BBIC Interview with Mohana Prabhakar

This week we caught up with Mohana Prabhakar (pictured left) of Apex Press and Publishing - one of Oman's most influential business editors. Mohana is also a member of the BBIC judging panel and this is what she had to say on Steve Jobs; conservative bankers; and her own California start-up experience.

Can you give us an overview of Apex Press and Publishing?
We've been in the publishing business for over 25 years. Our products include many of Oman’s firsts: Oman Today – a leisure magazine, BusinessToday – a business monthly and TheWeek – the first free paper in the region. Last year we launched our first titles in Arabic: Al Youm, a weekly family magazine and Al Isbou’a, a free weekly paper.

Why have you become involved in the TKM – Ernst & Young Big Business Idea Competition?
In an economy that's fast expanding and with opportunities coming up in every sector, our objective as a leading media house, is to do as much as possible to highlight these developments and thereby build confidence in today’s youth to come forward with their ideas. The BBIC is technology focused and that's another reason for us to get involved.

How important are start-ups to Oman’s economy?
Extremely important – enterprise among the youth in any country is seen as a true barometer of economic progress.

What personal experience do you have of the start-up culture?
I worked for a software start-up in Mountainview, California, joining the company just after it had been set-up. The biggest thing I brought back from that experience was that there was never any time to sit down and moan that something wasn't possible – you just got on with finding a solution. Everything was possible, because you thought it was. Our experience with launching TheWeek was a similar experience, though it doesn’t really qualify as a start-up. We worked on it with one objective in mind – to make it a success. If we'd listened to the huge number of naysayers, Oman's Wednesdays wouldn't be what they are today.

What characteristics do you need to be a successful entrepreneur?
Primarily, you need to be a person who isn't afraid of taking risks. Be prepared to be in there for the long haul and understand that you have to work very hard to be successful. Planning is another important aspect of entrepreneurship and you can’t be an expert at everything so you need to seek the advice of experts. Don’t be embarrassed when you make a mistake. Learn from it and your chance of success improves immeasurably. Just don’t make the same mistake again.

Which international entrepreneur has inspired you and why?
Steve Jobs – he said ‘stay hungry, stay foolish’. He went from a garage to a US$2bn company to being fired at 30 from the company he set up, and came back with Pixar and NeXT and again ended up at Apple. The other is the man who revolutionised the way the world felt about Indian software capabilities, N R Narayana Murthy.

How could the region’s banking community improve the services they provide to start-ups?
Traditionally, it's always been difficult for businesses that ask for loans on intangibles – until you start your business you have nothing material with which to convince the conservative banker. Add to that a fresh entrepreneur, and the banker is even more worried. This is especially true for the tech sector, where you're often dealing with just an idea of a software application that you can’t see or touch and bankers as we all know have trouble putting their faith (and money) into ventures like this. Things have improved in recent years, but there's still a lot more that needs to be done to help entrepreneurs. Going the venture capital route is a possibility.

What path do you suggest for would-be Omani entrepreneurs?
Don’t try and reinvent the wheel – or concentrate on coming up with an idea that nobody has ever had. Identify the need and then go fill it.
What are the drawbacks to being an entrepreneur?
Get used to working 24/7, living with uncertainty, possible financial instability, and accept the possibility that you may have to start from scratch again.
What do you think the dotcom has done for enterprise and innovation?
Showed us how easy it is to be successful and equally how fragile that success can be.

How do you recognize the next big thing?
I don’t think you can. There's no set path to this and the smallest idea becomes the biggest thing and vice versa. Just believe in what you're doing and go for it with all you’ve got – if you find you can do that, possibly, that’s your next big thing.

PEIE Marketing Team Talk BBIC

This week we talk to PEIE's Marketing Team - Ibtisam Al Faruji (IF); Mulki Al Hashmi (MH); Ahmed Al Hadhrami (AH); and Badar Al Zadjali (BZ) about the TKM – Ernst & Young Big Business Idea Competition (BBIC) – this is what they had to say on entrepreneurship, hectic schedules, GDP and innovation.

What’s PEIE’s take on the BBIC?

IF: In a nutshell, the TKM – Ernst & Young Big Business Idea Competition (BBIC) aims to foster entrepreneurship throughout Oman by providing an opportunity for people - young and old - to develop and present business ideas in a realistic business environment. A key part of the competition has been a series of events and seminars – many delivered by Ernst & Young - which have been designed to help entrants develop the business acumen necessary for success in the competition as well as in the wider business world.

With regards younger applicants to the BBIC, at PEIE – which manages industrial estates in Rusayl, Sohar, Sur, Al Buraimi, Raysut and Nizwa as well as KOM and the TKM incubator program - we're passionate about helping young people take control of their future and want to stimulate enterprise, innovation and creative thinking in Oman. Whether you want to start your own business or sharpen your enterprise skills for entering business the BBIC is a great place to start.

