Case study: How your business can stand out from the competition
[bctt tweet=”Competition is a “necessary evil” of doing business, here’s how to make yours stand out” username=”SheLeadsAfrica”] If you’re in business, competition is something you can’t do without. In other words, competition is a “necessary evil” of doing business. It does not, however, mean that competition in your business area is a bad thing. On the contrary, when there are several competitors in your niche, it shows that you’re on the right track and that there’s money to be made there. What you must do, as a business owner, innovator and Motherland Mogul, is figure out how you can stand out from your competition. You need to ask yourself: “If I must have competitors, how do I make sure I’m able to stand out? How can I be visible to my potential customers and clients? How can I meet my revenue expectations?” In this article, I’m going to share with you a quick way to combat that. I’ll be sharing two case studies of how companies were able to stand out from the competition by thinking out of the box. [bctt tweet=”Ask yourself the following questions if you want to stand out from the competition” username=”SheLeadsAfrica”] Guideline: How to stand out from the competition First things first, look at the top 10 companies/competition in your industry. Make sure you take note of the following: What are they offering? How do they offer it? What are their price points? How is their customer service? What is their packaging like? Then, ask yourself: What are their strengths? What are they doing that you should emulate? Do they have any weak spots? Is there something they are doing that you can do better? Finally, determine how you can leverage all this information to be different. Ask yourself: How can you do things differently without undermining the value of the products and services you sell? #MotherlandMogul tip: Sometimes, all it takes is improving the experience your customers and clients get doing business with you. Got it? Alright, now to the Case studies. Case Study #1: Rebecca Minkoff Stores I stumbled across an article about Rebecca Minkoff in Inc. Magazine. If you prefer the tl:dr version, here’s the story in a nutshell. Rebecca Minkoff launched her brand of ready-to-wear accessories, handbags, and footwear in 2005. From the start, she knew it won’t survive as a regular store. So, she set out to create the perfect shopper experience. When shoppers enter flagship stores, they are greeted by a digital touchscreen wall that displays the latest runway selections, offers style suggestions from Rebecca Minkoff herself and can even take drink orders. Then, each item contains an RFID tag that detects when a shopper enters a dressing room. When the tag is scanned, an image pops up on a mirror with suggestions for complementary accessories. Talk about innovative. Rebecca Minkoff really did create a unique shopping experience. [bctt tweet=”How to be innovative and come up with new ways to stand out from the competition” username=”SheLeadsAfrica”] Case Study #2: The Trunk Club The Trunk Club is a subscription service for male fashion. Here’s how it works. When you subscribe, a consultant gives you a call and talks with you to find out your “style”. Then, each month, you get a trunk box (miniature size, of course) containing selections for the month. Each item is packed attractively and have price tags on. As the consumer, you have the choice to take what you want and return the rest. Whatever you don’t return, they bill to you. If you can’t imagine how this would work, check out this guy here as he receives his first trunk box. Bottom line is this. The Trunk Club is another innovative way of standing out from the numerous online shopping sites out there. That’s it. Go through the guideline above again and begin to come up with new ways to stand out from the competition. One last thing. The two examples I gave happen to be in the fashion industry, but there are many companies out there in various industries being innovative and coming up with new ways to stand out from the competition. Now, it’s your turn to think outside the box. Go on, I know you can do it! #MotherlandMogul tip: What cool innovative ways have you seen companies use to stand out from the competition? How can you replicate them?
