Zen prospect is a business-to-business company that was started in 2015 by Tim Zheng. The company’s nature of the business is software development. It comes up with software that enables businesses to manage their email campaigns targeted to the outside world. The company is one of the quickest growing startups regarding revenue and currently has a turnover of $1.8Million (Zenprospect, 2017).
The company’s mission is to connect companies, which have great products to the businesses that may need them. The company’s vision is to help businesses to create efficient sales processes for their teams. Various values also drive the company. Excellence, Humility, Integrity, Celebration of accomplishments and accountability are the key values (Zenprospect, 2017).
Once the company came up with the product, it had to find a way of marketing. They looked into their database for leads and started setting up meetings with clients. They sent many emails, which were ignored, but they did not give up. The company then re-strategized by sending shorter emails which then started working. The company had to do a lot of research and development so as to get feedback on its product. The company had a great database with leads, and this assisted them to grow from about 5000 to 150000 users after a while (Zenprospect, 2017).
The company has strategies, which it hopes to implement over the next five years. It has come up with various business strategies. Some of its business objectives are to attract, recruit, retain and motivate high-quality staff;To build a master brand in software solutions for businesses all over the country and beyond;To create key relationships with stakeholders in the industry;Provide state of the art presentations in order to attract and retain users and to invest in modern technology that will give end users a pleasant experience (Taylor,2013).
The other strategy is to gain competitive advantage. Currently, some of Zen prospect’s competitors are outreach, Kreatio, and Lead Genius. The company will maximize its efficiency in operations so as to ensure seamless processes. It will also ensure stellar service is given to its customers so as to retain effortlessly. The company will also use cutting edge technology so as to deliver best software solutions for email campaigns to other businesses (Austin, Bentkover & Chart,2016).
Zen prospects also aim to develop key strategic partnerships in the industry; So far, they have worked with big companies like Poppin, Wework, and Mercer. The company will continue building the customer base through key alliances as this will bring credibility (Demil, Lecoq, Ricart & Zott, 2015).
The marketing efforts of the company will be directed towards creating awareness and driving of traffic to the company’s site. Combining of creative marketing and partnering to generate traffic will lead to many visitors hence a good number of loyal customers. The company will implement various marketing tools including customer surveys, public relations, face-to-face interviews and advertising in the media so as to bring more traffic to the site. The company will also advertise via the internet. Banners will also be placed in high-traffic sites targeting different businesses. Other banners will also be placed on the websites of strategic partners (Mcdonald, M.A.L.C.O.M & Brown, 2016).
Technology is also one of the company’s strategic pillars. The intention is to create a website design, which is user-friendly so as to encourage repeat visits.There will be a seamless process from viewing the website to purchasing the required service. There will be a constant review of technology to ensure that the company is up to date with everything (Hill, Jones & Schilling,2014).
The management team and human resources will continue to grow. Currently, the company has one executive who has a lot of experience in software solutions. The company currently has 15staff, but within five years, this is expected to have gone up significantly. As the organization grows, so will the human resources. The company aims at developing a very high performing team. The company currently has targeted its product to account executives, sales direct representatives, and their managers, sales leaders, and sales operation managers (Demil, Lecoq, Ricart & Zott, 2015).
The company is also keen on risk-management. Operational Risk also affects businesses. This can be caused by an unexpected hitch in the company’s daily core operations (Blackman, 2014). An example is there could be a power outage, and the backup fails to work, or servers may go down, or a natural disaster like a flood may occur. This will have serious cost implications due to the repairs that will be needed.
Financial risk is the possibility of sudden losses within the business. Different issues like clients refusing to pay or the company having large debts that become a challenge to manage may cause this. Reputational risk can lead to loss of revenue and customers, as they will no longer want to be associated with the company (Blackman, 2014). Employees may also leave and hire new ones may become a challenge due to damaged reputation of the company.
Risk management is important to organizations as it helps it to create a safe working environment for staff and also clients. It also reduces liability, as the company makes sure that all rules and regulations are followed as required. It makes the operations of a business stable.
Multi-level marketing is also known as ‘MLM’ is when a company gets distributors’ of its product or service and encourage them to recruit other distributors and then paying them a given % of the sales that their recruiters have brought in. The benefits of such a marketing technique are that Zen Prospect will be able to benefit from the costs that they will incur may be way lower than the ones used in traditional marketing techniques. The marketing costs are incurred after the service is sold hence capital requirements will be lower (Betdavid, 2016).Zen Prospect will also be able to benefit from the loyalty of customers and numerous repeat customers. The marketing strategy will also be more effective as it is done physically rather than through mass media (Rahwan, Navodrtsky, Michalak, Wooldridge &Jennings, 2014).
As much as network marketing has many advantages, it has drawbacks that make it unattractive to Zen Prospects. It may take very long to come up with a large and profitable customer base as compared to using selling methods like advertising in the media. Network marketing will also require numerous paperwork procedures and administrative duties. The company will have a great risk of losing control of the distribution process as it does not know who is representing or misrepresenting its services(Nath, Dayavna, Garg, Narahari & Zou, 2012). There is a reputational risk as some of the distributors may cause the company name to be tarnished, as they are just hungry for commissions.MLM also has many disadvantages for sellers. Long hours will be needed to get a sizable customer base started, especially if the service is new in the foreign market (Henry, 2016). There have been a lot of fraudulent network marketing schemes, and this means there is a negative perception by consumers. Sellers will, therefore, face stigma from potential customers. Distributors will also be at risk as they may purchase a service that they will never use if the company is poorly operated.
