Thinking about the market and marketing

Video transcript: Thinking about the market and marketing

[Audio/ Visual: Gentle music starts playing with blue introduction screen with white business.govt.nz logo in the centre of the screen. The word “presents” in smaller, thinner lettering is beneath the logo. These words disappear and are replaced with white text “How to prepare a business plan”. This disappears. White text saying “Thinking about the market and marketing” appears in the centre of the screen. Music continues to play throughout the entire video.]

[Visual: The screen changes to a shot of the presenter, seated in a lounge. In the bottom right is the business.govt.nz logo which remains there until the end of the video.]

Welcome back to our series on how to prepare a business plan.

[Visual: Screen pans across to show the presenter on the right side of the screen and text appears on the left side of screen with the words “Download our template” and url “www.business.govt.nz/businessplan” appear on screen with an animated download icon. All disappear after a few seconds.]

In this video, we think about the market, and about marketing.

[Visual: The screen changes to a shot of a laptop and stationery on a table. The text “Market analysis” pops up on the screen.]

The section on market analysis is about where you’re selling and who you’re selling to.

[Visual: The screen cuts to a close angle shot of the presenter, seated in a lounge.]

A market is where buyers and sellers meet. Markets can be physical places or online.

[Visual: As the presenter speaks, text appears as a list on the left side of screen with the words;

“A market is where buyers and sellers meet

They can be physical places or online”]

[Visual: The screen changes to a wider shot of the presenter, the words on screen disappear.]

Research your market.

[Visual: The screen “Market analysis” page of the Business Plan Template is shown on screen, page 9. The words “Market analysis” are highlighted in yellow as the presenter speaks.]

You can find a wealth of data about customers and industries by going to stats.govt.nz and searching for ‘data for business’.

[Visual: The text “www.stats.govt.nz” pops up on the left of screen. The text “Search ‘data for business’” appears below. All text disappears after a few seconds.]

Knowing your market well means you’ll have a better idea of the environment and what’s likely to work.

[Visual: The “Market analysis” page of the Business Plan Template is shown on screen, page 9. The headings “Market opportunity”, “Market structure” and “Target market size and outlook” are highlighted in yellow as the presenter speaks. The screen changes to replace page 9 of the Business Plan Template with page 10 and the heading “Customer mindsets and behaviours” is highlighted in yellow as the presenter speaks.]

What opportunities do you see? How much revenue could they generate?
Be really clear about who your market is, so you can target your audience effectively. For example, do you know their ages and incomes? What are their interests and values?

[Visual: The screen changes to a shot of the presenter, seated in a lounge.]

Talk to your target audience, don’t just research them online.

[Visual: The screen changes to a shot of a laptop and stationery on a table. The text “Competitors” pops up on the screen.]

Let’s move on to the section about competitors. You’ll need to know who yours are,

[Visual: The screen changes to a shot of the presenter, seated in a lounge.]

[Visual: The “Competitor analysis” page of the Business Plan Template is shown on screen, page 11. The text “[Enter name of competitor]”, “Strengths” and “Weaknesses” are highlighted in yellow as the presenter speaks.]

and where their strengths and weaknesses lie. Will you be competing against many small businesses or a few big ones?

[Visual: The screen changes to a shot of the presenter, seated in a lounge.]

Do thorough research and experience their product or service first-hand. Buy from them, try their services or get someone else to.

[Visual: The screen changes to a shot of a laptop and stationery on a table. The text “‘SWOT’” pops up on the screen.]

The next section is “SWOT”, which stands for strengths, weaknesses, opportunities and threats.

[Visual: The screen changes to a shot of the presenter, seated in a lounge. As the presenter speaks, the text appears as a list on the left side of screen with the words;

• Strengths
• Weaknesses
• Opportunities
• Threats.

These words animate into the four corners of the screen and a blue background fades in. Two thin white lines split the screen into four equal squares. The graphics remain on screen and animate larger as they are named. Underneath each header the text “e.g.” and an example appear as the presenter speaks, the examples are:

• Knowing how to motivate people
• A team that doesn’t work well together
• A growing interest in what you’re selling
• Difficulty recruiting.]

Strengths and weaknesses are within your business and within your control. A strength might be knowing how to motivate people. A weakness might be a team that doesn’t work well together.

Opportunities and threats are external and beyond your control. An opportunity might be a growing interest in what you’re selling. A threat might be difficulty recruiting.

[Visual: The screen changes to a shot of the presenter, seated in a lounge. The “SWOT – Internal and external forces” page of the Business Plan Template is shown on the right side of the screen, page 12. The headers “Strengths” and “Weaknesses” are highlighted in yellow as the presenter speaks.]

How will you make the most of your strengths and opportunities, and overcome your weaknesses and threats?

[Visual: The screen changes to a shot of a laptop and stationery on a table. The text “Marketing” pops up on the screen.]

The last section for this video is about how you’ll market your product or service.

[Visual: The screen cuts to a shot of the presenter, seated in a lounge.]

Marketing is about how you get customers to buy your product or service.

[Visual: The “Market strategy and budget” page of the Business Plan Template is shown on the right side of the screen, page 14. The template page expands into full screen with a blue background. The text “Product”, “Promotion”, “Place” and “Price” are highlighted in yellow as the presenter speaks.]

It’s everything from product development, to how you tell people about your product or service, to where you sell and for what price.

[Visual: The screen changes to a shot of the presenter, seated in a lounge. Next to the presenter on the right side of the screen appears the “Launch strategy and budget” section from page 15 of the Business Plan Template. The header “Launch strategy and budget” is highlighted in yellow as the presenter speaks.]

Marketing has two parts.

One is the launch, which is about attracting new customers. Customers won’t come to you just because you have a shop on the street or a website.

[Visual: The screen returns to just the presenter, seated in a lounge. As the presenter speaks, the text appears as a list on the left side of screen with the words;

• How do you tell them about your product or service
• What will the marketing cost.]

How will you tell them about your product or service? What will the marketing cost?

[Visual: Screen changes to show the presenter on the left side of the screen, next to them on right side of the screen appears the “Ongoing marketing strategy and budget” section from page 15 of the Business Plan Template. The header “Ongoing marketing strategy and budget” is highlighted in yellow as the presenter speaks.]

The other part of marketing is ongoing marketing. Make sure your existing customers remember you and keep returning.

[Visual: The screen returns to just the presenter, seated in a lounge.]

That’s it for this video. Join us in our next video when we talk about financials, keeping your business going and compliance.

[Visual: The words “Download our template” and url “www.business.govt.nz/businessplan” appear on the left side of screen with an animated download icon.]

[Visual: Blue outro screen appears with the business.govt.nz logo in the centre of the screen. This logo disappears and the Ministry of Business, Innovation, and Employment logo appears on the left side and the Te Kāwanatanga o Aotearoa, New Zealand Government logo appears on the right side.]

[Video ends]