Podcast
Questions and Answers
New Netnot is the ______ customer who has just bought something for the first time from a business.
New Netnot is the ______ customer who has just bought something for the first time from a business.
fresh
What is the most important element of networking?
What is the most important element of networking?
The ______ is a document that offers the explanation on the reason why a particular model leads to success in a given scenario.
The ______ is a document that offers the explanation on the reason why a particular model leads to success in a given scenario.
business brief
Usually, revenue and costs are reported in ______ in financial statements.
Usually, revenue and costs are reported in ______ in financial statements.
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In a business, the concern of continuity and discontinuity of it is cost. If costs exceed revenue, there is a high probability of discontinuity.
In a business, the concern of continuity and discontinuity of it is cost. If costs exceed revenue, there is a high probability of discontinuity.
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A cost driver is the direct cause of a cost and its effect on the total cost incurred.
A cost driver is the direct cause of a cost and its effect on the total cost incurred.
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An accelerator is another business place that offers a program with a fixed term which includes mentorship and educational components and usually ends in a public pitch event.
An accelerator is another business place that offers a program with a fixed term which includes mentorship and educational components and usually ends in a public pitch event.
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Match the following types of revenue models with their descriptions:
Match the following types of revenue models with their descriptions:
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What is a business brief?
What is a business brief?
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A feasibility study is an evaluation of the potential for a specific business or product to be successful.
A feasibility study is an evaluation of the potential for a specific business or product to be successful.
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Why is a business plan necessary for a new entrepreneur?
Why is a business plan necessary for a new entrepreneur?
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Study Notes
Customer Journey Mapping
- Understanding customers is crucial for business success
- Identifying target customers and how to reach them is essential
- Understanding market factors aids in marketing, competition, and planning
- Customer needs, personalities, attitudes, and budgets are important factors
- Customers seek price, experience, design, functionality, convenience, reliability, and compatibility
Types of Customers
- Potential Customer (Pandoy): Needs convincing; engage with contact forms, newsletters, or live chat; provide information on product benefits; be available for assistance
- New Customer (Netnot): First-time buyer; create a smooth onboarding process; provide assistance and open communication channels
- Impulsive Customer (Icoy): Makes quick decisions based on mood; provide quick and short responses; offer various options for purchase
- Discount Customer (Daboy): Buys only on discount; offer value beyond the discounted price; good customer service
- Loyal Customer (Lando): Returns for repeat purchases; important brand ambassadors; maintain positive experiences and relationships
Target Customer Group
- Target market is a specific group intended to be reached with marketing efforts
- Identifying pain points and preferences essential for effective targeting
- Potential customers are individuals, families, or businesses
- Approaches for precisely defining the target customer include consumer/business, geographic, demographic, psychographic, generation, cohort, and life stage
Key Components of a Journey Map
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Actor: Represents the customer persona; one map per persona
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Scenario + Expectations: Situation related to actor goals, needs, and expectations, focusing on projected or real scenarios.
