How to Launch
My Ethnic Business?
How to Launch
My Ethnic Business?
ISBN KDP: 9781790725090
Bibliothèque et Archives nationales du Québec, 2017 Bibliothèque et Archives Canada, 2017
Book and cover design: ASSOUKA
Cover illustration: © Uber Images
Translation: ldoron – Fiverr.com
Before we begin 8
WHAT IS A SUCCESSFUL BUSINESS LAUNCH? 9
PRESENTATION OF THE LAUNCH PROCESS IN 3 STEPS 11
REMINDER AND VERIFICATION OF THE CREATION PROCESS 13
DEVELOPING THE MARKETING PLAN 14
DEVELOPING THE ACTION PLAN 17
DEVELOPING PROMOTIONAL TOOLS 18
PREPARATION FOR LAUNCH 20
THE LAUNCH 21
THE AFTER-LAUNCH 22
PITFALLS TO AVOID 24
This series of handbooks introduces us to ethnic entrepreneurship, lays its foundation, and guides us to the crucial stage of market positioning with a major competitive advantage. It answers the following questions:
Why an ethnic business? Why choose to practice in ethnic and capitalize on this market without living it in marginalization in its Definition, role, vision, and usefulness?
How to create and position yourself? How to prepare to position yourself on the right foot with your ethnic business?
What are the attributes and tools of ethnic entrepreneurship? What are the parameters and stakes of an ethnic project?
This handbook serves to provide an initiation to the ethnic project.
“Each Human is
important to the eyes of God.”
After a long deliberation of a business idea and of the structure therein, a major challenge consists of launching onto the market properly in order to be in the best position for the first moments of the life of your business. This step is similar to the birth of a human being so we should take special care to strive for success. The objectives here are:
• Identify the necessary steps to launch an ethnic business.
• Develop a marketing plan for the launch of our business project.
• Develop an action plan.
• Pull off a remarkable launch.
Thus, the main concepts will assimilate the importance of a good launch, the 3 essential steps, and the implementation of the launch. At the core, we need to answer the following question: How do we execute a successful launch and have an impact on the market?
Before we begin
What do you consider to be the essential components for a successful launch of a business?
To answer this question, it is necessary to go through the following essential elements forming the guiding principle of our presentation:
• Know the 3 stages of a launch.
• How to create a winning marketing campaign including traditional and technological tools to promote the launch.
• How to create specific powerful promotional content at launch.
• How to create an action plan that will allow for a successful project start.
• Know how to make the most of the launch period.
• Pitfalls to avoid.
WHAT IS A SUCCESSFUL BUSINESS LAUNCH?
To speak of a successful business launch, one must reach at least three of the following objectives:
• You experience strong participation during the launch event.
• Your target audience is aware of your existence.
• Other market participants are aware of your presence now.
• Your service offering is known to your target customers.
• The market welcomes your arrival.
• You note expressions of interest for your business (anticipated sales, inquiries, media interviews).
• You create a database of contacts in order to convert them into a community of supporters and ambassadors.
PRESENTATION OF THE LAUNCH PROCESS IN 3 STEPS
To succeed at launch, it’s good to work on 3 key aspects which support the impact strategy you envision:
It describes the minimum information guiding your promotional campaigns and corporate communications and is a reminder of the market segments, positioning, and objectives in terms of image. It also provides a short SWOT analysis (strengths, weaknesses, opportunities, threats) as a reminder of the company’s environment and resources to ensure success of mission.
Plan of Action
It can be planned or rolled, which is to say with or without a schedule. It provides all the necessary deployment activities for the Marketing Plan and Project Plan. It can be presented as a table.
Implementation of Promotional Tools
It is in accordance with the action plan and requires prior preparation tools or a provision thereof on a continuous flow basis according to the relevance of the moment. The deployment of promotional tools is done with a strategy by adapting to the market environment and following the impact of each on the target clientele.
Globally, we will benefit from the potential of both traditional media and digital marketing to create an initial media coup which can be converted to greater future prospects. The final step is to retain and mobilize customers into a community of supporters.
REMINDER AND VERIFICATION OF THE CREATION PROCESS
After the creation phase of the ethnic business itself, it is good to check if certain conditions are met:
• The definition was found.
• The process of reflection in 40 hours on the project has been conducted.
• The structuring of the business is done.
• Positioning is defined.
• Promotion is simulated.
• A strategy is proposed.
• You have meditated on your attitude.
• The project plan is drafted to synthesize all the elements.
DEVELOPING THE MARKETING PLAN
The Marketing Plan can be developed by a specialist or by yourself. It integrates elements to guide your communicatin and promotion strategy in the market in order to reach your target customers. Here is a simple and viable possible structure:
I. Introductory summary
II. Who We Are
• II.1 Mission
• II.2 Vision
• II.3 Values
III. Purpose and Results
IV. Description of Services
• IV.1 Profile
• IV.2 Assets
V. Current Situation
• V.1 Strengths
• V.2 Points of attention
• V.3 Opportunities
• V.4 Threats
VI. Target Clientele
VII. Market Segmentation
VIII. Communication Strategy
• VIII.1 Budget
• VIII.2 Advertising objectives
IX. Nominal Annual Action Plan
X. Media Contact Directory
XI. Commercial Traction
In principle, with a well-developed project plan and a reflection process, it is easy to compose the marketing plan. Its use is as a reference book for the company, to guide promotional activities aimed at our clientele, and to guide our image toward other market players.
