On November 29, the Women’s Start Up Club hosted Zsuzsanna Jarfas to speak about her experience and to run an interactive workshop on “Marketing with a Purpose.” Every business needs a strategy to help define the direction and vision of that business– according to Zsuzsanna, the definition of strategy is “a plan to reach a financial objective.”
Part of this plan is marketing. Read on below for a summary of the meeting. The next Women’s Start Up Club Meeting on Jan. 31 will cover how to build an online presence and how to create content online. Register for the meeting here!
A 4 -Step Guide to Marketing with a Purpose
Step 1: Start with Visualizing
Imagine your business is a tree. Take a white sheet of paper on draw a tree. Is it a big or a small tree? Does it bear fruits? Where are the fruits if any, abundant and easily reachable or scare and high up or do the fruits lay on the ground? What about the roots? Where is your tree? Is it covered by other trees or is it easily accessible? Are there bushes hiding the roots?
The metaphor of the tree is quite powerful. The size of your tree relates to the size of your business. If you start out small, is there room to grow? The fruits represent your product or services. The roots are how you anchor your business. The surroundings are your competitors.
We recommend that you reconsider your tree as you walk through the marketing with a purpose outline and amend and continue to revise the tree throughout to represent your business. The end-result will show you the areas you may want to focus and the order you want to focus your efforts on.
Step 2: Analyze the environment
Depending on your business, the environment can make, break or challenge your endeavor. It is therefore important to first analyze any legal, economic, social and technological realties that could potentially impact your business/products/services.
Find out if there are any legal implications, regulations or laws that you need to be aware of.
The same goes for social, economic and technological framework.
Don’t forget to add your environmental findings to your tree environment as a reminder.
Step 3: Market Dynamics
Once you know that you are in a favorable business environment, you can then start to take a closer look at the market dynamics particular to your idea.
There are four things you need to consider around market dynamics: Entrants, Buyers, Substitutes and Suppliers.
Entrants, Substitutes and Suppliers all can fall in the competitor analysis. Who is already serving the market? (Suppliers). Who can offer the same or similar thing that you offer (Substitutes). Have you hear of any news in regards to new entrants that offer similar things? (Entrants). Are there Entrants, suppliers and substitutes available outside your geographic area that could potentially be a competitor? (Technological environment encourages borderless trade).
The Buyers’ dynamic explores potential customers – who will buy your product/service.
It is always the customer who is the driver of any business. Without a customer, there is no business. Think about your target audience. Reconsider the different environments that could be potentially unlock a wider customer base.
Don’t forget to draw your market dynamic findings and customers on your tree picture.
Step 4: WHY ME? Can you do it?
Putting it all together, you can use the lean business model canvas to evaluate your business in more detail and define what it is that gives you a competitive edge over your surroundings and how you can be successful. Those insights you can then translate into a marketing strategy that serves the purpose to attract and maintain a customer base and create a successful and sustainable business. Below is a copy of the model and the questions to help explore the different items in more details. The questions are posed in order of consideration.
Questions to consider in order
- Customer segment
- Who is my customer?
- Which are the most important segments?
Characteristics: mass market, niche mkt, segmented, diversified, multi-sided platform etc.
- Customer relationships
- What kind of relationships should we establish/maintain with each segment?
- Do we have already established relationships?
- How do these relationships integrate with the rest of the business model?
- What is the cost of customer relationships?
Examples: (dedicated) personal assistance, self-service, automated service, communities, co-creation
- Value proposition
- What customer problems do we solve?
- What needs do we satisfy?
- How can we bundle products for each customer segment?
Characteristics: newness, customization, getting the job done, performance, design, brand/status, price, cost reduction, risk reduction, accessibility, convenience/usability
- Key activities
- How do we execute our value proposition?
- How do we distribute our services?
- What kind of corporate responsibility activities can we perform?
- What is the cost of our activities?
Categories: production, problem solving, platform, networks etc.
- Key partners
- Who are our partners?
- Who are our key suppliers?
- What kind of resources do we acquire from our partners/suppliers?
- What kind of activities do our partners/suppliers perform for us?