How important is entrepreneurship to Oman’s economy?

AH: Entrepreneurship is certainly important to our economy. Helping raise levels of entrepreneurship, competitiveness and productivity in manufacturing and ICT is at the heart of what PEIE does. Indeed, an enterprising small business sector is key in moving any economy on and up. An interesting point here is that international studies have demonstrated the positive correlation between entrepreneurship on the one hand and GDP on the other. Research also indicates that firms that innovate consistently have higher skill levels than others, pay higher salaries and offer better prospects to both employees and investors.

Why is it so hard for companies to develop and maintain effective innovation processes?

MH: We live in busy times and not a lot of firms have the luxury of being able to sit down and discuss innovation. We need to clean out the project closets to make room for some new style thinking. Let’s be frank, firms are still trying to figure out how to be innovative in the simplest way possible. Quality didn't happen over night and your clean health and safety record didn't happen without a lot of thinking and planning. We need to devote the same type of focus and commitment to innovation.

What’s the role of management in innovation?

BZ: Business leaders need to communicate a clear vision and strategy and make innovation part of the expectations of every employee. They have to drive home the philosophy of "there's always a better way" and make failures and mistakes learning opportunities.

What's the root of innovation?

MH: I think we need to be clear here. Innovation is all about people. Ideas are born in people, judged by people and implemented by people.

Any career advice for the younger BBIC entrants?

IF: We've received a lot of BBIC entries from Sultan Qaboos University students which we're delighted about. I think if you want to get on in life you’ve got to be up for a challenge. Always grasp your opportunities. Don’t take yourself too seriously. If you don’t have the experience and academic background, just believe that you can do it and you will. You might have to start at the bottom, but if you're good at what you do you’ll quickly catch up. Finally, to get on you need to be persistent.

Bluffer's Guide to Blogging

Four years ago blogging was a little-known pastime practised only by computer geeks. The idea was to make interactive journals available on the Internet that anyone, anywhere with a computer could access. Since then the blogging trend has grown explosively. Let’s consider some figures – it’s estimated 40,000 of these online journals are created each day and they cover everything from industrial estates (http://peie.blogspot.com) to climate change (http://www.realclimate.org) to the latest in Latino style, products, entertainment and culture (http://vivirlatino.com) and everything in between. Believe it or not, there are over 16 million blogs in existence.

What is a blog? Simply put, it’s a series of updated posts on a web page in the form of a diary or journal, often including commentary on, and hypertext links to, other websites. Additions to the blog are posted in chronological order and can contain anything from simple text, to music, images and even streamed video.

For corporates across the globe, blogs are quickly becoming the new darlings of interactive marketing – firms have discovered that blogs support branding and customer communications, create awareness and customer loyalty. Moreover, it offers firms an additional opportunity to sell their product or service. But how many Oman-based organizations are benefiting from a corporate blog? Apart from the one you’re reading (http://www.bigbusinessidea.blogspot.com) - there seem to be few Omani organizations tapping into the potential of blogging. In fact, there are obvious sectors in the Omani economy that should be developing blogs - If they did, they’d be reaping rich rewards.

1. Radio, TV & Cinema
Oman’s radio, TV and cinema businesses are still relatively young and all rely on three forms of marketing: advertising, public relations and word-of-mouth. The latter has been the most important for all three and has contributed to the organic growth we're seeing in these industries. However, none of them have blogs and that's surprising.

For Cinema owners, a blog would be a great way to promote upcoming releases and little-known movies that are finding an audience. Radio could use blogs to promote programs, new music releases, events and a DJ culture. TV could use a blog as a marketing device to help push television scheduling on behalf of advertisers.

The news flow in these industries is steady and blogs would be a great opportunity to get that information out to a growing youthful, educated and tech savvy Omani audience. Radio, TV and cinema are three key and important creative sectors and I’m surprised they haven’t embraced a cheap, interactive and non-resource-intensive marketing device like blogs.

Sample Blogs
http://news.minnesota.publicradio.org/collections/weblogs/

http://www.wwoz.org/on/
http://overxposure.fm/blog.php

2. Supermarkets
Contrary to popular belief, supermarkets make us richer. They’re hugely efficient, forcing down costs. Groceries - and now clothes and household goods - are today much cheaper than in the pre-supermarket age 20 years ago. That leaves us more money to spend on the things we value. Supermarkets enrich our choice too. The shelves groan with fruit and vegetables that were unknown 25 years ago - or unavailable when they were out of season.

In brief, supermarket shopping is big business, but why no blogs?
For example, a food smart blog with food-related news, views and advice would be a good way to attract and retain customers. There could be a Q&A section where folk ask a local chef associated with the supermarket questions on everything from health food to preparing a dinner party for 10. Extend this idea to include news about slashing your weekly food bill, cheap and easy recipes, menu planning ideas, shopping hints and you have a destination for food lovers, and a way to extend your brand and increase sales. This isn’t rocket science and in fact I have to say how surprised I am that apart from Marks and Spencer’s and ToysRus, I receive no e-mail or text contact from the supermarkets and larger stores my family and I spend our cash in. Most seem to rely on the fliers they put under my gate. Maybe they need to master a few Net basics before they blog?

