Mompreneur: A Mom who is also an Entrepreneur.

How did I get here…where do I go from here?

When I left the “real” work place 16 years ago, I never dreamed I would be doing what I am today. I left because we had a 1 ½ year old, and then twins. Yes, life was very crazy in our household, and we had always planned on me being a Stay at Home Mom. But 1 question always irritated me? “Do you work?” Of course I learned to correct those people, and said “You mean, do I work outside of the house?” ;-) Being a Mom was my passion, and I worked very hard at it…and still do.

Flash forward years later, and a daughter desperately wanting Santa to bring her the Barbie VW Bug car…in pink. All of the stores were sold out, and I turned to eBay. I found one, and paid more than they were selling for in the stores. But the look on her face Christmas morning…priceless! From that point on I was hooked on the idea of online buying and selling. I started with items I had from my closet, with tags still on. Still don’t know how those extra clothes got there LOL People liked what I sold, & I liked earning a little money to help the household income.

The next 4 years I dabbled in other products and subsequently opened a store, had a custom template made and got a little more serious. The last 2 years I got even more serious and opened up a website, and branched onto Amazon as well. While the learning process can be frustrating, it is also exhilarating! I love thinking outside the box, and communicating with others who are in similar situations. I love the flexibility that things are done on my time, and I can walk away from the office anytime I want. Although with laptops, the office seems to be with me more often than not. I have so far resisted the urge for a Blackberry

The one constant throughout these year is putting my family first. Whoever came up with the name Mompreneur sure had the order of words right for me. I occasionally still get asked “Do you work?” or “Where do you work”. I tell them I work from home, and if I feel the need, I further explain what I do. Yes, our kids are much older, and one is able to drive himself. But knowing I can drop everything and be there for them is one of the greatest feelings in the world. Knowing how much I have accomplished while multi-tasking for 16 years is a great feeling of pride. And seeing how much my family appreciates me as a Mom, and how cool they think my business stuff is…priceless.

Proud Momprenuer:

Lanae Paaverud

In February 2007, IMA held its first conference in conjunction with the AMD/ASD tradeshow in Las Vegas.  As part of IMA’s conference, speakers from Amazon, eBay, Google, Marketworks, PayPal, and several other ecommerce companies spoke on a variety of topics.  Here is a recap of the salient points from the Marketing to Buyers seminar given by Paul Lundy of Marketworks

I.          Pillars of Marketing

 1.            Positioning 

Well-positioned businesses communicate distinct, meaningful differences to their desired buyers

            Well-positioned companies have focused positions that draw in a lot of potential buyers, but the actual # of buyers/users is far broader than the company’s positioning

            What is your area of expertise?

            What are you willing to sacrifice?

            What distinguishes you from your competitors?

            What type of consumer do you want the most?

Are your desired customers loyal to a particular brand?  If so, how can you capitalize on that brand loyalty?

Are your desired customers loyal to you as a seller?  If so, why?  If not, how can you increase that loyalty?

What % of your buyers are repeat customers?  How can you increase that %?

Companies That Excel at Positioning

1.            Apple- Fun, innovative technology that works

2.            McDonalds- Fun, reasonably priced fast food for kids

3.            Michelin- Families seeking peace of mind and safety

 2.            Branding 

Collection of emotional and functional attributes that strongly influence a buyer’s decision to purchase.  Perceived by the only legitimate judges (customers).

Consistent branding increases your likelihood of success

Does your business have a clear, distinct image and message?  If not, why not?  If so, can you expand or improve this message?

Buyer Contact Points- Email, feedback, price, store, template, packaging, Me page, customer service, promotions, payment options, website, packing slip, freebies, etc.

Companies That Excel at Branding

1.            Amex- Used by the most prestigious cardholders

2.            Crest- Cavity-concerned parents and their children

3.            FedEx- When it absolutely, positively has to be there overnight

4.            Michelin- Safety of your baby is more important than bargain tires

 3.            Targeting 

Who is your desired customer?

What are the buying habits/focus of your target market?  e.g., Are your customers more concerned about customer service, item selection, price, etc.?

How can you expand your market share?

II.        3 Bins of Information Used by Buyers

 1.         User Imagery 

      What types of customers do you associate with your product?

Can your average desired buyer user the product?

How can and does your business stand out from your competitors?

 2.            Context 

            Where do your business and products fit in the marketplace?

            How do competitors and potential buyers think of your business and products?

 3.            Product Information 

            What are the features and benefits of your products?

            Examples of Businesses

1.                  Marlboro (51% Market share)

Core User- Rugged, macho, independent men

Context- Badge of freedom and Great American West

Product- Full-flavored cigarette, flip top red box

Reality- Marlboro’s products are aimed at a small % of cigarette smokers, but its distinctive marketing has helped it capture the bulk of buyers

2.                  Michelin

Core User- Families

Context- Premium tires

Product- Greater peace of mind

3.                  Other Examples

Dove

Grey Poupon

McDonalds

 III.       Tips for Businesses

     

1.            Communicate a distinct benefit to your current and potential buyers

2.         Focus and sacrifice- Do not try to be everything to everyone

3.            Develop expertise and find your niche

4.         Decide whether you are going to be a generalist (e.g., Walmart- No real niche, competes on price) or specialist (e.g., In-N-Out- Only a few different hamburger choices, but their product is superb)

5.         Most businesses compete based on price- find something else to compete on (customer service, product line, outstanding branding, etc.).  Ex. Walmart v. Target- same basic element (low-price), but entirely different customers.

6.            Examine your competitors (those bigger than you, on the same level, those smaller than you, those that succeeded, those that failed, etc.) and non-competitors (those that succeeded, those that failed, etc.)

7.         Find ways to scale your business, but keep your eye on the bigger picture

8.         Find repeatables that complement your business

9.         Good design, positioning, and branding increases your credibility with current and potential buyers.  Look and feel and design is the #1 reason buyers purchase from a particular company/way to increase your credibility.

IV.            Understand Your Buyers

1.         What differentiates repeat buyers from one-time buyers or infrequent buyers?

2.         Why do customers purchase from you instead of your competition (price, products, customer service, freebies, branding, shopping experience, etc.)?

3.         How do you position your business as compared to your competitors?

4.         Do you differentiate your branding by channel/venue (ex. eBay v. Amazon)?  If so, how and why?

V.            Positioning Statement

 1.            Elements of Positioning Statement 

Especially for ___________ (brand lover)

            We are the ________ (frame of reference)

            That ___________ (point of difference)

            Because ________ (support)

 2.            Sample Positioning Statement: Yukon Sports 

            Especially for people who love the outdoors.  We are the online destination for high quality, high performance outdoor gear that enables you to feel more confident and perform at the highest level because we sell only the best brands and highest rated outdoor equipment.