‘Go the extra mile, because it’s usually empty’: Why you should Do it Now Now
[bctt tweet=”How @DoitBayo is bridging the gap between who people are now and who they want to be” username=”SheLeadsAfrica”] Do it Now Now is a crowdfunding platform that has the social development of Africa at its core. Founded by Bayo Adelaja, a research assistant at the London School of Economics, Do it Now Now helps supports social entrepreneurs in their quest to make a positive impact across Africa. Bayo also hosts frequent StartUps for Africa events on Google Campus, in the heart of London’s Silicon Roundabout. We caught up with Bayo to find out a bit more about the Do it Now Now journey and the importance of social entrepreneurship right now. Where did the passion for entrepreneurship come from? I love working at the LSE, the work is great and so are my colleagues but I’ve always had that entrepreneurial spirit within me. The only way I could do that was by stepping out of my comfort zone and saying this is who I am, who I want to be and I’m not going to let anyone talk me out of it. I had been talked out of it in the past when a company that was trying to buy another start-up I had tried to steal my idea. At that point I wasn’t good at saying I needed help or a support network to guide me on the journey. I realised that most people don’t have that support. They also lack the skills, knowledge and connections. I thought to myself, wouldn’t it be great if I could help people to bridge the gap between who they are and who they want to be? What is Do It Now Now? Do it Now Now is a crowdfunding platform with an incubator attached to it. We help people raise up to £10,000 ($12,000) from their friends, family and other interested parties. Do it Now Now helps businesses organise their campaigns, their perks and rewards, the marketing, the budget, everything. We work with the startup from A to Z, giving them all the support they need over the course of a year to help them build a healthy, scalable and sustainable business. [bctt tweet=”We help people raise up to £10,000 from their friends, family and other interested parties” username=”SheLeadsAfrica”] My job at the LSE has helped a lot as. I saw that there was a gap between the amount of work that aid organisations can do and the amount of development needed on the continent. Social entrepreneurs and start-ups can be more flexible, quicker on the ground with more local knowledge of the community that they’re in. That’s a huge advantage, and an opportunity for them to link up with other organisations in Africa who might be able to support them in one way or another. We also partner with incubators on the continent such as the Kumasi Hive, working with tech entrepreneurs in Ghana. How does the fundraising process work? You raise money with us and we help you grow. Then, we expect you to donate 20% of your gross income or £500 ($600), whichever amount it higher, to the charity that you chose at the beginning of your campaign. Do it Now Now collects commission that enables us to run the programme. We also have Startups for Africa, the free version of the programme which brings together people who are interested in growing their businesses, fostering collaborations and getting a conversation started. We want to show people that it is possible to be a purposeful, conscious person and have a business that is not just about the money, but about people and causes; it’s a heart thing. Money is great but being part of a community that cares about people and supports you is so much better. How can social entrepreneurs be successful on the continent? Do it Now Now is based on this principle: start now, plan now, do it now and do it well. Get on your feet and keep moving. So many of us have a good ideas that will change Africa but we spent too much time planning and researching. We’ve been relying on potential for years, if not decades. I want people to see that it’s not difficult at all to be a purposeful business. Social entrepreneurship is a fantastic way to support Africa’s development and still support yourself financially. I’m not here to simply line my pockets and die rich, I’m here to help people and improve life on the continent. [bctt tweet=”I want people to see that it’s not difficult at all to be a purposeful business” username=”SheLeadsAfrica”] If we have businesses that are strong, healthy and doing positive things it becomes good PR for Africa. Be passionate about your business, your people and the rest of the world will see it too. We need to recognise who we are, where we come from and build what’s needed —no one is going to do that for us. Africa is not a token, it’s not something you do on the side, you need to treat it with the respect that it deserves. How do you balance a full time job and running Do it Now Now? Well, I work about 80 hours a week: I wake up at 5am to build my business then go to work at 10am. Then I sleep and do it all over again, because I’m super passionate. Someone once told me ‘go the extra mile, because it’s usually empty’. If we just pivot the purpose of business we can make a truly sustainable and long-lasting impact. [bctt tweet=”‘Go the extra mile, because it’s usually empty’ – how to make your mark” username=”SheLeadsAfrica”] How can a budding social entrepreneur get started? Pick a problem and pick it wisely. It has to be something you’re passionate about, otherwise you’ll quit. You’ll quit quickly and you’ll leave people in the lurch. Pick something small and specific, then you can then blow it up and make it big. Always work with other people and look out for collaboration opportunities.
