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New Business Development

What are some resources for evaluating potential market size?

4

Answers

Laurent Gibb

Clarity Expert On Growth Stage Startups

To determine market size, you will need to look at potential customer data or revenue/transactions each year. You will need to: 1. Define your target customer and audience 2. Estimate audience size and target customers 3. Determine growth rate if possible taking into account organic and churn 4. Calculate the market size for both revenue and products/services sold In terms of resources: 1. You can use bottom up data e.g. if opening a men's barbers then x number of men have x number of haircuts per year x average cost (in your target geography) 2. Top down data - get data from industry associations and apply your assumptions This process isn't complicated but it is time consuming when done comprehensively. You can also find freelancers on various sites who will do all this background research for you and who sometimes offer a secret shopper service calling competitors to get data such as for pricing. Good luck!

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Andrew Mez

Head of CX; Revenue and ROI Driver

One way to do this is by selling products to your customers and upon sale, the customer will pay for the merchandise. Once the payment is processed, you can use this money to purchase your good and then you can ship it directly to the customer. That way, you will utilize the customers' money instead of your own investment to purchase the product. Let's set up a call in talk in detail about this!

Noblejeet Batth

| Experienced professional| Problem-solver|

My 12-month vision and execution plan is to build on my existing Clarity profile by leveraging both organic and paid content strategies to attract more people to my platform. I will also focus on continuing to provide quality service and advice to those who reach out. Finally, I will be actively engaging with potential clients through networking opportunities, building relationships and offering help whenever possible.

Ayomiku Oga

Clarity Expert

- You must first understand that you are a brand(work on your personal branding so you can be desirable) - Boost your social media profile and update your LinkedIn. Make sure the posts you share on social media are captivating and good enough for people to repost. You can also do a paid advert for your post that has a lot of engagements. (Maximise your social media) - Narrow down on the type of clients you want to attract(youths? Adults? Middle aged people?), think of how to get in touch with them, attend events where you can network and sell yourself. - Send direct emails to the contacts you have. Cherish those business cards, don’t be ashamed to get contacts, give cold calls too.

Joy Broto

🌎Harvard Certified Global Corporate Trainer🌍

I will suggest you B2C company. These companies are best suitable for online business. Apart from the multiple advantages it provides two major benefits that you will get from establishing this type of company. First is digitalization of business and second is usage of a global network. Now by digitization of the business I mean a comprehensive usage of ICT (Information & Communication Technology) not only within a business organization, but now through a more and more seamless linking and cooperation of information and communication systems of all involved business partners. While by usage of global network I mean that global networks allow the exchange of information without any restrictions in time and independently from any geographical distances. Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath

