How Your Startup Can Penetrate The Market

Whose Today’s Guest?

Chipo Siamuzyulu is a Seasoned Marketer and Salesman with a vast knowledge of the Service and FMCG industry with close to a decade of working experience in some of the Continents heavyweights in the Telecommunications and Banking Sectors.

Basic Market Penetration Considerations

Having such concerns as a business owner is normal and is valid, it would be something to be concerned with if these thoughts do not cross your mind as you seek to start out.

You don’t start a journey without counting the cost, the same applies in business. So as you seek to step up your business you need to first conduct your market research.

Conducting market research does not refer to getting professional or distributing questionnaires, you may not have the resources on hand to do this but as long as you have identified the area that you would like to set up. You can physically go there to visit the area and survey it, see how many players are there, and identify the gaps that are there.

Standing Out  

When it comes to marketing and standing out as a business, one needs to put into account the four P’s

• Product
• Price
• Place
• Promotion

These are the areas that mostly lead to a business standing out from the others, but sometimes not all four apply as it is dependent on the type of business one seeks to venture into. Take for instance the mobile money business, the price and product are fixed and you can only be flexible with the location of your booth and the promotions or services you offer.

Volume Driven Business & Profit

These are businesses that are dependent on the number of transactions that one can make in order to make a profit. A good example of such a business is the Mobile money business. For such a business it means that your float management has to be great so that you avoid sending away clients. The only way to grow in this business is through expansion, the more the booths the better chances of generating a profit.

Advertising for a Uniform Business                                                 

Marketing and advertising for a business like mobile money can a tough and tricky one but there is a loophole that you may seek to use and that involves creating a brand around your service. Let people know how good your service is and how knowledgeable you are about what you are providing.

Key Insights:

• When starting a business, understand that there only two possibilities involved. It’s either you fail or you succeed.
• Put in place your strategies and plans  on how to ensure that your business Succeeds
• To make profits in a volume-driven business, ensure that transactions are always flowing.

“Failure is just a learning process.”