Why research in business should be a daily routine
One of the very first lessons I learnt about entrepreneurship, is that if I don’t do it, someone else will and that once you do it, everyone else will. Let me break it down. The first lesson is probably much easier —someone will, eventually, spot the gap in the market and attempt to fill it. The latter is the lesson a lot of start-up entrepreneurs don’t want to think about. That once you decide to fill that gap, soon everyone else (and trust me, some of them have been sitting on the idea waiting for someone to do it first) will. This is because you are their case study and now they know the idea does in fact work. A typical first response is usually, “that’s my idea!”, when in fact, we should be thinking about the opportunity that it presents. The good news is, if you’re already thinking ‘competition’ and ‘unique selling point’ then you are halfway there. The answer is research, constant research. From my early high school days, I was obsessed with research, particularly on the Internet. It started with me always wanting to have the answers, because I hate not knowing. Gradually, it became a very educational and growth-fuelling hobby. Research, although mostly associated with reading, isn’t limited to that. Depending on the industry and sector you want to operate in, it could include you physically getting out of bed and attending seminars or, chilling by the Mall of Africa, watching how people walk, talk, laugh or studying what they are wearing, which shops they visit first and how they arrived there or, stalking interesting people on Twitter. The business environment is ever-changing and to get with the times, you need to research. Whether you are an aspiring entrepreneur or an established one already, there is always room for growth and improvement. Research in theory You may not know it, but there are many forms in which research takes shape outside of Google and Yahoo, and these are three of the absolute favourites right now: Social media Yes, it’s not just about the number of likes on your latest pic. Facebook, Twitter and even Instagram can be a huge source of information. It allows you to tap into your (potential) ultimate client/customer’s mind. You will know what they are thinking and what they want —all of this is embedded in everything they complain about, decode it. It can also be a very good way to see how your closest competitors have positioned their products and services and learn from that. Trends grow on social media, if I see someone with a 10k followers wearing yellow jeans, I want to buy them. Keep an eye on people with huge followership and influence on societal behaviour, these are people commonly known as ‘twelebs’ and ‘felebs’. Blogs The beautiful thing about blogs is, the research is actually done for you (but be sure to verify, remember, if it’s my blog, I can put up anything I want). Bloggers usually bring the newest trends onto their blogs for their readers, if you comb through their content, you will find that they are communicating to you the gaps that are opening up in the market. Video driven sites like YouTube Although most people would instantly associate YouTube with music videos, there is a lot more to it. Tutorial videos and even more serious documentaries are put up there, it is a great source of information for when you’re looking to do something like write a book or even start a blog on a related subject. Research in practice Lerato wants to start an online channel but she doesn’t understand how it could be financially sustainable for her. Also, she has no idea what kind of content she wants to put up on her website/channel. What can Lerato do to help solve her dilemma? Correct, research! 1. Use the resources you have Lerato has a Facebook account, but now that she knows she has to research, she doesn’t know how Facebook can be used to do that. Easy, the answer is trends. First, she needs to zero in on a subject. Does she want it to be a health site, lifestyle, entertainment or news site for example? For that she can visit sites that already exist to see which she feels is more for her. Let’s say she chooses a self-help/DIY type of site. 2. Ask and answer the right questions That’s where social media comes in, what do people need help with? Lerato will now study the questions people post on Facebook or tweet on Twitter. She will also check how many of them get the answer they are looking for and how long it takes them to. Not only is this research in terms of content, but it also allows her to see if there really is a market for the site and if it will be more effective and efficient for the user to go to her site instead of asking for help from his/her friends on Facebook. Once she is done with her decision, she goes to Google and types in “start an online DIY site”. Voila, a link to an article about how to make money from such sites comes up. Of course she clicks on the link, now she knows where her revenues will come from. 3. Don’t stop researching A few months later, Lerato’s site, From Your Toolbox, is ready for action. It is an instant hit with her friends and followers, with amazing readership ratings. Soon she starts receiving requests for advertising space, nothing can stop Lerato now. One day, on her timeline however, she learns that her friend has started an entertainment news site and instantly she is shaken. What do you think Lerato does to deal with this development? Lerato doesn’t like fighting, so no. Instead, she uses the resources that are available at her disposal. And that is how she gets into the culture of research, following new trends and
