The start-up culture has taken the Kenyan scene by storm in 2011!2012 holds more trailblazers in the pipeline and running a start-up is hard work and one person cannot do all the work. My advise to these trailblazers for 2012 is scaling and here are four ways to do that:
- Team - Hire good talent to help you in business development and market research
- Product - Work on a product that has an impact in the value chain
- Capital - Raise the needed capital, invest it, manage it and eventually profit
- Community - Use the community to do your market research as they are your potential customer
Start-up tip for the week: Conduct your market research!
With market research, you can determine the best marketing strategy for your business by gathering as much information about your customers and how they view your company and products. Here are 6 easy steps to conducting market research:
- Determine the goal of your research - Are you looking for the right market for a new product?
- Utilize market reports and journals to determine the demographics of your market as these publications provide data on purchasing trends that will clue you in on the buying habits of your target market.
- Conduct surveys via email and telephone using your businessdevelopmentcontact database
- Collect information from existing customers via personal interviews and focus groups to get feedback on your products and services.
- Analyze your sales records - Knowing your best customers and most profitable products can help you to better focus your marketing efforts.
- Organize the research data you have collected and determine your marketing strategy based on the results