Hello, I’m Jim Glover, That Branding Guy, for Once
a Day Marketing™. Today we are taking a look at business incubators and
virtual business incubators and how association with these organizations can
enhance your brand.
According to
Google: "Business incubation is a unique and highly flexible
combination of business
development processes, infrastructure and people designed to nurture new and
small businesses by helping them
to survive and grow through the difficult and vulnerable early stages of
development."
Similarly,
the National Business Incubation Association states: "Virtual incubation is the delivery of
incubation services solely through electronic means. However, the term may be
used interchangeably with “affiliate program” for services delivered to clients
that are not in residence in an incubator."
Business
incubators and virtual incubation are designed to improve the success rate of
start-ups in the competitive market place. There is some debate as to how well
incubators perform, however, that is a topic for another day. One thing I do
know is that incubators assist entrepreneurs with the 7Ps of Marketing and that
is certainly good for the brand.
Incubators
work with client businesses to develop the product; create an effective pricing
strategy; design appropriate promotions; identify required distribution
channels (aka place); secure the right people; enhance the company's physical
evidence (many incubators are very attractive); and lastly, refine the business
process.
Over the
years, I've met many entrepreneurs who dive into the 7Ps of Marketing with
great gusto. I've also encountered start-up business owners who are focused
primarily on product development and neglect the 7Ps, which,. in my opinion, is
detrimental to brand development.
If you are
an entrepreneur who dreads branding and marketing, visit your local business
incubator or explore virtual business incubation. I can't predict the long-term
success of your business but I do know that your chances of success will
greatly improve using the 7Ps of Marketing, regardless of the approach you
take.
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