SLA Networking Brunch in Cape Town
[vc_row][vc_column][vc_single_image image=”16310″ img_size=”full”][vc_column_text]Cape Town we’re coming for you! We are so excited to be hosting our first event in Cape Town, South Africa on 15 November, 2016. We love connecting with our community and helping young women build the skills they need for successful careers and businesses. We’re excited to host an intimate and engaging brunch for young women who are ready to turn their creative passions into sustainable businesses. Join SLA cofounder Afua Osei for an intimate and engaging conversation around how we can turn our creative passion into sustainable and profitable businesses. Host: Afua Osei is a co-founder and digital guru of She Leads Africa, a community that helps young African women achieve their professional dreams. Shes been all over the world with her career serving as a Fulbright Scholar in Malaysia, working in the Office of First Lady Michelle Obama in the White House, and working on more than 6 different political campaigns as a strategy and communications consultant. She moved to Nigeria in 2012 to serve as a business and operations consultant at McKinsey & Company, advising large corporations and multinationals across 3 continents. She has a masters in public policy (MPP) and business administration (MBA) from the University of Chicago. What you’ll learn: How to identify the right customers for you (hint: it’s not everyone) How to understand what your potential customers are thinking and give to them what they want What you should be doing to get bigger brands and partners interested in you How to create a roadmap to grow your influence and revenue strategies for 2017 Not sure if you should attend a She Leads Africa event? You must be crazy! But in any case, this is what you can expect from a She Leads Africa experience: Fun and engaging content: We aren’t boring and strive to deliver business content in a fun and relatable way. Young women like yourself looking to make an impact: Our community is full of smart and ambitious young women who want to live their best professional lives. Access to real business experts: At our events we always have exceptional speakers who have been there and can show you how to do that [/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/3″][vc_single_image image=”13784″ img_size=”300×200″ alignment=”center”][/vc_column][vc_column width=”1/3″][vc_single_image image=”13785″ img_size=”300×200″ alignment=”center”][/vc_column][vc_column width=”1/3″][vc_single_image image=”13783″ img_size=”300×200″ alignment=”center”][/vc_column][/vc_row][vc_row][vc_column][vc_raw_html]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[/vc_raw_html][/vc_column][/vc_row][vc_row][vc_column][vc_column_text] Find your way to Workshop17 [/vc_column_text][vc_gmaps link=”#E-8_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”][/vc_column][/vc_row]
How to protect your small business from day one
[bctt tweet=”5 key steps to protect your small business from a legal standpoint” username=”SheLeadsAfrica”] Congratulations on deciding to become a business owner! Are you wondering what you should be doing to ensure business continuity and profitability? Below are five key steps you should consider taking, from a legal standpoint, to protect your small business. 1. Determine what permits you require and whether you need to incorporate – Determine whether to incorporate your business Most small businesses start off as unregistered businesses or sole proprietorships. The need to incorporate immediately is country specific, as some countries require immediate incorporation for certain business activities. But, as your business grows, incorporation may be ideal, as it offers many benefits including separate legal entity status – Determine what licenses, permits or approvals you need. In addition, you should find out what permits, approvals or licenses you need to start and run your business legally. You can obtain this information by asking contacts in a similar trade or business. You can also reach out to regulatory bodies or organizations that assist small businesses. [bctt tweet=”Find out what permits or licenses you need to start and run your business legally” username=”SheLeadsAfrica”] 2. Protect your confidential information and intellectual property – Protect your intellectual property Consider registering your intellectual property with the regulatory body in your country, as that is the usually the most effective protection. – Register your domain name With the increasing importance of social media, if you intend to establish a web presence, you should