Sample Blogs
http://www.grocerylists.org/
http://www.kiplog.com/food/archives/2005_0.7.htm

http://www.just-food.com/blogs.as

3. Stock Brokers
Interest in stocks and shares and the Muscat Securities Market has boomed over the past few years. Oman-based investors need professional advice. Indeed, the vast majority still rely on word-of-mouth recommendations and full or partial service brokers to execute trades, provide guidance and research.
Stock brokers could easily launch a simple blog that tracks daily market-moving events, highlights research and helps investors understand the in and outs of stock market investing. A more informed investor is more profitable than his uninformed counterpart. A blog can help turn those not so well briefed investors into better customers, right?

Sample Blogs
http://nasreena.blogharbor.com/blog/StockBroker
http://blogshares.com/help.php?node=8
http://www.fatpitchfinancials.com/
http://tradermike.net/

4. Travel
Today, most folk are members of frequent flier programs – but how often does your airline of preference talk to you? And when they do, what are they selling you? That’s right, knock down fares at times of the year when you either can’t or don’t want to travel! Let’s face it, they could be communicating a whole lot more often as well as whetting our appetite with news on locations, car hire, restaurant and hotel recommendations, sightseeing tips, airline regulations and flight specials would all be a hit. I’d like to see airlines humanize the travel experience, this would certainly foster goodwill with passengers.

Sample Blogs

http://www.airlinesindia.org/aviation/
http://www.bizbuzzmedia.com/blogs/airline/default.aspx

5. Education
Individual departments and university lectures have blogs, but I haven’t been able to track down an Oman-based college or university with a blog of its own. Oman’s higher education sector is booming and colleges are competing each year to attract the best students. So how can colleges talk to prospective students as well as mums and dads? Blogs. Most colleges run a website – but these tow an official and fairly dry line. On the other hand, a blog with information about the college, one that could include news about its great business or IT departments, and student life issues would spice things up and give prospective students a reason to keep checking in with the college during the decision-making process. A blog would also provide current students with information on campus events, workshops, seminars, career fairs, deadlines for course enrolment and other relevant news. Let students have a separate voice and use blogs as a way to bring information directly to current and prospective students in a straightforward fashion.

Sample Blogs
http://blogs.warwick.ac.uk/directory
http://www.adm.uwaterloo.ca/blogging

http://www.isat.jmu.edu/blogs/

http://mbaleague.blogspot.com/

Wrap Up
Blogging is a cheap and effective form of information dissemination that can fit nicely into an overall PR, marketing, communications and sales strategy. Start-up costs are minimal and oversight is simple. Just one word of warning – make sure your blog is professionally and responsibly crafted. At the very least, blogs can be a good customer retention tool, and if successful, they can drive sales, create brand awareness and attract new customers.

If you want to set up a blog I thoroughly recommend you log on to Blogger (www.blogger.com). Indeed, anybody with a working computer and an Internet connection can become a blog publisher in the 10 minutes it takes to sign up.

In brief, blogging is the new public relations, the new market research, the new branding and the new R&D rolled into one. In fact, it represents one of the most forceful weapons in the dissemination of information since the invention of the printing press by Johannes Gutenberg in 1450. Irrespective of whether you run a start-up, a cinema, TV or radio station, a stock brokers, an airline or a college, shouldn’t you consider starting a blog some time soon?

Sponsorship - How to Make it Work

And the Survey Says…
A recent survey revealed that event marketing has become a top choice for marketers – 44% of those polled chose event marketing over advertising at 18%, direct marketing at 15% while public relations, sales promotion and Internet advertising registered just single-digits.

Event Marketing Booms
Globally, trade shows were perceived by one-third of those surveyed as the leading event type in terms of ROI. Following behind trade shows in perceived ROI were conferences (24%) and seminars (20%). Across all geographies, event marketing averaged 20% of total marketing communications budgets. This trend is most visible in Asia Pacific, where 74% of the survey's participants cite the growing influence of event marketing, almost 20 points higher than the global average. In fact, more Asian Pacific corporations (49%) anticipate increased budget allocations to event marketing than for any other marketing activity. I fully expect Middle East markets to follow this marketing trend. Eng. Mohammed Al Ghassani, Deputy CEO of the Public Establishment for Industrial Estates – responsible for Oman’s six industrial estates as well as Knowledge Oasis Muscat (KOM), and the BBIC – recently said: “Whether it's increased service knowledge, greater brand awareness, a boost in space rentals or a reinvigorated work force, face-to-face events are instrumental in helping PEIE and KOM advance their strategic goals.” In short, event marketing is big and getting bigger.

