Applying Product Management Principles to Small Business Development
In the course of nurturing our Alpharetta catering startup, I find myself applying product management and principles and strategies to the development of the business. I thought I’d share a few examples:
Segmentation: My wife’s perception of the business is that it is a “farmers’ market vendor,” but I prefer to think of it as a mobile crepe vendor. We both recognize that her focus on farmer’s markets is a manifestation of her operations mindset. In reality, farmer’s markets are a way to gain exposure to the marketplace and get one’s name out; the real profit is found in private event catering that affords a higher revenue stream. We have implemented additional tactics to reach the previously unidentified segments of office personnel and wealthy party hosts.
Tactics and Strategy: Recognizing that party hosts and offices are a significant segments of the market that we need to account for, we implemented tactics to make sure we reach them. Our website and SEO activities are being deployed to reach those searching for crepe parties, crepe catering, and crepes in Atlanta in general. We’re slowly seeing results here, as we’ve had three private event inquiries in the last 6 weeks after zero in all previous weeks.
Partnerships: We are taking concentrated effort to reach out to friends with small businesses, with which we can imagine mutually beneficial relationship. In this way, we’ll be able to extend our offering to provide a more complete solution to clients’ needs that we cannot solve on our own. Over the next several months, we’re hoping to announce a few events in tandem with other related businesses.
Since the business is only six months old, there is plenty of ground left to cover! However, I’m happy to recognize the value that product management provides in terms of marketing and positioning a small business.