1. The knowledge about the technology behind the products or services.
Every Entrepreneur must understand the Technology behind the platform they are building and offering customers, as that will increase their ability to better test the platform and see if it meets the expectation of what they have in mind. It also allow the Entrepreneur to better direct proper implementation.
2. Knowledge of customers needs and buying patterns.
Understanding your customers’ buying behaviour is one of the elements that helps to be successful. It is essential if a business is to align its processes, products and services to build real customer relationships.Today’s distracted consumers, bombarded with information and options, often struggle to find the products or services that will best meet their needs. As you might guess, factors affecting how customers make decisions are extremely complex. Buyer behavior is deeply rooted in psychology with dashes of sociology thrown in just to make things more interesting. Since every person in the world is different, it is impossible to have simple rules that explain how buying decisions are made
3. Knowledge of needed skills and human capacities.
Unprecedented skills development and human resource capacity building is needed to keep Startup on a high growth trajectory. Nothing could be more important to the success of your business than the ability to think strategically. You and your team must have Critical and Creative Thinking Skills, ability to manage money, ability to identify strengths and weaknesses, and ability to focus on your customers. Technology skills to select and use technology appropriate to a task, problem-solving skills to manage contingencies in promotional activities, and numeracy skills to analyse data and to compare time lines and promotional costs against budgets.
The importance of human resources development is obvious when one considers that in any Startup it is the human element that commands, directs, organizes, controls and maximizes the factors that will lead to success. The quality of people appropriate to the particular level and complexities of the activity determines how well or poorly, these tasks are accomplished.
Capacity is about growth, growth of the individual in knowledge, skills and experience. Growth of the group that surrounds this individual as these skills and knowledge are passed on. And from this individual and group, growth of a society and nation.
4. Knowledge of product or service promotion and distribution channels to customers.
Product and service promotion is the most common form of marketing. The right promotional mix will help you satisfy your customers’ needs, increase sales, improve your results and increase your ability to reach multiple customers within your target market. So you Knowledge of payment and delivery options, pricing and discount policies, quality and continuous improvement processes and standards, quality assurance and/or procedures manuals, replacement and refund policy and procedures, and who is responsible for products or services.
The newer you are in your market, the harder you have to work to attract and retain new customers. Many of your marketing activities will focus on communicating to customers the features and benefits of your products (i.e. compared to your competitors). Consider which promotional activities will best meet your marketing needs. Demonstrating strong knowledge and expertise of your products is crucial for creating a positive customer experience and instilling faith and trust within the customer. Services or products are continually changing in organisations to keep up with customers’ expectations. By offering new or improved services or products the organisation can increase customer satisfaction.
Plan and schedule promotional activities according to the marketing needs of the organisation
Determine overall promotional objectives in consultation with designated individuals and groups
Ensure that timelines and costs for promotion of activities are realistic and consistent with budget resources. Develop action plans to provide details of products and services being promoted
Analyse audience feedback and data to determine the impact of the promotional activity on the delivery of products and services. Assess effectiveness of planning processes to identify possible improvements in future activities. Collect feedback and provide to personnel and agencies involved in promotional activity. Analyse costs and timelines to evaluate the benefits accruing from the promotional activities
5. Knowledge of competitors, who they are, the way they, act and react.
Competitor analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats. Whether you’re creating a new business plan or revamping an old one, knowing what your competitors are up to can save your business.
Find out who your competitors are, what they are offering and what their unique selling point. You need to know the products or services you competitors provide and how they market them to customers, their pricing model, how they distribute, their brand and design values, their brand and design values, and the type of customers they are targeting.