Wealthy Greeks
Events whether they’re seminars, workshops, conferences or football tournaments can provide golden opportunities not just for those participating but also for companies aiming to promote their brands to a large audience. For those involved in organizing events, whose aim is often to maximise the generation of income, corporate sponsorship is one of the most lucrative sources of revenue. If you look back at history, the origins of sponsorship can be found in Ancient Greece, where wealthy Athenians contributed hard earned cash to cultural, defence and sports events. This was to help events become more accessible to Citizen Stavros. In return, sponsors were honoured by having their names engraved on marble tablets. This tribute was a mark of the city’s respect, value and appreciation.

In more recent times, corporate sponsorship has been viewed mainly as a commercial transaction where a sponsor pays a given fee and in return receives certain rights. In most cases, in addition to the fee, the sponsor also supplies the sponsored party with their products or services. In return, corporate sponsors expect to receive exclusivity in the use of the official logo, be given unique advertising and promotional opportunities, on site concessions/franchise and product sales together with the right to describe themselves as the official sponsors of the event in their marketing and promotional campaigns.

It is estimated that brand marketers worldwide will spend US$50 billion on sponsorships in 2006. Indeed, sponsorship and event marketing opportunities have proliferated as interest in opportunities and spending has increased. Oman-based firms have a domestic event buffet to choose from, we’ve rallying, camel racing, golf and football tournaments through to musical concerts, exhibitions, eGames conferences, monthly Open House seminar programs to mobile marketing tours, sampling and product placements on TV.

Sponsorship & the Feel Good Factor
From a local perspective, let’s say you’ve just sponsored a local business conference or a sporting event to the tune of RO3,000 - what impact will it have on the local community – what kind of buzz will it generate? Here are two examples, the first is from a guy living in Los Angeles who attended a track and field event during the 1984 Olympic Games:

This is really fantastic! The crowds … the excitement. I’m so glad I came. I thought I wouldn’t attend any [Olympic] events. I don’t like sport. I was even sorry that the Olympics were going to be in LA. But there was so much energy … people were so excited. I just had to be part of it. So here I am. It really doesn’t matter what is happening down there [on the track]. There is just so much energy! People are so happy! It’s just fun!

The second story is from a young Sydney Olympic Volunteer who describes an incident she was involved in: My [volunteer] assignment finished late. I was still in my [volunteer] uniform, and I had to change trains at Cabramatta. I wouldn’t have been there if I didn’t have to be. It isn’t safe. I was alone on the platform and [a teenager] walked up. He looked tough, and I thought he was going to rob me. He said, “I want to thank you for what you are doing for our country.” Then he just walked away.

There are hundreds of stories like these at most events whether they’re business or sport-oriented. There is a sense that something important is happening - a sense that is felt more than understood. If the occasion is a sporting event, the sport may be the catalyst, vehicle, or rationale for the felt sense of importance, but is neither the object nor the cause. The sporting outcomes may matter to some, but there is a sense of something more important happening. In brief, something that transcends the sport that is going on. It feels as if new energy has been injected into the community - an energy that can be shared by all. There is a heightened sense of community among those who attend the event. If you’re looking for an incentive to sponsor an event and get your brand associated with a good-feel vibe, then this is it.

ROI
Naturally, bigger Rial allocations means more intense scrutiny from senior management. In turn, the demand for accountability and demonstrable ROI from sponsorships and event marketing has never been higher. Unfortunately, tools for assessing the performance of sponsorships and event marketing in terms of contribution to sales and profitability have always been in short supply. According to research, 60 percent of marketers say they are not satisfied with their ROI tools. All I can say on this point is if you don't measure it, then it’s obvious you don't care about it!

Big Business Idea Competition - That's Us!
However, the goal of sponsoring an event, let’s say a business plan competition, has to be about making the brand message become part of the event because, if done successfully, the two will be inextricably linked and always associated with one another. For example, the recent involvement of Ernst & Young with the launch of the Knowledge Mine - Ernst & Young Big Business Idea Competition (www.kom.om/bbic) will without doubt build brand equity and brand awareness for Ernst & Young. Just tagging a name onto an event and not supporting the sponsorship fully leads to a disassociation between the name of the event and the actual brand. How often have you seen corporates give over cash to an event but not get behind the event? Indeed, just attaching your name to an event is lazy marketing. It is not about the corporate name; it is about what will happen pre- during and post-event: how the brand will come to life and how the target audience can experience the brand image at the event. The corporate needs to be aware of this and act on it.

Work Together
A successful event sponsorship deal is very similar to a joint venture or partnership in that the parties work closely together and assist each other to achieve their respective commercial aims. Don’t underestimate this commitment. Sponsorships tend to be long-term relationships, many lasting for two, three or four years. As the activities of parties to a sponsorship contract can affect the reputation and goodwill of each other, it is important that both parties make enquiries of the other prior to contract as part of the commercial evaluation of a sponsorship proposal. If this is done properly then real and meaningful ROI will be had.