register and secure your domain name as soon as possible. – Protect your confidential information Determine how much information on your business know-how (information peculiar to your business that gives you a competitive advantage) that should be disclosed to third parties. Before you speak to a lawyer or intellectual property expert, err on the side of caution, by not disclosing or disclosing little, about distinguishing aspects of your business. – Sign confidentiality agreements Sign a confidentiality or non-disclosure agreement with potential investors/ business partners. While this may not always be well received, you should still try. You can conduct an internet search for websites that offer agreement templates that you can tailor to your needs or ask a lawyer to draft an agreement for you. 3. Pay attention to your contracts – Review it Before you sign an agreement, review it thoroughly. Some useful questions to ask are: What are my rights and obligations? What are the other party’s rights and obligations? When do each party’s obligations end? Are there any red flags or issues of concern that should be discussed or resolved before signing? – Document your understanding Also, as a best practice, have an agreement for every business relationship. If a dispute arises, an oral agreement would be very difficult to prove. Even if both parties agree on the existence of the contract, they will definitely not agree on the exact details. But, if a signed contract is not practicable, have a paper or email trail that highlights the important details including your understanding and expectations. – Address payment concerns Payment for services rendered is another common concern. You should, therefore, always inform clients of your fees and timelines before you commence work. More importantly, know your client’s payment reputation, based on past interactions or market research, it will help you decide whether to do business with them or not. [bctt tweet=”If a signed contract is not practicable, have a paper trail that highlights important details” username=”SheLeadsAfrica”] 4. Talk to a lawyer Another way to protect your small business is to seek legal advice on key aspects of your business early on. You can avoid or save on legal fees by asking a skilled lawyer friend for free/discounted legal advice. If your friend does not practice in that area, they may be able to refer you to another lawyer that can provide premium services at competitive or discounted rates. 5. Monitor your brand Finally, use the internet to your advantage. Set up Google Alerts. It’s a great way to monitor your brand/business because you get updates any time your brand or business name is mentioned. I wish you every success in your entrepreneurial journey! Note: This article is for information purposes only and it should not be used as a substitute for legal advice.
4 wellness tips for ladies with baby (or not-so-baby) businesses
[bctt tweet=”I know you are strong and independent and all that but babe, you aren’t 007 ” username=”SheLeadsAfrica”] Congratulations on starting your business, feels like a new baby, right? It’s really amazing to finally have the time and resources to start living your dream but with it comes the added stress of taking care of this new baby (assuming that’s the only baby you have. If not, double congrats to you!). In addition, there’s all the other roles you perform in everyday life as a woman, daughter, sister, friend, wife, mom… Here are 4 wellness tips that can make running a baby business (or any business at all) less stressful on you. 1. Get help At the start of your entrepreneurial journey, you might be tempted to do it all (like I was). You will most likely be the CEO, the liaison officer, the content manager, the cleaner (yes, cleaner if you run a shop alone), the accountant and so many other things. I know you are strong and independent and all that but babe, you aren’t 007 (even he has help from the HQ when needed). Please approach friends and family to help with some tasks you are not so good at so you can concentrate on what you know best. You can also try a service swap. If you are a budding fashion stylist for instance, helping a celebrity (or popular) friend with styling tips in exchange for a social media mention or dedicated post can help you with PR. It can also free up some hours you would have used sitting glued to your laptop sweating over online publicity. 2. Don’t forget to eat Drowning yourself in work all day and forgetting about meals is just, plain evil! As an entrepreneur, you need energy to function and the only (legit) way to get it is through healthy, nutritious food. [bctt tweet=”Drowning yourself in work all day and forgetting about meals is just, plain evil!” username=”SheLeadsAfrica”] Pack your meals or have a deal with a food vendor to drop off your meals if you work outside of your home. If you need to set the alarm for meal time, please do. I tell my coaching clients at My Figure 8 wellness that If you don’t eat properly, or skip meals, there’s a tendency for you to chomp on unhealthy, sugary snacks all day. Then over eat (most times too late into the night), when you finally remember food or worse still, become undernourished. 