Episode #25: Matthew Morgan | Tips on How to Effectively Market a New Concept Today
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Matthew Morgan Shares Tips on How to Effectively Market a New Concept Today How do you market and basically build a whole niche around a new concept? Marketing expert and successful entrepreneur Matthew Morgan from Melbourne, Australia, shares his journey in creating, marketing and building his own business around a product that not only gives value to people, but also something that will have a lasting effect on their relationships. Matthew is doing extremely well in bringing new ideas to the market and he has shared a few tips on how to model this kind of success into other types of businesses.

Key Questions Asked:

How did Matthew get started with his business? How did he come up with the idea behind Bownd? What had to happen from the moment he conceptualized the idea into making it available in the market? What challenges did Matthew have to overcome throughout the way? Given the chance to start all over again today, knowing what he knows now, what would he do differently?

Highlights of Lessons Learned:

Matthew’s Journey

Matthew has always been passionate about the process of finding and understanding the audience that he’s trying to talk to and taking fairly complicated things and making them as simple to understand as possible. For Matthew, Twitter is such an important platform since it focuses on current affairs, trending news and things that are happening right now. What enabled him to jump from a corporate life into entrepreneurship was his decision to put some of his ideas out through twitter and getting feedback from his audience before he makes it available in the market. The idea behind Bownd is simply to capture all of the conversations that go on between a couple bring it together into a physical album.

Expert’s Advice

It’s best to consult with people (prospective customers) to see what others think before you jump off and materialize your idea. Matthew and his team utilizes a free platform called envision.com where they go to make a prototype application. It’ s important to have big goal but it’s also important to have an achievable short goal, something that you can achieve quickly.

Challenges

The number one challenge Matthew faced was cash flow. According to him, it’s important that you have a good cash flow plan and that that should run for a long period of time to enable you to focus on building the business. Understanding how to use technology in a new way is a risk but it’s something that’s definitely worth it. Given the chance to start all over again, Matthew would work a little harder to build a bigger group. He would also spend a bit of time finding a couple of other partners or advisers.