DEVELOPING THE ACTION PLAN
The development of the action plan is done in 3 steps:
1. Inventory of marketing tools (traditional and digital) which can be implemented to reach your target customers.
2. Selection of tools and arrangement of use by describing the effective use for each tool and toward which target. Identification of the cost for each action.
3. Establishment of a rigid schedule (planning with dates) or flexible nominal (per period of the year).
The format of the action plan can be in the form of a table or a text. It can also be divided into phases (prestart, start, launch, growth, etc) or type of activity (events, networking, promotion, sale, etc). The key is to know where we are going and to refer to it to launch initiatives on the ground.
DEVELOPING PROMOTIONAL TOOLS
After inventory, selection and scheduling of Marketing activities, we have a better overview of the tools at our disposal for our promotional campaign throughout the exercise period (year or project).
For the production of tools, we must ideally call upon professionals (graphic designers, advertising agencies, digital analysts, content editors, etc) whose job it is. You must ensure to provide them good content and explain your strategy clearly.
It is your responsibility to implement the action plan while adapting to market conditions by analyzing the impact of each tool on the target audience. You are master of your promotion strategy.
Some market segments are more reactive than others. In this case, you must either optimize efficiency by extending and reinforcing the promotional effect, or be patient.
After launch, you will have to maintain the relationship with your customers. It is important to carefully prepare so as to avoid running out of content to publish after a few months. Your customers can be demanding in terms of information.
PREPARATION FOR LAUNCH
The preparation for launch is done by developing a media strategy included in the action plan.
This may consist of resorting to a special event associated with the collection of email addresses. Here are two examples:
• You organize a launch conference themed by your company in the format of a 5 to 7. Registration is done via a website which collects email addresses for you.
• You write a book or reveal a new product that people can purchase at a launch event where they leave their email addresses.
There are several types of strategies which may be implemented to collect the maximum number of contacts or to make maximum presales or sales.
After launch, you must be prepared to avoid being caught off-guard, especially if you have thank you email or information letters to send. Have these available according to the development stage of your promotional tools.
The launch is made up of all the activities that we have seen until now, but to give it an official look, it is good to stage a significant event that permits your business to distinguish itself positively on the market and in the minds of your target clientele.
The launch may be virtual or physical, or both.
It is preferable that all the events accompanying the launch are in harmony and synergy and contribute to strengthening media hype.
You must remember that you execute only one launch for the life of your company. (except for launches of new products and services). It’s like a birth. You must take good care of it.
After the launch, the fate of your company is in your hands. Now, everyone knows you exist. It is out of the question that you assign a dormant status to your company and tend to other activities. You must continue satisfying your clientele, especially if it asks for your products or services. Here are some points you need to consider at this point:
• Thank your guests and stakeholders.
• Gather or classify email collected by interest centres to organize the distribution of your information (blog, email, newsletter, tweets, etc).
• Analyse the reports of traffic or crowds to your online or physical actions to prove or disprove your hunches on the market and clientele.
• Identify trends that may be exploited to maximize sales for the first moments of the life of your business (short-term needs of customers).
• Prepare to fight for the next 6 months to break in to your new management rhythm and for the rest of the life of your business.
PITFALLS TO AVOID
Here is a list of some pitfalls to avoid to ensure a good start:
• Do not include the press (journalists or bloggers) to your launch.
• Neglecting the quality of your promotional tools (this has an impact on your company’s image).
• Be overcautious to approach the market and customers to present your company and its products and services.
• Neglecting the preparation steps for the company’s creative thinking and not thinking ahead to the first 6 months of the year after launch.
• To not surround yourself with collaborators and suppliers aware of the stakes of your company.
• Mishandling your launch budget and lacking resources in the midst of the full deployment of the action plan.
• To not be personally ready to lead or represent your company on th market and among customers. It is preferable to have resolved your existential questions (find your definition).
Launching a business is a special event which, when done well, helps to position it favourably in the market and even to make sales or start building a loyal clientele. There are many tools which can help in the launch of a business; we have chosen a simple method that we propose to our peer ethnic entrepreneurs stemming from the immigrant workforce as it doesn’t require much sophistication in its implementation. To launch is an act of image as well as strategy and we must be able to count of hard core support from our inner circle to create the excitement necessary for the success of the business. Therefore, don’t stay alone and start investing your time to the social spaces online or in everyday life.
Photo: Awa Lake Diop
Arnaud Segla M. Sc., M. Sc. Admin., CAPM. Consultant, Manager and coach in ethnic, informal and corporate entrepreneurship. I organize and animate learning activities and accompany many entrepreneurs in the attaining of the objectives of their business project.
Since 2009 I offer consulting services for ethnic and informal entrepreneurship projects within the economic and identity development for migrant workforces. I associated myself with every helping stakeholder to realize my vision with the business The Wisemen Council.
“Making informal economy a quality alternative to the liberal system.”