The Ink Spot Stationery store
The Ink Spot mission is to become a leading vendor of stationery supplies. The Ink Spot will become a market leader offering a wide, price competitive selection with the finest customer service.
- To become the premier source of stationery supplies locally and internationally.
- Quickly grow in size and become a profitable business within the first five years.
3. SWOT Analysis
- Customers know they can depend on them to provide excellent customer service and the products they demand.
- They have the ability to get unique items that customers won’t find elsewhere.
- Ink Spot has to mark up prices because they don’t buy in bulk. They can’t stock every product because they don’t have enough money or shelf space.
- Buyers have poor buying habits because they buy too much of one product, they don’t look at competing company’s prices.
- All companies and schools use stationery on a daily so it should be situated in a correct location.
- They can use new advertising mediums such as social networking sites, online coupons, radio, television, bulletin boards.
- Extreme threats come from big-box stores and department stores. These stores have lower prices, more variety of brand-name products, multiple retail locations, and online retail stores.
- Larger businesses have access to global markets, which appeal to consumers. Some companies won’t sell their products to Ink Spot because they are too small.
- Threats also include cash flow problems; big companies have more money to send to other parts of the business that is hurting, while small businesses cannot.
4. Marketing Segmentation
While developing your stationery supply business planyou must keep your target customers in mind as well as all the segments your market is divided into. Like with the other components of the plan, you can have an idea about the market segmentation of customers but the actual segmentation will depend on the demographics of the area where you will be starting your business.
The detailed marketing segmentation of our target audience is as follows:
2.1 Companies & Businesses: This customer group is composed of companies and businesses located in the area. This customer group makes purchases of the stationery items for the entire organization, however, sometimes different groups within the same organization also make individual purchases. Companies and businesses mostly have their own printers and photocopiers so they are not likely to use that service.
2.2 Students & Teachers: Although in this era of technology many students as well as teachers do their work on computers and prefer to buy e-books instead of printed ones, still there is a great demand of stationery items in the market. Students and teachers still need various things like papers, files, markers, pens etc. for their daily usage, while still there are many who prefer to read books in hard form.
2.3 Institutions: Although in these days most of the official work is done online, still the accountants and clerks of various institutions need stationery items for many purposes, aswell as the students of the institution.
3. Identify your goals
Our business goals are:
- To become one of the best stationery shops in the municipality within five years
- To add more items such as gift cards, gift boxes, school bags, key chains etc, by the end of the first year.
- To balance the initial cost of the startup with the earned profits by the end of the first year.
1. Create a Website
Ink Spot should create a website that has an easy user friendly website, that is accessible to all different ages to use. It should have an easy way to purchase goods on the website whereas customers wont have any issues in purchasing any goods.
2. Sign in to Google My Business
Google My Business is free tool that would help Ink Spot to grow their customer base. Its a platform for business listing, online presence, search results and Maps for new customers around the area to be aware of your business. With Google My Business you will be able to promote your business profile and business website on Google search and Maps.
3. Sign in to Google Analytics
Link your website to google analytics this will help your business with Search Engine Optimization and Marketing purposes.The Reports generated on google analytics will give you important information about key areas of your business and how to improve certain areas your business lacks in or even create a greater competitor advantage in your market. This tool will also help the business better understand their customers.
4. Create a blog section on your website
- Start brand awareness for your business.
- Start to promote the latest courses that are up for offer.
- Go in-depth about what the business stands for.
- Inform your customers about things that they are not aware of.
- Keep your customers up to date about your business.
5. Have an online social media presence
Start Creating posts on social media platforms like Instagram, Facebook, LinkedIn or Twitter, just to create that awareness with your audience. By creating posts your business will create a much bigger audience whereas customers will start talking about your business which will spread via word of mouth.
6. Research competitors of other stationery stores
- Constantly be up to date with your competitors knowing what they all about.
- Try to have an competitive advantage over varies competitors in surrounding areas so that your business will be able to stay ahead and create a loyal customers base for your business.
- To be aware of market trends which being able to spot opportunities for differentiating your products.
7. SEO can help the business get a higher rank
By having a Search Engine Optimization, your business would be able to find customers much easier online just one click away. By consumers searching anything related to stationery or stationery shops near you, the SEO will be able to help the business grow since it could be ranked high on Google which makes it much easier for customers find your business without directly searching for your business.
Starting up a new stationery business is not easy. There are so many competitors and many factors to take into consideration. The way the Ink Spot can survive in the stationery industry is by having good quality products at a good price which will build a brand image for the business. With this business strategy, The ink Spot could have one foot in the door.