SEC-S20W5 | My Business Ideas | Advanced Marketing Strategies
Hello Steemians, welcome to my post, and stay safe as you read through this post.
Section-1 Are you innovative? Innovative entrepreneurs regularly add new products according to the needs of their customers and find new markets.
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Yes, I am innovative, when it comes to being an entrepreneur who solves problems and adapting to new challenges such as adding new products according to the needs of my customers and finding new markets. As an innovative entrepreneur, I will think and make my plan dynamic, with a fast forward thinking. To this, the approach that I would take to add new products according to the needs of my customers and find new markets would be what I have shared below.
I will identify gaps and opportunities: As an innovative entrepreneur I would look for unmet needs in the market through conducting research which would help me to identify gaps like where already existing products fall short and conceptualize how the products can or how I can create something new or better for my customers.
I will engage in a customer-centric approach: As an innovative entrepreneur, I will prioritize my customer experience, always by gathering feedback and using their feedback to offer their needs.
I will collaborate and network with companies: As an innovative entrepreneur I will ensure that I work often with other companies or experts to accelerate new products, and development, or gain access to new markets.
Section-2 Are you adopting or imitating other business ideas? Businesses in this category try to add their strategies to the existing market trends and implement them successfully.
The reason why I consider myself an innovative entrepreneur is that adapting or adopting new products or business ideas from others can make me more successful. The truth of the matter is that any business that follows this strategy doesn't just copy from others, instead, they evoke ideas, adding their unique strategies to meet up with current market trends. Below is how I can adopt other business ideas to become successful in my own business.
I will do market research and benchmarking: If I should adopt existing business ideas I will begin to study the successful models in the same industry. I will ensure that I conduct extensive research to understand the things that have worked for others and it is more effective conducting such research will help me to identify more opportunities for the enhancement of my business.
I will adopt improvement over innovation: Instead of creating something new that would make me spend more, I will focus on how to improve my existing products. This will help me to offer better services to my customers, and I will add more features to my products that other competitors don't have.
I will learn from competitors: To this I will closely monitor my competitors, and learn from both their failures and successes to do better. With this strategy, I would avoid making mistakes and I would have a high competitive advantage over my competitors.
Section-3 Do you have in-depth knowledge of your target customers and offer them something of value? More importantly, do you offer your services at the right time, in the right places, and in the right way to grow your business?
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Yes, I do have in-depth knowledge of my target customers, and having such knowledge is critical for the success of the business. Also, in terms of offering my services at the right time, in the right places, and the right way to grow my business I would try to ensure that I keep to that by going into chain of distribution (from manufacturer to wholesaler down to retailer). The things that I would do are;
I will begin by defining my target customer through thorough market research, where I will get to identify their psychographic information and demographics.
Strategic timing is also what I keep to. I will make sure I understand my customers and know when they are likely to buy or need my products which will help me to focus more on delivery.
I will communicate the value of my products clearly and persuasively with my customers and potential customers by using the right platforms and words that build trust to communicate with my customers.
Section 4 Do you analyze your potential customers and act accordingly? A successful businessman should keep a close eye on the demand and act accordingly with a changed strategy.
Yes, I do analyze my potential customers and act accordingly. As a businessman, I will consistently analyze my potential customers and adapt their strategy based on market demand to have a higher chance of succeeding. I will do the below.
Continuous market analysis. As a businessman, I will not rely on static market research alone. Instead, I will continually analyze market trends, customer behavior, and competitors by staying updated on industry shifts and emerging customer needs, I would be able to anticipate changes of adapt to market trends before they happen.
I will engage in demand forecasting where I will use tools and data to forecast demand which will help me to understand when and where the market is going. This will involve me studying buying patterns, seasonal trends, and other external factors such as new regulations or economic conditions that influence the behavior of customers.
I will customize my products to meet customers' needs. This can involve me creating a different version of a product that already exists or offering personalized solutions that would suit large numbers of people.
I am inviting: @kuoba01, @simonnwigwe, and @ruthjoe
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