Your SlideShare is downloading. ×

Marketing My Business

128

Published on

Published in: Education
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
128
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Cross-stitch4u “We will convert your idea into cross-stitch pattern. It’s online, fast and with a touch of love to cross-stitch art” Patterns Cross-stitch supplies Forum Classes
  • 2. My key service would be converting picture or image into cross-stitch pattern or creating a custom pattern from customer’s detailed description using a computer based converting program.
    • My short term goals
    • To learn how to create a website and explore specifics of online services
    • To research the market for PC products for creating cross-stitch designs
    • To get to know the competition
    • My long term goals
    • To offer more services for online ordering: supplies for cross-stitching, advice columns, and a blog for sharing ideas
    • To find a space for opening a store in addition to online services
    • To add knitting into all aspects of the business
    • To offer classes and organize a club to learn cross-stitching/knitting and to share ideas and experience.
  • 3. Personal Skills, Experience and Resources
    • Cross-stitching is my hobby. I make art work as little as few sq. in. and as big as 180 sq. in. I get my work framed and it makes a perfect gift or thank you piece
    • I have a PC based program for converting images into cross-stitch designs. I use these designs or buy ready designs from a store
    • I am working in accounting, therefore, I have a knowledge in handling business accounts
    • I bring into the business:
    • - my time
    • - computer
    • - computer based program for converting images into the cross-stitch designs
  • 4. Break Even Analysis 22 patterns per month Break even units/ Average pattern Average pattern 110 units or $22 Average 1 pattern per day 2,400 units per month Monthly overhead/ contribution margin Break even units $240 Internet service + Marketing + Time for processing orders Monthly overhead $0.10 Price – Direct cost Contribution margin $0.10 Time spent working on 1 unit Direct cost $0.20 1 sq. in. of pattern 1 unit
  • 5. Market Potential
    • I was thinking to start my business online. Therefore, it is very difficult to define market. For that matter, I chose to start from researching market around my living area, Albany, because it gives me benefit of knowing the area and ability to reach a customer on a more personal level.
    • Cross-stitching is the leisure craft for anyone who enjoys art and has patience to make it themselves. These criteria can fit many people:
      • Mostly woman and teenage girls who are not interested in very active lifestyle
      • Retired, mature men, who are not afraid to reveal their interests anymore
      • Any person who is interested in self-made crafts and arts
    • According to infousa.com, there are 565,664 potential customers (one per household) in the surrounding four counties (Alameda, Contra-Costa, Marin, San Francisco). All these people have access to personal computers, therefore, the online service might be appropriate for them.
  • 6. Survey and its Results Analysis
    • Survey to get information about:
      • Are people interested in cross-stitching;
      • What ways people get patterns for their cross-stitching;
      • Are people interested in getting pattern creating service;
      • How much they are willing to pay for the service;
      • What other services they would be interested to get in addition to this one.
    • I distributed Survey through eperalta.com/spring2011, amazon.com, e-mails .
    • Results:
      • 56% don’t know how to cross-stitch and don’t want to learn it;
      • Ones who are interested in cross-stitching :
        • makes their own patterns using PC program or looks for it in the stores (Jo-Ann, Michaels);
        • 63% are interested in a service for converting images into cross-stitch patterns;
        • 80% would be willing to pay $21-$30 for the service;
        • In addition to the pattern creating service, respondents also would like to buy cross-stitching supplies and frame their work
  • 7. Competitive Analysis -pattern making service -local classes
    • does not convert images into patterns
    • located in Crystal Lake, IL
    • no local classes offered
    -everything I would want in the shop www.welcomestitchery.com -pattern making service -local classes -forum
    • does not convert images into patterns
    • -no classes
    • -no forum
    -provides detail tutorial and advice for converting images into patterns by you www.laydenwithstitches.4t.com -local classes -forum and advise column -no classes -no forum -converts images into cross-stitch patterns -not expensive www.picturecraftwork.com -local classes -advise column - no local classes offered -converts images into cross-stitch patterns -has message blog www.crosstitch.com
    • local classes
    • not expensive
    • located in Sweden, Europe
    • no local classes offered
    • very expensive
    • has 9615 members from around the World
    • pattern making service
    • has busy forum with advice column
    www.goldenkite.com My advantage Weaknesses Strengths Competitors
  • 8. Marketing strategies
    • Product Lines:
      • Service of creating custom cross-stitch pattern from:
        • digital picture
        • detailed description of an image
    • Positioning:
      • I would offer not expensive service of creating cross-stitch pattern;
      • Will create forum for sharing ideas and advice;
      • Will offer classes for cross-stitch learning:
        • at first, online detail instructions with chat and advice column;
        • later, live local classes for neighborhood children (in association with schools, YMCA, or local youth clubs) and adults
    • Pricing:
      • The product is priced according to how many price units it contains. Price unit is 1 sq. in. of pattern.
      • Prices are not high comparing to competitors because:
        • I will start business online;
        • I have computer;
        • I have PC based program for converting images into cross-stitch pattern
        • I have full-time job to cover my living expenses and I organize my business only for love for cross-stitching.
      • I chose to price product per sq. in. of the pattern because that way customer has clear idea how much would pattern cost depending on its size.
  • 9. Marketing Strategies (cont’d)
    • Placement and Distribution:
      • Service will be provided online
      • Customers can place orders through:
        • service website;
        • ads in other needlework websites with pricing and downloadable order form;
        • mail-in order form from ad in a local print.
      • Finished orders will be distributed by:
        • e-mail as attachment;
        • through mail (standard price for chosen kind of mail will be added to a total service price).
  • 10. Marketing Strategies (cont’d)
    • Promotions:
      • Advertising tools:
        • Pay Per Click advertising in related websites;
        • Use share advertisement with provider of complemented product;
        • Ads in e-zines, online classified ads, and blogs;
        • Add service website link to search engines and directories;
        • Pass out flyers or business cards at local schools, colleges, stores and other public areas;
        • Ads in local printed Yellow pages, classified ads, newspapers, and billboards.
      • Public relations and Networking:
        • Free classes/presentations in local public events;
        • Organize local club with promotional sessions for school students and YMCA members;
        • Join PTA and sponsor local school events
      • Other:
        • To ask customers to send a picture of finished work and open a gallery of art for others to enjoy and to show service at its work

×