Jeff Charles

Clarity Expert

I not an expert but I have owned a small manufacturing company in the past. And based on my limited experience here is how I would approach your project. You first need to figure out what your goals are for this project. What exactly is your business objective? Is it to produce and sell the Bentley of electrician belts on the market and differentiate by only using the very best materials on the planet? Is the goal to be the most affordable belt on the market? What is your value proposition and how will you stand out from the competition? The answer will determine how you get your product made. If you want the Bentley of belts, you might be looking at a hand made operation based in the US and if it's the cheapest priced belt, you're probably looking at a certain type of manufacturer in China to outsource the belts to. The next step I would take, depending on what type of market you will be competing in, is to determine whether or not you should be using a private labeled product. A private labeled product is a product that you order from a manufacturer who already makes that product but with your company logo on the product labels and packaging. This is how most products are made because it's the most economical choice due to economies of scale. If someone is already making that product, they will have more experience and they can combine buying power of the raw materials to bring the prices down even more. There are certain types of products that work the best with private labeling. For example, private labeled products work well with products like a toilet bowl brush or shower curtain or clothes hanger because people don't care about the brand as much as they care about the brand for a product like a TV or an audio system for your home theater or living room. When purchasing an audio system people care a great deal about the brand. Whether the brand is Samsung, Toshiba, Sharp, Sony. JVC, Pioneer, Denon, Yamaha, or Harman Kardon, the brand makes a big difference in how the product and price is perceived by the consumer. I have no idea if the brand makes a difference for Electrician belts or what type of market position is the most profitable so you'll have to do your homework. If you want to be the Bentley of belts and make a completely different design, you have less of chance going the private label route but it's not impossible for the design to be changed so you'll just need to find the comparable type of manufacturing company that can make a product at the quality level you expect. If you don't go the private label route, your job will be to set up your own manufacturing operation and you'll need to hire a textile engineer to help you with material selection and a VP of manufacturing with the relevant experience to oversee the entire operation. If selecting the materials is your only concern, you can hire a boutique consulting company that provides this type of service and their consultants will be ex textiles engineers etc. Or you can find retired people who used to work in that role. Or someone who changed industries recently. The reason for this is because people who are currently employed as textiles engineers for an employer is probably working under an NDA that prohibits them from giving out trade secrets or any sensitive information for obvious reasons, competitors etc. After you determine the materials, you can ask the private label companies to use those materials. Personally, I would simply use what everyone else is using because you don't know what you don't know and there is usually a good reason 80% of the competitors are using the same material. And that reason might not be immediately apparent to you which might cause headaches down the line.

Gerd Tittel-Feller

Digital Marketing & Transformation Consultant

First of all I am going to assume you meant a CPC of $ 15 and not $ 1.5 because the latter would make you ROAS positive at a 5% conversion with $ 64. My second assumption is that a CR of 5-7% is your average CR and not for this keyword because at $ 15 / click you would not have enough clicks to get a CR in a $ 100 test- If this is correct then unfortunately you have not been near a statistical significant result because with $ 100 you can only have 6 clicks. Even if it was $ 1.5 and we were talking about 66 clicks this is still not statistically significant. I am sorry but this is far from statistically significant. Statistically significant would be at least a few hundred clicks spread over a minimum of 5 days (ideally 7 days). Now about your question of what you can do on the advertising side. One thing you can do is to improve your Quality Score. Check out this Google article where to find it and the components of it: https://support.google.com/google-ads/answer/2454010?hl=en Also check the Expected CTR as described in the link above. This might be a reason why this keyword is so expensive. If you can a better CTR than Google expects your cost might go down. Of course as usual the overall relevance of the keyword to your ad and your landing page is also important. So if it makes sense from a marketing perspective you could tweak your ad incorporating the keyword. You can do all this by using experiments and only changing one variable. But this is all very theoretical without knowing your correct situation. However before you do all that: ask yourself this is it all worth it? How much volume does this keyword get? What impression share are you getting? How many additional conversions can you most likely generate, even if cost were not an issue? And then decide if it is worth trying or if there might be an easier way to improve/ expand your advertising. One more tip: You were asking about the advertising side. I always tell clients to look out for possible micro conversions. You can think of micro conversions as sign post along the way to the goal (e.g. reading a certain article, visiting the site x times, signing up for the newsletter). If you give Google Ads all this additional data there algorithm can create a much more detailed model of your ideal customer because you give it more input to work with. Then you will get more quality customers which in turn will increase your CR and decrease your CAC. If you need help just give me a call. All the best Gerd TF

Gerd Tittel-Feller

Digital Marketing & Transformation Consultant

This question is really hard to answer without knowing about what kind of exact B2B business we are talking about. However it is very easy to split test the whole process. You can use a free solution like Google Optimize or paid tools like: https://vwo.com/ab-testing/ Just make sure to attribute any leads correctly to the test like have a hidden form field with "no-price" and "showing-price" that will be pushed to your CRM, so you can find out the total conversion. Also make sure you get to statistically significant numbers. Most people stop way too early and believe they have found a winner. Just a word of caution based on my experience with one of my clients. When he added packages with prices, it made things more difficult along the way. My client thought he standardized his service with packages but it turned out he still needed to negotiate various details. That is because it is very hard to think of every aspect of a complex service and put it in a pricing table on your website. So potential customers asked for extra services, my client did not plan to include in a package. But after the fact it was hard to justify an additional fee because the price was already set in the mind of the potential customer. I hope that helps and if I can help you with split testing or anything else give me a call. Best of luck. Gerd Tittel-Feller

