Developing a Social Networking Site in Your Market Business Plan Worksheet
As you are contemplating adding social networking to your online offerings, the following are some key issues we suggest you address in your planning efforts. 1. Market Assessment a. What niches exist in your marketplace that are “narrow but deep” and for which there is “passion?” i. Conduct internal focus groups ii. Conduct external focus groups iii. “Jobs to be done” analysis b. Are there any related social networking offerings in your market currently? i. If so, what are their strengths and weaknesses? ii. What can you offer that is unique and/or better than the competitors? 2. User Needs & Desires a. Talk to your target audience and learn from them – “relentless listening” b. Engage community leaders to act as ambassadors, site moderators, site contributors (especially to “seed” discussions at the beginning) and to aid in viral marketing. “External champions.” 3. Advertising Opportunities a. Non-core advertisers b. Niche appropriate advertisers c. Non-traditional formats d. Promotional advertising programs e. Tie-ins with print
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4. Organizational Structure/Staffing a. How would the social networking site be managed within your current operation? b. What are your staffing needs? Who will be your “internal champion?” i. Use of existing staff ii. Need to hire iii. Use of freelancers, community members 5. Marketing Plan a. Traditional methods b. Grassroots methods c. Viral methods d. Events 6. Companion Print Product a. Assess feasibility b. Content (e.g., reverse publishing) c. Targeted distribution d. Advertising opportunities 7. Technology; Site Design and Functionality a. Current capabilities b. Outsourcing c. “Off the shelf” or open source solutions 8. Financial Summary a. Cost estimates b. Revenue estimates
9. Proposed Timeline
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