business and how I’m going to do it.