Each day, the business world– clothing, footwear, accessories, food, you name it, welcomes hundreds of new members. It comes to you in an ‘aha!’ moment. You get the obvious support from friends and family; you get a few people to invest and you “launch the business.” However, barely a month into entrepreneurship, the business world has given you a cold slap; you have very few customers and in fact, business is moving slower than a rout of snails. But your packaging was superb, in fact, “the product itself could beat international standards,” you thought. The product is not always the problem. Yes, because great products are not enough.
First, know that though a good product is a solid foundation, your business will never be a sturdy building if the product is all that there is to it. So, before you launch your “great product” into the cold and competitive world of business, here are enough details you should note:
Research on your Market: Every “guide to a successful business” probably has this. You must think of what problem you are solving with your product. Now here is the twist, it is hard to sell a solution that no one knows or cares about. If your potential customers do not care about the problem you are solving, it is a good sign you shouldn’t either. Research what your customers need, not what you ‘think’ they need.
Plan for Competition: It’s no news that the world of business is a highly competitive one, so while working on your product to make it stand out, check out the competition. Look out for their strengths and weaknesses. If you’re just starting, learn how you can incorporate their strengths into your business and improve on them. Find ways to circumvent the areas where many have failed. This gives you an edge and gives customers an actual reason to patronize you. And if it seems like you’re the first to venture into your niche, look for unique ways to rise above potential newcomers, so that no matter how many people join you in the business, you’re still on top.
Build a Brand Identity: A brand is a business’ identity. It includes your logo or product/service, your brand is how the consumers perceive you, how people feel about your company. This is what differentiates you from others, so this is one area you need to give your all. Make sure you push your product out there. Publicity is everything in business. If you feel you’re not up to it, hire a professional to help you go through it. It would be worth it. For amazing logos, contact Fola signatures.
Stay Vigilant: In some cases, you’d need to follow trends, engage with what is going on or “happening,” Use the social media to your advantage; look for things you see people interested in and incorporate it into your business if possible. Take note of changes in your consumers and their preferences; always look for ways to adjust. Don’t be left behind technologically too, so smaller businesses don’t outshine you on the media space.
Ultimately, sell an experience not only products. When people see what they’re missing out on, they’ll pay to get whatever will give them that experience.
BY RACHAEL ADEOTI