Even More Marketing Tips

Is your start up fit and ready for the challenges of today's global economy? Here we suggest 15 simple marketing ideas that will help get your business into shape.

If your company wants to stand out from the crowd in 2006 then you’ll need to take a fresh look at your marketing activities and do something different for a change. It’s not rocket science and you certainly needn’t reinvent the wheel. In fact, I suggest you borrow some marketing techniques – just borrow them from outside your industry. Here's an example. Enterprise Rent-A-Car (www.enterprise.com) is one of the biggest and most successful rental car companies in the US. Enterprise became successful because it catered to a specific niche market - insurance replacement vehicles. If you're involved in an accident or your car goes into the garage, you need a rental car to drive until yours is ready, and that's where Enterprise comes in.

So what marketing technique did Enterprise use to get noticed? The answer is donuts. Enterprise employees regularly visit garages in their area and bring free donuts for the mechanics to eat. It's simple, it's cheap and it keeps Enterprise at the top of the list when customers need replacement rental cars. Could you use this idea? What would people think of your firm if you were giving out free donuts (or pizza) at places where your customers collect? Well, here are 15 marketing ideas to think about for 2006.

1. What are you doing?
This is the basic stuff. Review the marketing activities you use and the marketing skills you and your team have. You’re probably already doing things right. But here’s a quick check list of the bases you should be covering.

Understand what your market wants; where, when and why your customers buy; what benefits they want from your product or service; and be aware of what your competitors are offering. Define your objectives, identify and choose your target customer groups and position your business to serve your chosen market. Monitor the effectiveness of your marketing activities in terms of customer satisfaction and the impact on your bottom line.

Just like consumers anywhere in the world, Omani consumers are becoming more demanding and less loyal than ever before. They want to know that your product or service will be of value to them and why it’s better than everything else on the market from a price, quality or service perspective. In today’s economy, you’ve got to be customer-centric, you’d be surprised how few firms are. Make customer the focal point of everything your business does. At the end of the day, happy customers means greater returns, right?

2. Public Service
This is a great chance to do well by doing good. Sponsor a blood donation drive – I’ve seen the KOM-based Knowledge Mine business incubator program do this. Donate your product to local charities or give them out at special events. This is an excellent way to position your company in a positive light. the Wisconsin Bankers Association's (www.wisbank.com) Personal Economics Program is a case in point – it combines financial education and marketing by sending bankers on education forays into schools and colleges. The presentations are particularly effective with the parents of children whom the bankers reach at school. It's an outstanding example of good old-fashioned "cause marketing" that's even more relevant in today’s depersonalized age of low-touch.

3. Launch a Blog
Develop a blog – this is an easy and free way to stand out from your competition, to develop a relationship with current and potential customers.

Talk about your business. If you run a firm that manufacturers mattresses, then use your blog to talk about mattresses; give sleep, relaxation and exercise tips; special product ideas or ways to use your products; ways your mattresses can help alleviate spinal problems. Got a special promotion running? Use your blog to announce it.

The same rules apply to blogs as they do to newsletters. If your blog is just a sales pitch, don't bother. If, on the other hand, you can provide useful or entertaining information for visitors and subscribers, then your firm will benefit from a blog.

4. Not All Clients Are the Same
Customers are different so why treat them all the same? Treat them as individuals, look at how and when they buy. This will help to start putting them into groups and understanding the needs of each group. For example:

High volume/high value buyers - place frequent large orders
High volume/low value buyers - place frequent small orders
Low volume/high value buyers - place occasional large orders
Low volume/low value buyers - place occasional small orders

Customers are prospects too. Stay in contact with them. Find or develop other products or services you can offer them. It's easier to make a sale to a previous customer than to someone who’s never bought from you.

5. Nag Them
Never underestimate the nag factor — target Oman’s youth and establishing brand loyalty from a young age.

6. Your Environment
Pay some attention to how your office looks. Fresh flowers, a clean, light and airy office or workspace is welcoming to visiting customers. Indeed, how many dirty, badly lit offices have you visited lately? What your office looks and smells like says a lot about your company, believe me – so invest in your décor.

7. Word of mouth
Word-of-mouth is a cost-effective, powerful form of marketing. Write a list of 50 people you know but don’t see regularly. Send them a friendly e-mail or postcard to let them know what you’re firm is up to. Ask them for feedback, advice or contacts of anyone who might be interested in hearing about your product or service. People will help.

8. Networking
For many, networking can be intimidating experience but there are ways to make it less scary. Networking isn’t about sell, sell, sell - it’s about building relationships - go to a networking event looking for opportunities to help others. Ask questions, gather information, offer contacts and advice – people will remember you for it. Knowledge Oasis Muscat runs a monthly Open House (OER supports it!) seminar, it attracts anything from 75 to 150 attendees, this is a good place to start.