3. Get moving You know exercises are good for you but do you exercise? Exercising is not only good for your body (and that’s a story for another day), it’s also good for your heart, emotions and mental health. People who exercise often are said to be generally smarter, and happier than those who don’t. Remember what Elle Woods said in Legally Blonde? “Exercise gives you endorphins, endorphins make you happy and happy people don’t kill their husbands, they just don’t!” Start with simple workouts like a brisk walk or jog, aerobics and strength training, skipping, racing up and down the stairs and intense dancing. Doing this for 30 minutes, at least 3 times a week will work wonders in the strength and energy department. Don’t forget to warm up before and stretch after your workouts. 4. Chill It’s okay to take a break, seriously! Take one day off work weekly or every other week. An annual vacation to engage in activities that make you feel relaxed and happy is a good investment in your sanity as an entrepreneur. Go to the movies, a spa, go bowling or skydiving (my dream vacation activity), whatever catches your fancy. Drowning yourself in work, taking care of everything and everyone else but yourself will take its toll. Take it from me, I’ve been there done that. I was recently so immersed in learning all I could from my opportunity as a Tony Elumelu entrepreneur, running my business, home (I have two children who ask 1 million questions per minute) and working on starting another business, being a leader and all, that I totally forgot I exist and girl, did I pay for it? I had to stay home for more than a week taking some prescription pain and sleeping meds.
Against all odds (bouncing back after a failed business)
I recently experienced a failed business and it would have been devastating if not for my support team. The good thing about failure for a positive minded person (which should be the mind set of an entrepreneur) is the ability to use the experience as a learning process. When a business venture fails there are two most likely reactions from the entrepreneur. You either give up or dive back in again, trying to make it right this time around. From my own experience, here are some helpful tips on bouncing back from a business failure. 1. And the blame lies… A whole lot of things could have gone wrong. The first step is to take an introspective look at your business journey and without been biased. Analyse the venture and pinpoint where things went wrong. You can ask the people who had interactions with your business for their opinions. Be sure to let go of the hurt that comes from failing at a venture. The altruistic ones will prefer to blame themselves and this might be harmful if you cannot get over the blame game. 2. Decide… Next, decide if you are returning to that venture or starting a new venture. This is important as it will determine your next moves. The decision to continue a failed venture will rest solely on you. Consider the reason you started the venture. Was it just a business or a deal with a goal? An ordinary business idea (not that there are ordinary business ideas, but some are conceived based on needs as opposed to those based on passion), is easy to let go of. With this idea, you can venture into a different line of business, responding to another need. However when your idea is part of a dream, it is harder to dump it and move on. 3. Restore This is usually the hardest. If your business was loan funded, it is always a source of grave concern. Many business owners suffer huge financial losses after a failed venture. Although not easy, making efforts to restore/refund loans can give a sense of fulfillment. This is not to say that inability to do so should lead to depression rather a well laid out plan for payment may inspire hope. It is absolutely necessary to avoid any form of self deprecating thoughts. 4. Plan Now that you have decided, begin to make plans in line with your decision. If you have decided to move on. You will need a fresh new idea and plan according to the idea. In the event that you want to continue with your previous idea, make further research using your previous mistakes as key points. Go back to the drawing board. Your drawing board will hold your idea, its concept, theme and any previous mistakes. It is time for a new flow chart which will utilise the information gathered from the research you have done. Tip: If you really need funds at this point, consider crowd funding. 5. Take your time It is tempting to want to dive right into the deep end when you have found the solution or something new. Don’t do this. It’s not advisable jump right in. And no, this is not saying you should procrastinate. On the contrary, take time to set out a pace that will allow you notice changes and progress. 6. Laying the ground work Now you work, and I must add with a vengeance. Going from the drawing board to the work table is literally a huge step. This is where every past lesson is put to the test. 7. Faith Having a strong belief in the success of your venture helps to pad all the hard work you have done. Praying about your moves and asking for directions divinely can go a long way. Also a positive mind set is required. Always. 