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A vision is a vivid mental image of what you want your business to be at some point in the future, based on your goals and aspirations. A vision statement captures, in writing, the essence of where you want to take your business and can inspire you and your team to reach your goals.
A sentence describing a company's function, markets, and competitive advantages, a short written statement of your business goals and philosophies. A mission statement defines what an organization is, why it exists, its reason for being.
Branding is a marketing practice in which a company creates a name, symbol, or design that is easily identifiable as belonging to the company. These can be used to develop brand advertising, customer service, promotional merchandise. It also means your brand promise to your customer. It tells them what they can expect from your products and services, and it differentiates your offering from that of your competitors. Your brand is derived from who you are, who you want to be, and who people perceive you to be.
Business strategy refers to a plan of actions and decisions that a company takes to reach its long-term sustainable goals and be competitive in its industry. It defines what the business needs to do to reach its goals, which can help guide the decision-making process for hiring and resource allocation Strategy is a way of thinking, not a procedural exercise or a set of frameworks.
Design is the process of deeply understanding customer/user needs and then creating a product or service—physical, digital, or both—that addresses their unmet needs. The effective use of design gives customers a reason for buying from you and not from your competitors. It's a valuable source of differentiation - a well-designed product or service will stand out from the competition. The design also adds value to products and services.
Business Technology as a concept describes all technology that helps an organization run its business and operational processes efficiently. These technologies can be customer-facing applications and solutions, business-critical production and logistics solutions, or back-office financial systems, among others. Technology Increases productivity which allows companies to do more with less.
A product /service concept is the way a company likes to position its products/services in the market, in terms of product features, quality, price service, distribution, differentiating elements, etc. A product is a tangible item that is put on the market for acquisition, attention, or consumption, while a service is an intangible item, which arises from the output of one or more individuals. ... One thing to keep in mind is that products and services are closely aligned.
The term, sales, refers to all activities that lead to the selling of goods and services. And marketing is the process of getting people interested in the goods and services being sold. Sales is a term used to describe the activities that lead to the selling of goods or services Establishing a business without marketing infrastructure is like building a house without a foundation. ... Once you have a marketing strategy set up only then can you begin to focus on sales.
Pricing is the act of determining the value of a product or service. Pricing determines the cost paid by a customer, but it may or may not be tied to the cost paid by the business to produce the product or service. Price and cost are relative—one entity's price may be another's cost.
Packaging is the science, art, and technology of enclosing or protecting products for distribution, storage, sale, and use. Packaging also refers to the process of designing, evaluating, and producing packages. A product's packaging communicates many things, from what the product can do for your customers to your company's values. Some would argue that the packaging is as important as the product itself because it's a crucial marketing and communication tool for your business.
A product launch refers to a business's planned and coordinated effort to debut a new product or service to customers and make sure that the product is generally available for purchase. A launch plan Summarizes the goals of your campaign, managed, and visualizes marketing activities, key dates, Identify key features of the product and functions, system requirements, Aligns company messages, product audience, A launch plan is a subset of a marketing plan. There are three types of product launch. consumer events, trade events, and media events.
If your idea was the combined result of several members of your team, consider how you will recognize their contributions to the intellectual property when you protect your idea.
A non-disclosure agreement is a legally binding contract that establishes a confidential relationship. Snipeet upon signing this agreement with you agrees that your sensitive information or trade secret that will obtain during conversation will not be made available to any others.
Companies and start-ups use these documents to ensure that their good ideas will not be stolen by people they are negotiating with. An NDA can be active for 5 years meaning your ideas are protected.
Snipeet encourages you to execute an NDA before sharing any information
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Fun Fact: A 2009 study conducted by IBM Institute for Business Value revealed that 7 out of 10 companies are engaging in “business-model innovation,” and an incredible 98% are modifying their business models to some extent. So even if you already have an existing business model, it’s beneficial to reevaluate it.
Your UVP statement should:
● Quickly and clearly convey the value of your service or product
● Explain how your product or service is better than the competition
● Talk about the benefits and features that define your product or service
● Avoid superlatives such as “the best” or “world-class”. Instead, include talking points that are carefully defined and factually correct
Go Deeper: Forbes suggests creating your UVP within the context of the 3Ds:
● Discontinuous innovations – offer transformative benefits over the status quo by looking at a problem differently
● Defensible technology – offer intellectual property that can be protected to create an unfair competitive advantage
● Disruptive business models – yield value and cost rewards that help catalyze the growth of your business
Use personas to gain insight into your customer segments by
● Collecting and displaying information about your customers’ background, lifestyle, and behavioural practices
● Exploring the needs and desires of your customer and what they are using your product or service for
● Documenting the user journey
Bonus Tip: Use Google Analytics to quickly find consumer demographics. Collect data such as bounce rate, daily visits, visit duration, and any additional relevant information.