9. Business cards
Get a new card designed, stand out from the crowd. For example, print it on unusual material – textured card, plastic, wood – or make it an unusual shape. Offer a business tip or special offer on the back.

10. Testimonials
Collect testimonials from your customers and use them in your advertising. Testimonials provide evidence that your product or service delivers the results you promise. For maximum impact, use only testimonials that describe specific results the customer enjoyed. After all, testimonials also offer your customers great publicity. It’s win-win.

11. Press releases
They have to be targeted. There is little point sending round a generic press release to lots of newspapers and business magazines. Start by focusing on five publications ideal for your target market. Read back editions thoroughly – understand what kind of stories they like to publish and the style of language they use. Find a relevant news hook and tailor your press release specifically for each publication. The first paragraph is key and must provide the who, what, where, when and why of your story. Here’s a great press release story - when Jim Dutchess started a mobile wash business, he called the wire service UPI, told them he had a truck with portable washing equipment, and made an offer to go anywhere in the US and wash a UFO for free if he could get there in time. After the reporter stopped laughing, he ran the story. Dutchess got national coverage, became a celebrity in his home market and saw his start-up business boom.

12. Image: Look Beyond Price
Move away from price. Promote the value of your product or service not simply its price. Your customers and potential customers are looking for value and they believe you can provide it. Your challenge is to promote and sell the value of your product or service and ask your customers to take action to receive that value.

13. Postcards

Print your best small ad on a postcard and mail it to prospects in your targeted market. Postcards are inexpensive and easy to use. Most recipients who ignore other types of advertising will read a brief ad when it's delivered to them on a postcard. Corporate Identity Solutions (www.identify-yourself.com) created and mailed a set of 4 postcards celebrating spring and featuring beautiful flowers and their symbolic meanings. A fifth card served as an introduction to the set, bearing the company's wishes for a happy spring season. It also explained the significance of the selected flowers (respect, wisdom, distinction, devotion) and how each relates to the company's approach. The reverse side of the postcards was left blank for the recipient to mail to a friend or associate. At a little more than a 500 baizas a pack including twine-tying and packaging, this direct mail effort delivered viral impact with a deft, light-handed approach.

14. 80 – 20 Rule
Continually test and evaluate everything you use or do to market your business. Allocate 80 per cent of your advertising budget to proven promotions. Use the other 20 per cent for testing new variations. Most businesses using this system continue growing - even in highly competitive markets.

15. Power of Odd Numbers
Express numerical claims as odd numbers with fractions or decimals. For example, "Our clients save 18.3 per cent" sounds more credible than "Our clients save 20 per cent" ...even if 20 per cent is the accurate number.

Develop a series of four or five different special offers. Use them one at a time with an expiry date. When one offer expires, replace it with the next offer and a new deadline. Continuously recycle through the same series of offers. This enables you to keep using special offers to generate sales without taking time to develop new ones. Remember, the majority of sales aren’t made on the first contact. Develop a method to capture and save the names and contact information of prospects who don't buy from you. Follow up periodically. A little gentle coaching will eventually convert many of them into buyers.

Each of these 15 marketing ideas can be highly effective. Take action now to apply those you overlooked. You'll be surprised by how much business it brings in.

The Home Business Report

This is a report that BBIC entrants might be interested in learning more about. Figures from the US-based Small Business Administration ( http://www.sba.gov/) have revealed that home businesses generate more than US$530 billion (RO204 billion) in turnover each year and are more profitable than businesses based in offices!

The report's findings have surprised many who underestimated the size and worth of the US home business sector. The report's headlines are:

o Businesses based at home generate more than $530 billion (RO204 billion) in annual turnover.
o 52% of small businesses in the US are based at home.
o Home businesses record a lower turnover compared with office based peers, but they have a higher net income.
o Female owned businesses are growing faster than male operated firms, both in terms of the number of new businesses created and also in income levels.

The research was conducted by analysing tax returns submitted by people claiming home business/office related expenses.

The report is upbeat about future prospects, believing that the number of home business owners will continue to grow, influenced by factors such as technology, demographics and lifestyle.

16 Marketing Tips for Start Ups

Here’s a laundry list of 16 marketing ideas that start ups involved in the BBIC might want to think about.

E-mail: From a marketing perspective it’s inexpensive and highly effective. Too often, marketers are tempted to broadcast a message to their entire database. I suggest you’ll generate more revenue when you focus on the 20% of your database that produces 80% of your sales. Prospects at the top of your lead-generation pipeline who are poised to buy within the next 30 - 90 days should also be hit. A lot of marketers are keen to e-mail key decision makers but too often ill-informed PAs get in the way and delete your all important message. Then why don’t you ping the CEOs at the weekend - when their PAs aren't screening correspondence - and they’re checking their own mail.

New Clients: I know this one is utterly obvious but when we think about marketing and sales we tend to think of new clients. Why don’t you focus on selling more of your products/services to existing clients? It generally produces better results.