8. Be patient When you start squatting at the gym, there is a tendency to look at your butt for signs of growth. Disappointment quickly follows when the expected immediate transformation is not seen. Like squats, your business will need time and constant, continuous efforts to grow and begin to show signs of growth. Be patient. Continue to work at it. To avoid working blindly, take constant review of your progress. It may be quarterly or monthly but alway take stock. Mark areas that might need improvement or changes. Make necessary upgrades. Get customer feedback. You cannot know too much. Even after the initial research, always seek expert opinions at every stage. This will serve as a guide along and also a yard stick to measure your progress. In the long run. Your perception of a failed business is vital to your entrepreneurial life. If you develop the habit of not giving up and taking every failure as practice and a lesson, you will find yourself very soon in a successful venture with lots of stories to tell. Remember
“You need guts and discipline”: Finding new customers with Idonrenyen Enang #SheHive Lagos
SheHive Lagos brought together the best of the bunch and of course, our speakers were just as awesome. The distinguished marketing practitioner and former Managing Director of L’Oreal West Africa and Samsung West Africa, Idonrenyen Enang was one of them. With a career spanning almost three decades in several key positions, Idonrenyen has a wealth of experience in several areas. This includes brand management, marketing management, strategic planning, organizational redesign and more. He showed us how to take the headache out of finding new customers and never lack them again. And we just couldn’t resist sharing some of these lessons with you! What marketing really is You see, marketing isn’t about sponsorship and advertising. The whole essence of this shouldn’t be lost on you. Marketing is actually about identifying a need and making money out of it. In between this, is the supply chain. Of course, you’re an entrepreneur and out to make money. But there are so many different things to do in order to get people to actually cough out money for that product or service, no matter how good. There has to be some transfer of value and that’s where profit comes in. Here’s the thing; there’s no way to handle this except by really knowing how. And even if you could, you would drive yourself crazy trying to keep up with everything, wouldn’t you? So, how do you snake around such a problem? Go to the shrine Start-ups typically have short menus at their disposal but you need to broaden your scope. Your menu should include advertising, strategy, branding, research and internet. Everyday should be research day. Why didn’t she/he come for a purchase today? Why did they not like our product/service? That’s how the mind of a marketer should work. It may feel a little overwhelming getting people to patronize your products or services in the current recession but it is the best time for creativity and innovation. In fact, this is the best time to launch a business. Understanding consumption and purchase occasions is the basis of a successful sales strategy. In addition to this, you need to determine the following. The who of marketing —discipline This is about you. You simply need to be a rebel. Lots of guts and discipline are needed to increase patronage of your brand. The what of marketing Basically, the what is about metrics —numbers. If you can’t triangulate numbers and make them speak to you, then your investments might just go down the drain. For example, the reason why you use a particular brand of toothpaste is the physical satisfaction you get from it. After this stage, comes the emotional attachment. The whole experience is where that brand gets a hold of you and that’s brand equity metrics. The why of marketing —the essence The idea is to market the essence. You need money and every stakeholder needs value and satisfaction. You’ve got to meet somewhere between the two. The how of marketing Now, you may have the best product or service there is in town but marketing doesn’t stop there. You’ll need to rightly position yourself by consistently improving on your customer experience. There’s an art and science to delivering to the end user. Positioning tells you what type of product to innovate, how to improve on it and what sponsorship to ask for. Finally, Idonrenyen shared 5 keys to tracking performance, remember them. Availability Merchandising Space/equipment Price to value Quality And there here you have it, ladies. Entrepreneurship may seem hard but knowing what to do is essential to finding new customers. When building a business, give yourself every advantage that you can. Try these ideas by Idonrenyen and we bet, business will be easier! What could possibly be better than participating in the #SheHive action? Actually attending the next one, obviously. See you in Joburg!