If Zen prospects want to use MLM so as to enter the foreign markets, there are some considerations that they have to make. First, they need to consider how to get into those foreign markets. It can do this through various methods. The first method is through Joint Partnerships with companies in those foreign markets. Since Zen Prospects may not understand some of the country operating environments, they can form a partnership with a similar software company. This will help them to penetrate the foreign market in a better manner. The company can also get licensing and agreements in these foreign markets as a strategy of establishing itself. Getting a supply agreement can be good for Zenprospect, as it will get a foothold in every foreign market it wants to explore (Emek, Karidi, Tennenholtz & Zohar, 2011).
Zen Prospects must look at tax requirements and legal matters in the foreign market. These are things that the company has to constantly make sure it is updated with so that they do not flout any rules. Once the company is familiar with this, it will be able to launch itself and grow profitably effectively. Prospects must also make sure that its growth strategy is aligned to global expansion (Henry, 2016). The company can have a target, for example, it achieves a certain amount of revenues then it can now pursue getting into global markets.
Product registration is also an important issue that must be tackled by Zen Prospects. Before launching a service in any foreign country, registration has to take place. The company will have to familiarize itself with various regulatory requirements concerning software companies. Lack of this can lead to the risk of having their service banned from that country. Registration if approached correctly may not take too long hence, the company should do everything as required. The company will also consider distribution and logistics. Some of the issues Zen prospects may face is payment methods. Some countries do not favor the use of credit cards hence the company has to think of alternative means of payment.
What works in one country may not automatically work in another. Distribution and logistics may take even six months to be arranged.If Zen prospects can commit its capital to the right network marketing consultants, and then the company will save time, funds and aggravation. Zen prospects must do proper planning to launch into the foreign markets (Betdavid 2016). If done properly then the company will be able to create wealth for many people.
Zen prospects must follow essential steps so as to ensure success in international markets. They must look at the current business and ask themselves whether they are prepared for the next phase of the company’s growth. They must look at finances and determine whether the company has enough money for foreign expansion (Henry, 2016).The leadership must then ensure that all managers are on board and if they are ready for external experts. The company should have enough staff and determine any personnel needs before entering the foreign markets. The company must also know its competition in the foreign market and how they will ensure that they remain outstanding.
The next step will be Zen Prospects finding the best market for its software business. The company must invest in research and know that are the opportunities and what risks are in that market. The company must research the kind of clients it’s targeting especially due to diverse culture in that particular country(Wolf, 2014).This will greatly influence how the service will be marketed. Once this is done, Zen prospects will make a final selection by listing which are the best markets. Then leadership should meet with key contacts to learn about the country’s rules and distribution channels.
Zen prospects will then plan and execute. They will come up with a strategy on how to enter that particular market. Here, the company will define its clear objectives so as to achieve the targeted goals. The plan will set out a budget that the company will need in project-financing (Henry 2016). It will also include the countries targeted and risks of entering that market plus the potential opportunities. It will have a list of competitors and how the company’s services will be distributed.It will also show how the service will be packaged and promoted for the end-consumer (Wolf, 2014). Pricing methods will also be included and company goals. Staffing details will also be in this plan.
As a start-up company, Zen prospects will face some disappointments as they try to recruit for network marketing.Some of its peers will try to change its mind, as they may be overprotective. The company does not have a history of network marketing. Therefore, they have to work twice as hard. This is because they might find themselves being biased to the same people that might have been customer, which the company is now trying to recruit.
There will always be challenges with team members when it comes to network marketing hence the company ought to be prepared to handle people-related issues (Laura,2014).Another challenge is that Zen Prospects will have totally no control over the network marketers as they cannot measure the degree of their hard working. This can easily lead to the failure if the sales are not being made (Wolfe, 2016).The team members at the company also face the risk of being poached especially if they feel frustrated with the network marketing process. The company should try to get a mentor who has been in network marketing for a long period.This mentor will guide Zen Prospects accordingly so as to ensure they do everything as required when entering the foreign market and that they do not give up (Molvig, 2015). This way the company will be successful in the market penetration to various locations.
References
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Betdavid, P.,(2016).The Real Truth About Network Marketing. Available From https://www.patrickbetdavid.com/network-marketing/ [1 December 2016]
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Demil, B., Lecocq, X., Ricart, J.E. and Zott, C., 2015. Introduction to the SEJ special issue on business models: business models within the domain of strategic entrepreneurship. Strategic Entrepreneurship Journal, 9(1), pp.1-11.
Emek, Y., Karidi, R., Tennenholtz, M. and Zohar, A., 2011, June. Mechanisms for multi-level marketing. In Proceedings of the 12th ACM conference on Electronic commerce (pp. 209-218). ACM.
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Laura, R.,(2014). Would You Join A Multi-Level Network? Available from https://www.forbes.com/sites/robertlaura/2014/08/29/would-you-join-a-multi-level-marketing-company-for-retirement-income/#28c8b9515cda [29 August 2014]
McDonald, M.A.L.C.O.L.M. and Brown, L., 2016. 5 Strategic marketing planning. The marketing book, p.86.
Molvig, T. A., (2015). Helping Entrepreneurs and Network Marketers to Success.Available From, https://www.molvig.net/top-challenges-facing-network-marketing-entrepreneurs/ [27 December 2015]
Nath, S., Dayama, P., Garg, D., Narahari, Y. and Zou, J.Y., 2012, July. Threats and Trade-Offs in Resource Critical Crowdsourcing Tasks Over Networks. In AAAI.
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Wolfe, L.,(2016).The Network Marketing Business Model. Available From https://www.thebalance.com/the-network-marketing-business-model-is-it-right-for-you-3515493 [8 September 2016]
Zenprospect,(2017). About Us. Available From https://pitchbook.com/profiles/zenprospect-profile-investors-funding-valuation-and-analysis [2017 N.d]
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