Wednesday, May 19, 2010

The Importance of being Market Savvy with Megan Walker

Today I was lucky enough to attend a Business Luncheon held by the Wynnum and Districts Chamber of Commerce. It was during this luncheon that I listened to Megan Walker, from Market Savvy, wrap up in just 30 minutes, the ten very important steps one must consider when starting a new business.

Now, call me biased, but Megan was very quick to point out the importance of consulting qualified accountants during the Business Planning phase (step 1)(thanks for the plug Megan!). She expressed how crucial it is for a new business to get the right professional help about various aspects of finance, and to have it all set up correctly right from the START.

Now this wasn't the only thing I picked up from Megans speech. Megan ran through nine other steps, viz;

  1. Business Planning (mentioned above)
  2. Research - is your product desired by a market?
  3. Goals - who is your target market...not everyone, we are not MacDonalds!
  4. Strategies - how do we attract our market
  5. Skills - do we have the skills to get the market? If not, get them (eg outsource).
  6. Branding - what you want to be known for
  7. Key Messages - words of value for your customers (not what you think is valuable)
  8. Marketing Materials - what type? what is relevant to your business?
  9. Promotional Activities
  10. Sales - this is last!!

She also said to "Resinate" (the desire for your product), "Differentiate" (what's unique about your product/service, what makes it the best), and "Substantiate" (generate a trust in your product).

I found today's luncheon particularly worthwhile, and with the tools Megan provided us with today, I am sure we can all become more "Market Savvy!".

Thanks Megan!

~Me (Samantha Monahan) pictured with Megan Walker from Market Savvy~

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