How to get started in PR with no money, no clients
There’s a long list of business ideas that we willingly admit are hard to pull off without money, connections and clients. PR is one of them so when we got an opportunity to talk with Sasha Robyn who co-founded a PR company before starting BlogChatSA, South Africa’s first exclusive online bloggers show. Sasha’s I-may-be-a-rookie-but-I-can-do-it stance has helped her and we think it can help you too. Here’s Sasha’s easily replicable winning formula for getting started in PR. The skills you need In order to succeed in the PR industry, you need to acquire skills that will help you grow and stay grounded in the nature of the business. These skills are Leadership Communication Research Writing Creativity Most important is the last one, creativity and perseverance. While it’s still debatable whether perseverance is a skill or a trait, it’s needed to keep you on track and ensure success. Then comes the somewhat cliché word for Motherland Moguls; passion. You’ll need a strong drive to put in and offer your best to your client. This will set you aside from any other PR agency. As for the resources, get a laptop where you can create a clients’ database. This will be a list of people to whom you render services. A laptop will also help you create the social media strategy you’ll be needing to grow your company. Setting up a PR agency with no money Apparently in PR, money is not always needed to get your company off the ground. Sasha advises that an easier way to branch out into PR and make yourself known is to build on relationships and valuable contacts. Then, create an online presence for yourself and/or your business. Your business will not flourish or draw interest from the broader public if you do not make use of social media platforms. They assist in driving the business and bring clients to you who are in need of the service that you project online. When you build a website for your agency, make sure you keep it professional and simple. Getting started on networks Networks in business are important as they form part of the driving success of the business. In PR, your business thrives off the services that you provide to your clients. According to Sasha, how and where you connect with people will determine the success and efficiency of your business. Attend events/seminars that would allow you to network with people. Consider engaging in public speaking as this would allow you to brand your company on a word-of-mouth basis. It’ll also make it easy for clients to connect with you and/or your business. Source for people who have experience and knowledge in PR and can assist you in building your brand. Do your research on companies/people and the media (depending on your interest in the field). Sasha’s 5-step plan to break into the PR industry It takes a lot of dedication and determination to make your mark in PR. Whether you want to launch your own agency or find a job with another agency, these steps will help. Understand the media universe, including social media Find your niche/product/service Education/training Research local PR Agencies: learn their culture, areas of focus and how they functions. Network, Network, Network Hey South African #MotherlandMoguls, the SheHive will be in Johannesburg from November 3-6. Find out more here.
Is there a correct way of handling conflict in start-ups?
To answer the question, no. There isn’t a right way to handle conflict. Processes in start-ups are never linear, especially in the beginning stages. So when a disagreement arises between members of the start-up, there’s almost always a third party involved to resolve the issue. People are different, and can also react to situations very differently. Processes and policies put in place in big corporates solve this issue. But when issues arise in start-ups, processes and policies are thought of. What can start-ups do in the early stages to handle conflict? Acknowledge that conflict will occur Having to acknowledge that it will happen might seem cynical. But because people are different, the acknowledgement helps the start-up be realistic. Getting recognition in the beginning stages of a start-up is usually key. The beginning stages also include getting your product and service out to your target audience. At this stage, handling conflict by creating processes would be the least of your worries. Or so you may think. Being in an organisation that was being run like a start-up before —I’ve seen that if there is no process behind handling conflict, operations may come to a halt, especially if you’re working in a small team. Handle conflict according to its levels To fast track my advice on how to handle disagreements between people, it’s important to first rate the level of conflict. The different levels could be a low, medium or high. It may also be hard to rate the different levels. How would a start-up actually measure which conflict is more important than the other? This, I believe, is at the discretion of the organization. Identify each level and put processes in place to handle each level. Handle low or medium level disagreements internally within a few days or even hours. But a high level conflict means that a third party can be brought into resolve it and only the people involved should be addressed so that operations continue. Culture fit With any organisation, a culture fit between team members is important. People have different personalities, attitudes and different ways of reacting to situations. However, it is still very important to bring people into your start-up that know and understand the value of what the start-up is trying to achieve. Eliminate continuous conflict by involving people that believe in the values of the start-up. Align your goals and values with that of the start-ups to become the right person to work with. This way even if conflict does arise, as it always does in any organisation, people know what their purpose of being in the organisation is. With knowing and understanding the value of being in the organisation, the resolution stage can be much easier situation to reach.