To be fair, I know what you would naturally expect to read after this header.
Well, that’s the thing.
The Famous show by Big Borther Nigeria would start in a couple of weeks and I just thought we could take out some time to analyze their lifestyles. A lot of “juicy juicy” already goes on within the big brother house, but what happens when they’re back out?
A lot of these housemates with this newly found fame will seek to take on a lot and try out several things, you know now, as e dey hot.
However, one very popular move that they take on is to start a business.
Well, it’s also no wonder that not a lot of these businesses stand the test of time, which honestly is mostly because of a poor marketing plan or even no marketing plan.
Last 2 seasons of this show, Dorathy the president of the My Full Chest gang launched a brand called, ermmmm,
Starting the MFC Lingerie (My Full Chest Lingerie) brand was a very smart decision because she had already built a reputation along with the solution she’s offering via her business.
The next logical step will be to market this brand, and “market” in this context can be referred to as series of activities for researching, creating, advertising, selling, delivering and exchanging offerings that offer value to your customers.
It is divided into five important steps, which are:
Let’s give more depth to this, shall we?
The first step which is Research involves analysing the business standing of your company. You can carry out a 3C Analysis which is researching Customers, Competitors and Company. You can also do a SWOT(Strengths, Weaknesses, Opportunities, Threats) analysis and use this as background knowledge as to what measures need to be implemented or balanced out.
After this, the next step will be Planning. Now, you need to come up with a marketing plan which should contain the 4Ps of marketing — Product, Price, Place and Promotion. All of these need to taken into consideration and given a proper thought process, as one wrong step could ruin the other steps.
Now, you move to Implementation. Planning itself doesn’t make any improvements until you implement the strategy. You have a plan, so start bringing your plan to life.
After a part of your plan has been carried out, you must measure the effectiveness of this plan. As a measurement guide, you can set up KPIs (Key Point Indicators) and ensure that they are SMART i.e. Specific, Measurable, Attainable, Relevant and Time-bound.
Optimisation is a very important step and you need to constantly improve and optimise your tactics from time to time. It will help keep you on your toes whether you have a high or low demand. You know the saying that goes, “the best time to market is when you are not desperate for customers”, yeah well, it is true.
In and out of season, be willing to constantly improve your business process
That being said, I hope I’ve been able to give some level of insights as to what a business plan should look like to help you remain in business for a longer period.
Found this helpful?
Make sure you share it, especially with those in the business of big brother. We also have another article where we shared helpful tips for new business owners or those planning to go into business.
Check it out here