We will continue to discuss about the business plan for this update. The next section of the business plan will be the marketing analysis. This section is another important section as we will use this to clear think what products we should offer and at what price. The main ideas we must sort out in this section include:
- Customer Analysis
- Company Analysis
- Competitor Analysis
- Marketing Program
- Future Plans
For the customer’s analysis, we need to define what our target customers will be. Different customers require different tactics to approach them. For example, if your target customers are kids, you might want to have an interactive and cartoony website to showcase your product. Also, the prices should also be cheaper if it is a target for kids. For Beamstyle, we believe that most of our customers would be from the retail sector. We will market and price our solution to be attractive and affordable for these customers.
Company analysis is a section where we discuss our company’s strength and weakness. For Beamstyle, our advantage is that we use an agile approach to create our solutions. This approach is not commonly used in Hong Kong, and we may gain a slight advantage as one of the early adopter of this approach.
The competitor analysis is perhaps the most important point in the entire section. By gathering our competitor’s offerings and prices, we would know what kinds of service we should offer and at what price. For example, if your competitor can offer web hosting at a low price while you cannot, it might be better if you focus your marketing strategy on something else such as web design.
The marketing program would be a description on how you will market your products to your customers. For Beamstyle, it would be mainly from searches using search engines and referrals/word of mouth.
After the marketing analysis section comes the Operation Strategy and Process section. This section will outline how the business will run ideally. It will include the different steps from how to approach your customer and how to hand off the final piece of your software to them. For example, in our business plan, we outline the simple steps of our development process to how long we should provide our warranty process.
Our next update would be the final part of our business plan guideline tutorial. Be sure to come back and check it out. Please feel free to leave some comments if you would like to question me on the details.