Emotions: Consider the emotions you want associated with your product/service and the impact those emotions and related activities would have on your firm. Which emotions and activities do you want to use? Do you want to be funny, controversial, topical, clever, mysterious, or a trend setter? You may also want to consider associating your product/service with a current trend, fashion or sports celebrity.

Communities of Interest: Establish a marketing and public relations advisory and referral team composed of your colleagues and/or neighbouring business owners to share ideas and referrals and to discuss community business issues. You could meet quarterly for breakfast or dinner.

Inform Clients: Photocopy interesting articles and send them to your clients and prospects with a hand-written ‘for your information’ note and attach your business card.

Ask Clients: How do you know which features of your product/service are most useful to your clients? Let your clients suggest new features and then let them vote (or bid) for those features they would most like to see incorporated into the new product/service.

Pay Clients: Pay your clients if they use your product/service a lot. Sounds suicidal, doesn’t it? However, this might encourage people to use your product/service more. This in turn could certainly stimulate demand to use your product/service more often. It could also encourage more new clients to come on board if they think they stand a chance of getting paid. This is certainly a bold move and one that could deliver lots of PR coverage.

Free CD: Many Oman-based magazines and newspapers are now willing to carry CDs. Choose the magazines and newspapers appropriate to your target audience and offer to provide something worth including on a CD. This’ll be circulated to thousands of people, worth considering, don’t you think?

Key Words: Search engines will index the content (text) of your website and use that to find matches against the queries typed by those googling. Nothing new there I know, but instead of just describing what you do, include extra words that describe the benefits to the end user and include words that represent the language of your potential client - rather than your own product/service jargon.

Benefits: This is standard marketing practice - promote the benefits, not the features of your product/service. Although not innovative, I think it’s a marketing issue worth considering.

Competition: You have a product/service that you want to promote, so why don’t you get your existing clients to enter a competition that tells you how they use your product/service. The best application of your product/service wins a prize. This not only provides you with great PR but gives you a superb list of the applications and benefits of your product/service. Promote these ideas on your website or blog.

Outrageous: So you want to be noticed, and you’ve got a three figure annual marketing budget? Here’s what you do. You do something outrageous! This will get you plenty of free publicity and lots of word-of-mouth marketing coverage about your firm and product/service. However, be careful there’s a fine line between what’s outrageous and acceptable and what’s outrageous and totally not acceptable. Get it right and everybody will know you – get it wrong and you may as well pack your bags and head for the Airport. If this frightens you a bit too much, try an alternative, do something good, a good deed. Though this won’t generate the same amount of press coverage or marketing buzz.

Advice: This is a marketing classic - provide advice, training and support to your existing clients. Folk appreciate the after sales touch – it shows them you haven’t taken the money and run. Start a free tip line. Offer a free daily, weekly, or monthly tip recorded on your voice mail or answer service. The tips you give should be related to your line of business. Include an ad for your website or business at the beginning or end of your message.

Cred: People usually like to see a demonstration of your credibility and abilities - either through a live demonstration, or via association with known and respected organisations. Think about how you can demonstrate your credibility. The ideas mapped out in this article should go some way to helping you in this regard.

Media Support: Identify media channels - print, web, TV and radio - that can help you promote your product/service, you can always provide journalists with a free trial in exchange for free exposure in their medium. Another possibility is to start a blog.

Business Card: Everybody has a business card and so many of them are badly designed and utterly forgettable. Try giving out business cards that offer a chance to win a competition, enter a prize draw, reveal a must know business secret or get a free trial. Create a different form of business card - something memorable. This is one way of demonstrating your firm’s creativity. Printing business cards cost just a few Rials so this is an idea you can experiment with.

BBIC Interview with Rajeev Singh

Would you mind giving us an overview of Ernst & Young?
Ernst & Young is a professional services organisation committed to providing the highest quality professional accounting, auditing, taxation and consultancy services. With more than 103,000 personnel worldwide, we provide integrated services to private enterprises and public agencies located in more than 140 countries. The Middle East practice of Ernst & Young is an independent professional firm which has operated in the region since 1923 and is a full member firm of Ernst & Young Global. Today our clients are served by over 2,000 professionals, out of 17 offices in 13 countries in the Middle East. We are by far the leading professional services provider in the region.

The Oman office started operations in 1974 and is today the leading professional services firm in Oman. It offers a full range of accounting, taxation and business advisory services through a team of approximately 120 resources, led by four resident partners and one resident director. About 30% of our team are Omani nationals.

Why did Ernst & Young get involved in the Big Business Idea Competition?
Globally Ernst & Young has a long association with promoting and celebrating entrepreneurship. In Oman, we have historically been associated with the Oman Awards for Excellence since its pre-inception days. A key award category is the Entrepreneur of the Year, which is an award category we have a close affiliation with.

