Posts Tagged feasibility study

During these days every company like to market their items or services aggressively since the market is under recovery from a so called ‘recession’. I do understand that every company needs to sell their services and products to survive. But it should be logical.

I had experience with some companies in India those who market their services and products across the globe. I have associated with one company to market their product in International market. I have had dealings with the Vice President – Corporate Relations of that company. I had a feasibility study on the product and the market and submitted him with a report envisaging hitting the market with better impact.

I have suggested him with an action plan and my requirements to start marketing activities. It took almost 20 days to provide the required documents and other details. In between I have called him many times asking about the requirements. But he said will send. Ultimately I got it after 20 days only.

Now the real fun comes, at end of the month he asked me to provide with report card. I had nothing to mention. He said there is no result.

I had a high talk with him and said this is not the way I envisaged to work with. Now need to analyze this.

What was his thinking, without providing any documents, demo of products, is that possible to market something? Is myself or my employees are magicians that the very next day providing him with a business without even giving a product demo? Why did it take 20 days to send some details which supposed to be used for marketing? This company did not have any marketing activities? The answer is NO, not at all… and they are not professional at all in their approach.

These things happens everywhere, with marketing companies, associates, executives etc.  But this is not a situation with every company. Some have exposure in the international market and they know how marketing can be done in international market.

International marketing is not an easy thing, here in domestic market you can go to the client and meet them whenever you wish. It is not feasible in international market; you need to deal everything remotely. So need to put more effort and should have more punching statement etc. You need to convince them.

I remember a story of an old man, he used to have a farm and he plant coconut trees. But he never fertilize these trees until it give a tender coconut. His policy is should get tender coconut, then he will have it and feel it then fertilize it.

Everyone should think about their attitude, their action, if the attitude is same as this farmer, I do not think they have existence in this market.

One day, one of my friends has gone for an interview, everything was fine, but they were not willing to pay his expected salary. They offered mush less than what he asked. He told them ‘if you give peanuts you will get monkeys’.

So everyone can think, whether they need monkeys and indeed, they should think about their attitude towards business too.

Remember there is no shortcut to success… and success never comes through ‘magic’

Image: http://www.corecommerce.com

Business through portals and website is the latest and fastest growing business method thus, so many are attracted to this medium. In the recent years we have seen rapid growth in this area.

I have seen, so many come to this business and drop after a year or so, I had lot of experience with these entrepreneurs, would like to share some.

1)      3 years back, I got a client from USA asked me to develop a portal to deal with electronic items; he came with lot of ideas and had popular sites as reference. I have given him a quote of US$ 35000 with 90 days time line. He accepted and started the project and as per time line we delivered the portal. He managed the portal for 1 year and now he is not with that business. 

2)      2 years back, one of my friends asked me to develop a portal to manage Automobiles, especially to deal with Indian market. I have developed according to his plan and he was with that for a year, unfortunately he could not succeed with this business and dropped.

When I analyse these two projects, it was a very good project as far as technical feasibility is concerned. We have taken all precautionary measures to have successful running of these portals. But why they had to drop it?

1)      First of all, both of them entered into this venture without having a proper market analysis, feasibility study etc. They have seen someone making profit out of it and thought they could also make huge profit. 

2)      They did not have proper budget to develop and market the portal.

 3)      Marketing strategies were weak so could not get much business.

4)      Did not stick with the minimum requirement, they wanted to develop the most advanced and leading sites clone; so, had to invest more. 

What we could learn from these examples;

Those who wish to enter into web/portal business should have the following;

1)      Have proper Business analysis, market study, feasibility study etc.

2)      Should have the best and innovative marketing strategies and budgetary support to it.

3)      Do not try to clone major sites with all the features they have. Should understand that the popular and most leading sites have started years back and upgraded. So be with most essential features. (Recently a client asked me to develop a clone of http://www.bharatmatrimony.com/, I have given him a quote, after seeing the quote he said will drop the idea and now doing a site with essential features )

4)      Should have a long running business plan as far as revenue is concerned, do not go with short run.

Since, online marketing is the future, we should have proper planning, analysis, budget etc, because you are in a highly competitive field and it is important to give an impact.