Posts Tagged ‘clients’

Easily Organize Marketing Research Projects Using Mind Mapping

Tuesday, February 23rd, 2010

When undertaking any marketing research project, the first step the market researcher needs to take is to determine exactly how the project will be carried out. Questions such as: “Will this be a phone survey or a computer survey?”, “How many respondents will be surveyed?”, and “How long will the survey be in field?” are crucial to answer before starting the research project. It is often at this point that researchers can get a bit overwhelmed; successfully organizing a research project requires the fitting together of many components. Mind Maps can provide an easy and workable way to organize a research project. By clearly “mapping out” the research project, from beginning to end, using visuals, key words and pictures, the intuitive process of finding out what the consumer thinks can naturally emerge.

An Example of Mind Mapping a Research Project

Consider, as an example, a market researcher who has been hired by her client to find out how well his fast food product rates among fast food consumers. The researcher wants to organize how the study will proceed using a Mind Map. He/She begins by listing the main research objective of the study in the center of the Mind Map, which, in this case, is to find out how fast food consumers rate Product X. Next, he or she lists the main points he or she will undertake in the study, such as “recruit panel”, and “field survey”. These steps are attached to the central objective via “branches” that flow from the objective. Here, the researcher may want to insert any pictures, colors or visuals she chooses to make the Mind Map more intuitive. For example, she may insert a graphic depicting people next to the step “recruit panel”, to represent the people in the panel.

After listing the main steps of the project, the researcher outlines the components of each step, and attaches these components to the steps via “child branches”. Thus, he or she attaches, “contact panel recruitment firm”, to the step regarding recruiting the panel. Again, he/she may use a visual, such as the logo of the recruitment firm he/she ordinarily uses, to enhance the listed components. She then continues attaching components to each main step she has listed, as well as lists, via more “child branches”, any sub-components of the components. When he/she has finished, the researcher has a Mind Map outlining the complete research project, from start to finish, along with each step that will be taken, and the aspects that comprise these steps. Moreover, since he/she has used colors, visuals and other images to construct the Mind Map, he/she now has all of the information he/she needs to begin the project distilled down into an easily comprehensible layout. The attached Mind Map diagram represents the example research project layout described above.

Beginning the Research Project

With the all-important, and arguably most challenging, step of organizing the research project out of the way, the researcher is now free to begin the work of conducting the study. As shown in the attached Mind Map diagram, all of the steps he/she needs to conduct the study are clearly laid out. Contrast this method of organizing a research project with the method of simply taking notes on a piece of paper. Absent the visual imagery and spatial layout of the Mind Map, the second method would likely be more tedious to comprehend, and thus, work with. The researcher now has the advantage of conducting the study using information that is easily organized and intuitively processed. The research project is ready to commence.

Why You Should Form a Joint Venture for Profit

Thursday, January 14th, 2010

Some men and women play the entrepreneur game with their ego cards. That is, they view their business as an extension of their ego. They get too emotionally involved and end up losing profit because they want credit acknowledgement for achievement. 

And it’s no different when they form a joint venture. A JV partnership can be viewed as just another feather in the cap, or perhaps a stepping-stone to another business strategy. Unfortunately for the egoist, they lose profit and credibility from used up JV partners. 

Another brand of ego that fails at producing a JV profit is the “I’m right, you’re wrong” character. Everything is either black or white to these high egos, and they spend their time arguing over miniscule points to get their way. The question that should be asked of these people is, “do you want to be right, or do you want to make a profit?” 

A good entrepreneur or small business owner should know there is a difference in being right and being a pushover. You don’t have to compromise standards. You don’t have to be passive. Maturity and wisdom always supersede passivity. The reward for good choices is the bottom line, and that is your profit.

How does business wisdom come into play when making JV choices? Here are some important tips to consider:

Think before you talk – Many people have a tendency to speak the first thing that comes to mind. That may mean insulting or belittling a JV partner. That is a high cost to speaking from the hip. Instead, you should always think first about what you want to say compared to what you mean to say. A few moments of reflection can be the difference in saying, “I believe in what you’re saying, but I think we can explore other choices”, and “that’s a stupid idea!”

Debate, don’t argue – There’s nothing wrong with healthy debate. Arguing at full voice and with heated emotions will never be productive. Remember, opinions will often differ. The key to making joint decisions is to debate your points about your position, while listening to your JV partner make his or her points. Do it calmly and leave emotion and ego at the door.

Be open to suggestion – Those with oversized egos will rarely be persuaded from an opinion – even if it means changing a stance and taking a “devil’s advocate” just to be right. Always be open to suggestion and willing to listen to new ideas. They may be the ones that take your JV into larger profit fields.

Keep your JV relationship a healthy one. Don’t join up as a resume builder and to look impressive at your Chamber of Commerce speech. Joint ventures are a way to improve your business, not your ego. Remember to keep profit as the goal and work your JV relationship with that goal in mind.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

Joint Venture Psychology: Branding for Profits

Wednesday, January 13th, 2010

What is your joint venture brand? Don’t have one? You should. From the moment that you and your JV partner agreed to venture forth together, you should have been developing the branding idea as well as the product idea. 

What is branding? You can walk into a retail grocery store and find many brands of products. In the cereal aisle, you may find brands of Kellogg’s, Post, or General Mills. In the coffee section, you may find brands such as Folgers, MJB, or Maxwell House. 

However, branding is more than just a name. It is an identity and a reputation. Branding is the name people think of when asked about products or services in your industry.  It’s the belief in quality in your product either from reputation or past experience. 

Therefore, your JV brand is the key to attracting and retaining customers. But how do you form a JV brand? Here are some simple elements that can help develop your JV brand:
Joint Venture Business Name

What is your JV business name? A business name should be easy to remember. It should also be easy to spell.  In this world of Internet commerce, your JV business name should be easy to type into a URL or in a Google search. 

Your joint venture business name could be your two business names together. Popular JV businesses like Sony Ericsson simply combined two brand names together to form yet another recognizable and popular brand name. Consider this only if both your separate businesses have a recognizable brand already. 

You may consider forming a new name for your JV business. Choose a name that states what your JV business does, or the type of industry you serve. Don’t choose “Great Seeds” of you have nothing to do with agriculture. Your business name is one of the biggest elements of your branding efforts.

Joint Venture Logo

If you will be running your JV business as a separate entity and name, include a logo as part of your business branding design. A logo could simply be the font and style of your business name. Choose fonts that are right for your JV business. Is your JV business creative and artsy? Choose a cursive style font. Do you and your JV partner offer financial services? Stick with traditional serif fonts.

A logo design may include a graphic as well. If you include a graphic, be wise in the choice of style and color. Remember, you will need to make prints of your logo on stationery, advertisements, etc. Don’t choose too many colors. One or two is perfectly acceptable. 

A logographic should not be too “busy”. Create something simple that enhances your JV business name. If it is too cute or detracting, cut it.

Tagline

A tagline can also be essential in your JV business branding. Famous taglines such as “Are you in good hands?” or “Don’t leave home without it” let us know we are talking about Allstate insurance or American Express. If you use a tagline in your branding, keep it short and simple. Spend a good amount of time developing a tagline. It should be something that is memorable and important to your business.

Joint venture branding takes time. But with the right name, logo, and tagline strategy, you’ll have a good start on getting your JV brand recognized.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.