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.
Once a Day Marketing™ positions brands to become #1 in the minds of target customers. Visit our website at www.onceadaymarketing.com. Contact James Glover at (505) 501-1330 or email firstname.lastname@example.org. Listen to Ask Those Branding Guys™ every Monday at 11:00am (MDT) streaming live on SantaFe.com KVSF 101.5 FM.
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