Stage 1: Planning…

Just recording how I am going about doing the Competition Analysis, with no advisors or business angels all that I am doing in my business is either:-

1. From my past experiences of working for myself and working in big corporate
2. My own research on the internet and from books

Approaching the whole product launch in the below five stages:-

1. Planning
2. Development
3. Pre-Launch
4. Launch
5. Post Launch

Stage1: PLANNING

In this stage I am going to try and clarify a number of things:-

1. Ensuring there is a market/demand for my product :-

   This is a difficult one because when we start a new business be it in service or product line we all feel there is some demand else we wouldn’t be putting our hopes and cash in it but then cannot understand why when we open shop it has not taken off. One has to be very realistic while researching this part, `be ready for the worst and hope for the best’. On a practical note what I have done is by speaking to a number of my contacts who can be my potential customers and studying the growth trends of similar products and why they are growing.

   Key findings: – it is a populated market but if I can differentiate my product (by finding a gap) in some way and communicate it effectively to people who will be using this service then I have a good chance of succeeding.

    

2. Doing a detailed Competition Analysis:-

   This is very critical in my planning stage and should be one of the most important part. But need to remember to not get so involved in it that in studying the competition, become just one of them and loose my original creativity. Know them don’t let them rule your thoughts. I am studying key 4-5 competitors against whom I want to position myself , will be looking at their offerings, pricing, and how they promote themselves. Also will be important to see how their customer related services are i.e. after sales , satisfaction, retention etc..

    

3. Planning my products features and design

   I have a fair idea of how the product will be and will be ensuring I put my thoughts clearly on paper in a structured and planned way before more people are involved so that clarity is maintained.

    

4. Planning out my Marketing strategy

   Marketing cannot be ad-hoc it has to be a routinely done planned activity and since I don’t have a huge budget it has to be planned wherein maximum exposure can be achieved with minimum spend so I guess social media sites will play an important role. More importantly the product has to be able to sell itself, and I truly believe if it can help a business or individual to save money, time without compromising on quality and features then it will be talked about. How much or how less that we will have to see

    

5. Detailing my Sales and After sales process

   Customers are THE SINGLE MOST IMPORTANT PART of my business and though I cannot guarantee that no errors, bugs or mistakes won’t happen what I will guarantee is that they are acknowledged and corrected at the soonest and Excellent Customer Service is maintained.

I am on my step 2 doing the competition analysis and hoping to complete this stage by mid June…lets see how it goes.