Get Out! Events had the opportunity to participate in the X-Culture Competition as a case company. In this series, Felix shares his experiences and learning points.
In today’s excerpt, he shares the necessary efforts you have to take when planning a business.
I wanted to reciprocate the amount of work that teams have put in on our program by sharing my thoughts reading the submitted reports. First off, these reports should be written as business reports rather than academic reports. This makes the report realistic, compared to academic ones that are made up of theories and formulas. We are doing this to grow our business in the real world, after all. Academic theories provided are for justifying individual recommendations, but shouldn’t consume your whole paper.
The cities that were recommended by the X-Culture team for our business expansions are also well-researched. The question in itself is not hard. The biggest hurdle is answering how do we get there. The action plan was not adequately thought out because most of the reports were still written like academic papers. Most of the action plans are not designed to be realistic in the business world.
For example, there was one proposal for expansion to the Philippines. The marketing strategy on that front was to run Facebook Ads. Just saying that alone is not actionable. The better reports are those that identified some of our competitors in that target city. We would love to see more research and examples of how these competitors are functioning in the Philippines, along with comprehensive marketing strategies that project the amount of money to spend on Facebook Ads. This can come in the form of mirroring our competitor’s approach to churn out target audiences and topic angles.
We don’t want to run Facebook Ads because it’s excellent and there are 10 million users in the Philippines. We want to know that key decision-makers are on there, and they resonate with these topics. Your action plan has to come with an angle for execution.
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