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Journey Phases: Stages in the customer journey across various scenarios
- Examples: Online shopping, product use, business-to-business service implementation
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Actions, Mindsets, and Emotions:
- Actions: Concrete steps/behaviors of the customer across each phase
- Mindsets: Actual customer's thoughts, questions, and motivations; based on actual customer feedback
- Emotions: Ups and downs experienced during the journey, represented visually
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Opportunities: Insights from the map to improve customer experience; focused on actions needed, ownership of changes, opportunities for improvement, and ways to measure changes
Importance of a Customer Journey Map
- Provides an in-depth view of customer needs and pain points
- Helps improve the customer experience across various touchpoints
- Helps focus on each customer step to optimize experiences
- Helps resolve customer problems to maximize customer success
- Inbound marketing, determining customer demographics and psychographics, focusing on a specific customer segment are vital
- Creates a customer-focused mindset throughout the entire company
Steps to Crafting a Customer Journey Map
- Establish clear objectives, define personas, highlight target customers
- Gather feedback from customers; define their goals
- Detail all touchpoints; include customer actions, emotions, and motivations
- Use the information to create a customer journey map to identify and analyze opportunities
Module 6: The Value of Networking
- Effective networking is a key advantage for entrepreneurs
- Networking facilitates problem-solving, referrals for new customers, and partnership opportunities
- Most entrepreneurs understand the importance of networking
- Networking helps establish beneficial relationships for business growth
Advantages of Networking to Entrepreneurs
- Business Opportunities: Leads to partnerships, joint ventures, or expansion
- Increased Status: Enhanced standing in the industry, attracting more leads and referrals:
- Knowledge Gain: Expands knowledge and provides insights from industry experts
- Positive Influences: Uplifts and motivates entrepreneurs with positive attitudes
- Increased Confidence: Improves confidence and optimism; builds morale, particularly in the early stages
- Personal Satisfaction: Mentoring and support others, achieving personal growth
Ways of Doing Networking
- Networking through Social Media: Using platforms like LinkedIn, Facebook, Twitter
- Start Networking: Actively participating in business meetings, events, and conferences; offering help and valuable contributions; developing good relationships and forming connections.
- Be a Resource: Offering valuable contributions to networks, building trust and inbound connections through social media, seeking less active connections
Module 7: Revenue Models
- Business models highlight revenue opportunities for profit, essential for long-term projections; required by investors; essential for business expansion and competition
- Various commonly used revenue models exist
Commercial and Retail
- Selling physical goods: Traditional retail or online (e-commerce)
- Selling digital goods: Downloads, digital content
- Service sold per unit: Fee based on time, distance, or volume (consultants, freelancers)
- Service with fixed price: Set fees for specific services (haircuts, consultations)
- Sale of services for future use: Pre-paid payments (phone plans, subscriptions)
- Daily deals/flash sales: Discounted items for consumers; reduction in marketing and operational costs
Subscription and Usage Fees
- Subscriptions: Periodic fees for access to products or services (magazines, streaming services)
- Usage fees: Fees based on usage (utilities, phone calls)
- Rentals: Periodic fees for temporary use of assets
Licensing
- License of Usage: Fees for access to intangible assets (software, intellectual property)
- Certifications: Fees for using a product/service or completing a certification
Auctions and Bids
- Auctions: Selling items through bidding
- Dynamic Pricing: Adjusting prices based on demand
Advertising
- Advertisements: Traditional and online ads.
- Promotional Content: Paid, sponsored articles or posts
- Sponsorships: Paid promotion of a brand; common in sports, events
Databases
- Collecting and selling data, increasing value with deeper analysis
- Focus on lead generation to generate more customers
Transaction and Intermediation
- Brokerage: Connecting buyers and sellers
- Transaction Enablers: Facilitating transactions (e.g., Payment platforms)
- Affiliate: Commission-based referrals or product promotions
- Creating a Platform: Connecting sellers and consumers (e.g., online marketplaces)
Module 8: Business Planning
- A business plan is crucial for structuring, outlining activities, and facilitating progress; essential to obtain funding
- The TRIM Framework helps organize planning (team, resources, idea, market)
- Back of the Envelope/Napkin Plan: Rough estimation of a business idea; basic assumptions and estimations;
- Business Model Canvas: Visual representation of a business model's components, facilitating strategic management and development
- Business Brief: Persuasive document promoting products or services within a limited space.
Additional Points
- Feasibility Study: Detailed analysis of a venture—executive summary, project description, competitive landscape, operating requirements.
- Operating Requirements: Includes material, labor and transportation requirements.
- Business Plan: Ensures effective finances, anticipates problems, and maintains focus, essential for investment, managing the business, and key decision-making
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Description
This quiz covers the essentials of understanding customer journeys and identifies different types of customers crucial for business success. It highlights the importance of tailoring strategies to engage potential, new, impulsive, and discount customers effectively. Learn how to enhance customer experiences and meet their diverse needs and preferences.
