From the Mouths of BabesBy joanne | 18th March | Marketing Ideas
I spent another very enjoyable evening at the South Cumbria Area Final of Young Enterprise last night and I could have been at a business seminar – the young people presenting knew more than many business owners we meet, so I thought I would share some of their top tips…
- Abstrakt, a team from Kirkbie Kendal School, highlighted the importance of market research and finding out whether your product would actually sell
- LOL, from Dallam School calculated their hourly rate by looking at the time they spent manufacturing versus the profit they made – and identified they’d been working for just 50p per hour.
- Sublime from Queen Katherine School tapped into the local supplier and green trends with their food hampers. They also gave a masterclass in branding and adapting your product to your customers and taking advantage of special events, such as Valentines and Mothers Day.
- Poise from Casterton tapped into a huge trend and created flash cards to help people learn Mandarin. They also presented on their pricing strategy and marketing mix and showed amazing understanding of both.
- Perfection from Dowdales mentioned how unsure they were about whether to use the banks, as they were ‘struggling’ in the current climate; something I’m sure the sponsoring bank wouldn’t have appreciated, but a sensible business question nonetheless.
- TP16 from George Hastwell school highlighted the importance of fun alongside the hard work; a message echoed by the guest speaker; Thomas Nobblett from the Langdale Chase
- Perhaps the most poignant message for me was presented by Laborare from St Bernard’s School who acknowledged that you didn’t need to spend money to make money. They won the Innovation Award for their Treasure Map and Wii Week which raised over £170 for the company.
It was humbling watching young people share so much business knowledge and I was once again impressed by the amount of learning participants on the Young Enterprise programmes retain. I just wish it was available for start-up business owners – it would certainly save a lot of wasted time and money.
Well done to all the teams – you were all excellent and we wish Abstrakt and LOL the very best of luck for the area finals.