Partner motivation: optimization, economy, reduction of risk, uncertainty, acquisition of resources & activities
- Key resources
- What kind of resources do we need to execute our value proposition?
- What resources do our distribution channels, corporate responsibility activities, core services require?
Types: physical, intellectual, human, financial resources
- How do the customers want to be reached?
- How are we reaching the customers now?
- Are our channels integrated?
- Which channels work most effectively?
- Which channels are the most cost efficient?
- How are these channels integrated with customer’s routines?
- awareness: how to raise ~ about product
- evaluation: how to help C evaluate value proposition
- purchase: how
- delivery: how
- after-sales: post-purchase support
8. Revenue streams
- What kind of value is the customer really willing to pay for?
- What for are they currently paying?
- How do they prefer to pay?
- How much does each activity contribute to overall revenues?
Asset sale, usage fee, subscription fee, lending/renting/leasing, licensing, brokerage fees, advertising
Pricing – fixed
List price, product feature dependent, customer segment dependent, volume dependent
Pricing – dynamic
Negotiation, yield management, real-time market
- Cost structure
- What are the most important costs specific to our business model?
- What are the most expensive key resources & activities?
- Is our business cost-driven or value-driven?
Characteristics: fixed, variable costs, economies of scale & scope
Q&A with Rina Bovrisse, activist and founder of the Chateau School
Leading up to our upcoming monthly meeting – The Accidental Activist : From Chanel to Governor of Tokyo? – we’re featuring a quick Q&A with speaker Rina Bovrisse. The Q&A is modeled on the Proust Questionnaire, designed to reveal insights into the respondent’s personality. Join us for an insightful discussion next Wednesday, September 12, as Rina […]Published on 9th September 2018
Insider Intel on the Japan Market Expansion Competition
When the opportunity to apply for a Japan Market Expansion Competition (JMEC) scholarship through FEW arose, FEW members Jane Szafraniec (pictured center left) and Nina Cataldo (pictured center) jumped at the opportunity. To understand the full extent of why this was such an amazing space to be in, they’ve shared what JMEC is, their experiences […]Published on 7th September 2018
Event Recap: TELL & FEW Presents The Feminine Eye
On Saturday, August 8th, a group of 11 people interested in learning more about photography gathered at the National Art Center in Roppongi for a women-led photo walk by Selena Hoy, TELL Outreach Coordinator and FEW Community Services Director Tia Haygood, who also is a professional photographer of TopTia Photography.Published on 3rd September 2018
September 2018 Strategic Partner Member Offers & Other News
Check out the latest member offers and opportunities from our Strategic Partners and other FEW Community Events here! Our Strategic Partners are committed to bringing the best services and products to FEW members. And go to our Strategic Partners page to learn more about all of FEW’s Strategic Partners, who not only support FEW’s activities but also […]Published on 27th August 2018
How I got Here: Kirsten O’Connor
I decided at age 7, quite resolutely that I wanted to be a teacher. All my decisions thereafter created the path to a teaching qualification, a first teaching post in London, a promotion and then the biggest decision of all – to apply for a teaching job overseas. In Japan no less. Accepting a […]Published on 27th August 2018
Masterminding – Supporting your Success
People buy things because they like the story behind the brand. YOUR story is a key element to your success. Join us as we kick-off the fifth season of the FEW Women's Start-Up Club focusing on the overarching theme of shaping Your Business Story.
FEW Fundraiser Event with Strategic Partner Mom in Balance Tokyo
Start your Sunday with an energetic and fun workout in Yoyogi Park hosted by instructors and FEW members Julie Mangen and Tanja Kinnen from Mom in Balance Tokyo.
October 2018 Members Exclusive Wine Night
Join FEW for our twice-yearly members-exclusive wine night, courtesy of our Strategic Partner Oakwood Premier Midtown. Come along, network, and share your stories around a nice glass of wine in the stunning ambiance of the resident's lounge!
Midweek Lunch Mixer
Take a break from work and join us for delicious food and great networking at our monthly midweek lunch gathering at Blu Jam Cafe in Daikanyama!
Note: The Lunch Mixer will take place on a Wednesday!