Laurent Gibb

Clarity Expert On Growth Stage Startups

There are quite a few platforms out there, each one with its own intricacies. The first question is, can you raise funding without using a Crowdfunding platform? Running a Crowdfunding campaign can deliver good results but can be a lot of work and be a big distraction for the business. The best way to start is to research what platforms might be most suitable. Then it is worthwhile to sign up as an investor and to follow some of their existing campaigns and understand how they promote campaigns. This will give you an idea of which platform will help you find your target investor audience. It is also worthwhile trying to understand which platforms have run campaigns matching your sector in the past and whether they have been successful. Also looking to see how many campaigns each platform is running in a given month and whether they are achieving their goals. If campaigns aren't getting fully funded, it could indicate a mismatch in investor audience or potentially too much competition from simultaneous campaigns. Once you've shortlisted 2 of 3 platforms, the next step is to engage and meet/speak to each platform. Each platform will have slightly different business models. It is important to understand the details as it could impact your cost of doing the current round and any future investment that comes through investors introduced via the platform Also, don't be fooled; to raise a round on Crowdfunding platforms, you will need to bring your own investors onto the platform, typically contributing to a third of the total raise. This is necessary to ignite the campaign at the start and give it momentum. The platform will usually agree to charge you a smaller commission for any investors you bring on to the campaigns directly. These are just a few points to consider, good luck!

Sales/Job Hunting

Clarity Expert

Hi there, In my 8+ years in the tech world, I have seen lunchtime or break time information sessions employed frequently for training purposes. In mostly virtual environments, this strategy still works as long as lunch is provided. This can be done through Doordash, Ubereats, etc. Happy to jump on a call to go through specifics as needed. Best, Kevin

KJ

Affiliate Marketing expert

If a subscriber is not opening my emails I sent send them to winback sequence but if Its me who hasn't sent an email for months, I just keep sending them like before..

Christian Nilsson

Professional Management Consultant

Hello there, amazing person! My name's Christian Nilsson and I come from a professional consulting firm. We work a lot with strategy, especially topics and tasks like this. Trust me, if you want to grow your Amazon business, it's us you want to reach out to! Give me a call and we'll go over everything together, it will be the very call that will change your life, my friend. I hope to see you soon! And while we do, we'll bring success to your name :)

Christian Nilsson

Professional Management Consultant

Hello there, amazing person! I have yet to know how large the pool of mentors here is however I can say one thing and that is that, no matter what you need.There's someone out there that specializes in your preferred area, whether it's within psychology, technology, branding or just business general, there's always someone out there. You just have to be confident and keep on checking and before you know it, you have the best mentor ever in-front of you. So if your question is Clarity a good platform for it? I'd say yes, it's just up to you to choose which person fits you! And from me to you, my friend. You already did the first step, so now you only have to do the second step as well and you'll be on your way towards success more than ever before! :)

KJ

Affiliate Marketing expert

Have a look at AWIN. CJ.com or Admitad and contact brand managers through those platforms ..

shannan leon

knowledge and understanding the power within you

I can try finding some for you

Gautam Tiwari

Physicist, Software Architect and Delivery Manager

To understand your need well, let's rephrase. You need to build a website where you'd want to market customized snow globes (or other product). The end goal is also to sell. What you'll need is to build a workflow for each of the product you wish to market which includes the base product, and then one or more customizations. Also I believe your products and customizations will change over time and you'd want a way to make those changes yourself. If yes, please explore Woocommerce for wordpress. It's a plugin for wordpress that'll allow you to build end to end ecommerce site. https://woocommerce.com/ Refer this tutorial https://wpdrift.com/blog/how-to-start-selling-pizza-online-using-woocommerce/

