Developing and Marketing a new business idea
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When your business is established and you feel you have reached capacity with existing products and services developing a new idea can be the way to further grow your business. If you are looking for inspiration there are many techniques for generating new ideas, but before you look at completely new ideas there are richer sources for business growth. Now you have your new idea how are going to promote it? As an established business you have more options. Most important of all make sure your existing clients, customers and visitors know about your new products and services with an opening offer or voucher Be very clear who you are selling to and use the best ways to reach them e.g. direct mail, E mail, ads Plan a launch Use Twitter and Facebook to countdown to your launch Include time limited offers for purchases of new products and services Offer free trial periods Press release and invite journalists along to your launch Send journalists a free trial of your product Check your contacts list – let them know about your new products and services Bus or radio ads.
Transcript of Developing and Marketing a new business idea
Developing & Marketing
a New idea
Rich Sources of New Ideas for Business
Growth
There are 4.5 million small businesses in the UK SMEs account for 99 per cent of all enterprise in the UK, 58.8 per cent of private sector employment and 48.8 per cent of private sector turnover
Asking questions… What is your best selling product? Can we bring in a linked product or service? What naturally follows on from…..? What would happen if? What demand is there for?
Businesses with employees account for a quarter of all enterprises - a fall of 29,000 since 2010
Existing Clients & customers
Your clients asked if you know someone who can help with…. Your customers asked if you can provide….. Customer complaints use solving to generate new ideas
Businesses in rural areas of England contribute around 22% of employment and 19% of Gross Value Added (Defra)
Innovation….. To stand out from competitors For creative solutions to regenerating your business To increase sales To become market leaders To motivate employees To penetrate new markets To increase reach
“Advertising and marketing skills training is crucial for small business growth, says FSB”
Innovation Tools Mind mapping List 20 ideas Read James Young’s ‘A Technique for Generating New Ideas. Incentives to staff for new ideas Research & market intelligence Brainstorming SWOT analysis Annual marketing audit
Not all high growth companies are tech companies. These companies, according to NESTA, had one important factor in common: they were far more likely to be innovative and innovation was a source of growth. (Nesta)
10 ways to bring your new idea to market 1. First chance to buy to existing customers 2. Plan a launch 3. Use social media to build up to your launch 4. Time limited offers 5. Free trial periods 6. Press releases 7. Invite journalists to your launch 8. Free samples to journalists 9. Update web site & optimise! 10. Direct mail & fliers
6% of UK businesses with the highest growth rates generated half of the new jobs created by existing businesses between 2002 and 2008.
If you would like to know more about how Summitup Marketing develops & promotes new
ideas….. Contact Follow Like
07947 779542
Summitup Marketing blog.summitup.co.uk
