Inspire Magazine: entrepreneurship @ Inspire

Earning And LEarning by Admin
Date Added: 2008-04-14

Picture this:
A new pen manufacturer say PenAgain® was introducing a low-cost pen into the Nigerian market saturated with several well known (like Bic and Eleganza) and countless nameless brands. In order to seize a good-enough market share, its marketing department identified the university community as a potential gold mine because of the academic orientation, population density and relatively homogenous nature of the target audience. The result of their market survey revealed that indeed, their initial hypothesis was right but there was a problem, different campuses had different market dynamics and a strategy which would work in University of Abuja would be a total fiasco when attempted in University of Calabar.
The solution settled on by the egghead marketers was quite simple‑enter into an agreement with marketing agents in each campus and allow them market the pens to the students and other members of the university community.
With the above scenario in mind, our discourse in this edition’s Earning and Learning will be centred on the business of rendering marketing services.

About Marketing Services
Marketing as an essential business activity is one which no entrepreneur can treat with kid gloves since this is the primary money-making activity for any organisation. The need for MS occurs because more often than not, start-ups and SMEs do not have the capacity to muster the resources needed to ensure that marketing is carried out effectively with all details covered. They are usually lacking in man-power as well. As seen in the scenario painted above, an entrepreneur operating in a market such as a university community faces unique difficulties which can only be overcome by a deep understanding of what works and what does not, in the environment involved.

Unique Selling Proposition (USP)
“We know our campus more than you do and the particular marketing operation that works here. Leave the marketing to us so you can focus on other areas.”

Service Offering
Essentially, the services offered by the marketing agent cuts across the famous 4 Ps of marketing, these include: market research, media buying, poster and banner positioning, handbill distribution, marketing exhibitions, road shows, room-to-room and class-to-class marketing as well as advice on pricing.

Targets
Multinational companies (P&G, Unilever, Nestle, etc) with many youth-targeted products; start-ups within the campus and beyond.

Starting-up
Being a service based business, you don’t necessarily require a fortune to kick-off. The basic essentials are as follows:
People: You would need a large number of diligent and capable hands who will be able to deliver results by going all out and giving what it takes to market to their fellow students and lecturers alike. Emphasis should be placed on recruiting the very best people possible since your ‘people’ will be a key asset of the business.
Proposals: As a start-up, it is not very likely that potential customers will walk into your office (if you have one) to drop big business on your laps, you will certainly have to make some calls on potential clients. A well written proposal and/or brochure will go a long way in convincing clients you know what you are talking about.
Office: An office space would go a long way in easing logistics and make for a more professional image. Without it though, you are still good to go.
Self-Marketing: Your first job will be to market your company to both your clients and your market. Branded t-shirts and caps will make your marketers’ jobs a lot easier. The extent and choice of marketing strategy will depend a lot on your pocket.

Although this write-up is not exhaustive (just can’t be, considering the space), we believe we have touched the salient points. If you are bold enough to try out this business concept or if this page helps you in any way, remember to send an acknowledgement to our numbers or e-mail addresses at the bottom of this page. Any knocks or suggestions for us? We’ll be glad to receive them also.