Rafael Ferreira

Clarity Expert

I would like to know this too.

daniel obeng

Counseling and Innovation

1.Yes first you ought to secure permit within and without the boarders 2.Search people with proven_track records in Auditing and Inspection with 5 and 10 minimum and maximum experience respectively 3.Also check your competitors around and double up your work strategies . call me for more strategies and company intelligences

Matthew Cohen

Clickbank,warriorplus and jvzoo Marketing Expert

Hello I am an affiliate marketer and software developer and I recommend you call me because I know a never heard before free platform you can use to create your web app.

Matthew Cohen

Clickbank,warriorplus and jvzoo Marketing Expert

Experts get paid when you request a payout. You probably might get a section pop up to enter your info

Marketing Strategy

How can I build backlinks organically?

3

Answers

Beach Boy

SEO Entrepreneur

1. Start by researching your industry online... what types of things are websites linking to? What types of press angles are being written? And how can you do similar things? 2. Keep a list of those websites from step one... so that as you do and create interesting content, you can reach out to those people for feedback and/or requests to mention (link to) your content in the future. 3. Ask yourself which websites that your prospects spend time on... and then devise a reason those websites would WANT to link to you. After that, begin pitching them. It's a sales process like any other, so it will require some testing and amending then re-testing. But if this is your business, the job of your marketing department is to figure that out. 4. Get help from consultants as needed, to save time. Not just for marketing of course- but find people that have accomplished exact or similar goals. Investing small amounts with these people can save you months or even years of learning curves :)

Ankit Yadav

Bba

Here are the two main business models for B2B marketplaces. Commission based model The first business model is probably the most popular one as it adapts to almost all industries. This model consists of charging commissions on all transactions happening on the marketplace. The operators defines a percentage that he will withdraw on the amount of each order. This model is used by many famous B2B marketplaces such as Alibaba or Fiverr. As mentioned earlier, this model can be adapted to almost all industries. Nevertheless, it will be risky to apply this model to industries with very low margins. The choice of the percentage is highly important in order to attract enough sellers on your platform. Sellers will only be attracted by your platform if they are sure that it will be profitable for them. Subscription based model Charging subscription fees (either monthly, yearly, or any other duration) is the second option for B2B marketplaces. This option will be highly appreciated by sellers planning on making a high business volume on the platform and will motivate them to add more products and animate the platform. In addition, this model allows the operator to define several offers in order to give a wider choice to sellers. For example, the operator could define three offers: a free offer allowing only ten products on the marketplace, a basic offer at $50/month to add 100 products and a premium offer more expensive with unlimited access to the features. That way, sellers can choose how they want to use the platform and pay the right amount. Labelcorner is an example of a fashion B2B marketplace based on this model. Finally, as you can see on the example below, it is obviously possible to design a model using both commissions and subscriptions. The mixed model will allow the operator to define a wide range of offers (from high subscription fees with low commissions to low subscription with high commissions) in order to satisfy all the sellers.

Allen Broady

Developer and Scientist.

Yes definitely. As you know these elements are super important pertaining to to this information. There are plethora of small businesses that cannot the technical expertise needed in some cases to increase in engagements on websites, which for most websites are the best promotion tools. This would be a great asset for small to medium size business who want to increase the proficiency of engagements for one. Some other ideas I could think of too. I would explore those engagements with those users to see if there is an noticeable difference before and after using the information provided from your db.

Dhiren Jani

Product Management for B2B SaaS & E-commerce

I have worked on a B2B marketplace for technology and advised for a few B2B vertical marketplaces as well. This was for different clients in US, Asia and Middle East. You will need: 1. ability to attract integrators and sellers 2. Easy onboarding 3. Low listing fees 4. Great marketing team 5. A compelling reason to adopt your marketplace instead of alternative options and "current ways of doing business". If you have these, your traffic will start growing, which would lead to signups and so on.

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