Last week I had the absolute pleasure of attending the USBC National Conference. It was incredible to be in the room with so many successful leaders and business owners. Especially all the amazing women who shared their journey and advice, which over those 3 days, has motivated me to really level up in terms of how I’ll approach this journey as a full-time entrepreneur.
If you’re not familiar with Dia Simms, she’s the President of Combs Enterprises aka the force behind all of Diddy’s brands. I was so excited to see her on the program and locked in completely as she spoke day 1 of the conference. When thinking about how I’d frame this article, and how it could help drive forward your business reading this, I decided to share the top 5 things I received from Dia’s keynote. So here we go…
The first is a question. Are you loving and learning in your current career?
Some of you who follow me on Instagram may have seen my post about being laid off from the company I’d been with for over 6 years. This particularly hit home for me because when I walked out on my last day I couldn’t help but to breathe a sigh of relief. I have nothing bad to say about my job or the organization, that sigh of relief was because I could now devote my time to a career path I love and learn about things that that feed my purpose.
Dia mentioned this as a gut check she uses while navigating her career path and trajectory. I couldn’t agree more, sometimes we stay in careers because we feel safe, we’re unsure if the ideas of change we have will work. To this Dia said and I echo, when you’re confident in who you are, your skills and abilities, doors open. So what I say is study and become more knowledgeable about where you believe your purpose is and then GO FOR IT CONFIDENTLY!!!
Dia credits her time at the DOD for sharpening her ability to negotiate
Dia stated her days at the Department of Defense was where she developed her ability to negotiate, she mentioned this skill has really helped shape the movement she’s made in her career. It’s super important to use the things we learn in every position we’ve held to carry us to where we’re going next. For Dia is was negotiation, for us it may be something different, but using those skills we’re able to be resourceful in building upon what we already bring to the table, rather than trying to reinvent the wheel. I encourage you to take a deep dive into what skills you currently possess and how you can leverage them moving forward.
Understand Market Penetration Analysis
Dia advised attendees to understand penetration analysis. I’ve heard of the term but admittedly haven’t been applying any concrete strategy, other than trial and error, to my businesses. So below I’ve listed what MPA is, so you can begin to implement this analysis into your business.
Market Penetration Analysis
Definition: Market penetration analysis provides a firm with information necessary to understand its position in the market. A company's market share is frequently used as a performance measure. It assists marketing managers to focus efforts that help a firm to grow its market share or to maintain its market dominance. This kind of market research offers various types of business insights. For example, the continuous assessment of market share variance over a set time period can provide business intelligence on a product's life cycle.
Market Share: A firm's most important marketing goal is to increase its market share. Market share is the percentage of a firm's product or service that makes up the total sales within a well-defined market. To determine a company's market share within a specific market, total sales revenue for a given product or service within the market is divided by the company's total sales revenue for the product or service
Competitor and Industry Data: Market research is essential to conducting a market penetration analysis, which includes gathering, recording and interpreting data that is the focus of the study. You will need to compile market research related to competitor and industry products and services, which is generally developed from secondary research which includes data abstracted from trade and news reports, government agencies such as the U.S. Census Bureau and the U.S. Securities and Exchange Commission and online commercial data provided, such as Dun & Bradstreet
Product or Service Focus: Market penetration analysis requires identifying the product or service focus of the market research, which establishes the scope of the research. For example, a firm can conduct analysis for one or more of its products or services or for a well-defined service or product group. Primary research data related to your company's product or service can be secured from sources such as financial and sales reports
Defining the Market: Many factors can shape what constitutes the market scope for purposes of the market research. For example, the entire market for purposes of the market study can be defined by a particular jurisdiction, such as the state of California or a region such as the Midwest as defined by the U.S. Census Bureau. However, the market might be defined by an unlimited number of factors, which is the essence of market segmentation, or market subsets (via smallbusiness.chron.com)
With the right level of investment, there’s nothing we can’t do
This is so true and so real! Bringing this back to us looking at ourselves, the most important investment we HAVE to make is in ourselves. We have to put ourselves in rooms with people who can aid and champion us forward. We have to invest in our dreams and businesses, in dollars. We have to understand that monetary investments are required, time must be invested, we have to invest in like minded people, we have to make all of these investments in order for our dreams to become reality. There is no shortcut...let me repeat that, THERE IS NO SHORTCUT. Yes, I’m a millennial and I said it. Just as quickly as success comes it can go, it’s a 24/7 job to scale and survive as the world changes around us. But if we truly understand the meaning of investment, it’s a fact that there’s nothing we can’t do.
Excellence is transferable
Working alongside Diddy aka Mr. take-dat take-dat aka Mr. won’t settle for anything except (not just) excellence, but BLACK EXCELLENCE!!! I can’t imagine not operating with excellence alongside him. It’s extremely inspiring to know a woman spearheads his empire. I’m a firm believer that excellence is transferable, the mindset you carry is the mindset that influences the people around you!
So with that being said, I encourage all of you to go out and pursue with excellence! I want to thank Dia for an inspiring keynote as well as the USBC for an amazing 3 days of pouring into attendees at the National Conference. I’ll be sharing much more here on the blog going forward of my journey as a full-time entrepreneur! Let me know if there’s anything you want to know in particular and I will do my best to get answers or share my insight with you. xx