The lemonade stand has been around for decades. Picture a young kid and maybe a few friends selling lemonade for some extra cash. The lemonade stand “business” is built around word of mouth marketing. Taking a cue from this old school entrepreneurial adventure, big brands are reverting back to the basics. This article addresses how Fortune 500 companies are implementing age-old marketing trends and face-to-face communication.
“What corner am I going to set up on?
You won’t see a lemonade stand on the corner of a dead end street. They are set up on a busy corner, reaching all different types of consumers. Location is key in business. You must know where you will be most visible to your audience. Whether that is the location of your product within the supermarket, your online presence, or where your brick and mortar building is located – it is crucial.
“How much am I going to charge?”
Lemonade stands usually charge anywhere from 50 cents to a dollar these days if they are lucky. The main thought behind the price is to make a profit. To ensure that you are staying in the black, you must make sure you are not losing money based on ingredients, décor, labor, etc. Pricing must compete with competition, be fair, and say something about your business.
“How do I market my business?”
The ultimate goal of business – to make money – depends largely upon marketing. Even if you have a great product, low prices, and know where to set up shop that is still not the golden ticket to success. Marketing is the final piece to the puzzle and should be a consideration right upfront. Marketing should show your customers who you are and communicate about your product effectively.
A great business plan doesn’t have to be difficult – it just has to include all the right components. Not sure where to start? We can help you – give us a shout!