Over the past 30 years, we have interacted with and provided services to the private sector including a few entrepreneurs on a daily basis, and our contribution to the development of the Omani economy makes us very proud of what we do. We have also had a strong role to play in the Youth Fund project during its establishment phase.

Finally, coming to the KOM project, we have had close relations with the KOM team and play an important role in the TKM mentor program. We perceive the BBIC as a continuation of our pro-bono involvement in such projects, which is one way of sharing the benefits of our experience as well as helping foster a stronger domestic culture of innovation and entrepreneurship.

How important are start-ups to Oman’s economy?
The realisation of Vision 2020 is dependant on increasing the role of the private sector. Encouraging start-ups is a way of promoting the role of the private sector. Start-ups offer employment opportunities to the Omani youth and further reduces the sultanate's dependence on foreign labour. It is an undisputed fact that SMEs contribute significantly to the growth in any well developed economy. SMEs promote the growth of industries and the formation of well organized clusters and consequently drive growth within the private sector and the evolution of the economy as a whole.

Economists believe that every start-up creates about 5 to 7 service opportunities in the economy (think about additional services required by the new business and its employees). An increase in start-ups will lead eventually to more and more Omani skilled and un-skilled resources finding gainful employment.

What characteristics do you need to be a successful entrepreneur?
Planning / Goal Setting – Challenging yet realistic goals are in order. Comprehensive , simple, clear and updatable plans are essential.

Sacrifice & Hard Work – Starting up a business does not come cheap, entrepreneurs are financially and emotionally locked into their ventures which causes a lot of strain on their personal lives.

Motivation / Enthusiasm – There are many challenges associated with starting up a business, entrepreneurs must have the drive and the mindset to overcome obstacles.

Market Needs – A successful entrepreneur must be in tune with the market, identifying needs and providing products and/or services which are in demand.

Ability to visualize the “Business / Bigger Picture” – It is easy to get distracted by the many money generating opportunities, however due to the limited resources available to the entrepreneur, he/she must remain focused on the bigger picture and be aware that every decision made will have an impact on the overall picture.

Emotional Maturity – Entrepreneurs should learn from mistakes and accept losses. Mistakes and financial losses are inevitable and sometimes necessary as part of the learning curve. Business plans of entrepreneurs must have the flexibility of recovering from failures in order to achieve maximum benefit. Constant evaluation and improvement of performance / progress is imperative.

Which international entrepreneur has inspired you and why?
It is very difficult to pinpoint a specific entrepreneur as a source of inspiration. From an historical perspective, I find the American business culture interesting as it has produced some of the most successful entrepreneurs. This list includes folk like Henry Ford, Phil Knight (Nike), Colonel Sanders (KFC), Microsoft's incomparable Bill Gates who has evolved from an entrepreneur to a global business tycoon to a philanthropist, Apple's Steve Jobs, and the Starbucks trio of Jerry Baldwin, Zev Siegel and Gordon Bowker.

Narayan Murthy of Infosys has not only inspired other Indian entrepreneurs but also helped in creating the Indian software story. Another inspiration is definitely Richard Branson whose rebellious and anti-establishment biography is very interesting indeed.

What are the key ingredients for a successful start-up?
Planning (business plan).
Updating the plan constantly.
Committed and invested (emotionally) people / team.
Creativity / resourcefulness.
Ability to turn obstacles to your favour.
Client focused.
Setting challenging yet realistic and achievable goals.
Understand and co-operative investors – Creating trust and credibility.
Special entrepreneurship fostering programs – for example, The Knowledge Mine incubator program based at KOM.

What path do you suggest for would-be Omani entrepreneurs?
Vision, commitment and passion in your idea.
Don't invent needs – identify customer needs – develop solutions for the customer needs.
Flexibility to change their plans in the light of the developments.
Company of like minded and committed people.
What are the drawbacks to being an entrepreneur?
Some of the drawbacks of being an entrepreneur include:
High financial risk – your personal funds and assets are invested in the start up capital.
Fixed income insecurity – no monthly salary and associated allowances that give the comfort of a fixed income to offset your fixed expenses (rent, mortgage, car loan, school fees, utility bills, etc.)
Social sacrifices – inability to build or maintain a stable family / social relationships, based on fixed regular working hours.

How do you recognize the next big thing?
Well, that's for you to guess and me to know! More seriously, I presume that recognizing the next big thing will never be as obvious as it may seem. A crystal ball could come in handy. History is full of run-away successes that were dismissed as frivolous at the time - IBM, Kodak and GE never believed that photocopier machines could have a business future; Xerox never believed that there could be a market for computers; even the Chairman of IBM apparently believed that there was probably a world market for only 5 computers !

One of the critical differentiators will be the commitment of the core promoters. Entrepreneurship is based on the promoter’s vision for a particular product or service and the vision itself is based on providing solutions to the needs of customers. Successful entrepreneurs don't invent needs but identify products or/and services that will serve the needs.