How to launch your own quality product?.

If you are a kind of savvy business man or a business women and you have owned a several businesses in the past. You also made an amount of money that you have stashed. Then if you might think what you want to do with the money that you have stashed. It might be the case that you want to invest your stash of money on your saving account in launching a product. Then depending on what type of business man or a business women you are. You might want to launch a product of your own. Let's be honest it is not the same if you want to launch a shoe brand or an online store with your own printed t-shirts.

Understanding the segment's demand.

If you want to supply a demand of a certain segment then you might want to do a market research. Before you launch a product then you might want to know if the product is going to be successful on the market. Also you need a clear picture of your monthly turnover, costs and other visions you might find useful. You need to keep an eye on the competition and find out what other products are on the market and why these products are sold well or not. You need a solid marketing plan with the overall focus of your employees on a common goal. You can find out what the  sales targets are of other companies have set to sell of the similair products you are going to launch. In this case it is an option to outsource the marketing research to a firm who have skilled workers that can do the job for you.

Find a niche product that is in demand.

It is not only online a matter of fact that you need a niche when you launch a website when you want to make money online with affiliate marketing or selling your own products. But when you want to launch a product. You also need an idea which is going to be successful. And you might want to know what your previous expertise and interests are to keep a long term focus to become successful on the longrun. If you are writing a businessplan then write down what exactly the variations are of the product you are going to sell. If you launch a shoes brand then write down if it is going to be sport sneakers or other types of shoes. When you starting out it is the best to specialize in a certain product to maintain a status.

Create a logo for your product.

Create a catchy brand logo for your product. This means the logo is going to be a communication method to speak with your customers. If your product is meant for the upper segment then you might want to create a logo which is appealing to the ideal customers of the upper segment. The logo will give your brand recognition. You can brainstorm or outsource to an expert to create a brand's logo to appeal to your segment. The logo must be unique for the legal purposes. You can find out why such and such brands have a certain type of logo. Also you need a catchy lettertypes for your brandname. Also the colours must be related to the brand's image and must communicate with your customers. Once they see your logo or the brandname then it must speak for it self what your business is about.

Write a marketing plan.

This consists the methods how you are going to reach the customers and also the sales goals. If you are a business owner who wants create products such as softdrinks. Then you can reach the customers through advertising on tv, radio and the newspapers. It is a good thing to create an online presence. If you are selling a product that is going to sell in the supermarkets. Then you might want to network online such as on LinkedIn.com, through the video calls or through the phones. When creating a marketing plan be accurate to write down the exact advertising and communication methods to reach the customers. Through the market research you can set realistic sales goals to reach within a pre-determined period.  

How to create your own unique brand's identity?.

Thinking of a brand first thing that come into your mind might be the logo. To communicate with your customers you need to create an unique logo first. This logo will give you recognition and it will makes your customers remember your business. Once seeing your brand's logo they will know that it is your business. It takes a quite bit of brainstorming to create a logo for your brand that will create recognition. Place your logo in the right spot in the customers mind and it will give them an idea what your business is about. Quality and what types of prices you ask for  what products.

What exactly is brand's identity?

Brand identity is the exact persona of your business. You need most of an unique image to communicate with the customers. You need to speak in behalf of your employees, products, prices and quality of the service and products you are supplying through the brand. If you see a kid from the Bronx, New York, USA with a hoodie on and baggy pants with a baseball cap and also with a Nike Air Max. Then you most definantly know that this kid is a fan of hip hop music. It also need to be the same as the dress code of this kid for your business to understand for your customers what your business is about. 

Good example of an unique brand is McDonald's.

This is mother of all brands with that giant of M sticking out when you drive by their branches. This franchise formula made a statement with their fastfood branches all over the world with their quality and prices being relative and their service is just one of a kind that is just unmatched by some other businesses. They developed a formula that is not can be compete by independent buisness owners. The quality of their branches that serve you fast and make you taste the good food if you have no time to cook or just because you feel like eating fastfood. They serve Coca-Cola this is a good move because what is your Quater Pounder without a Coke to wash it down.

Also Coca-Cola is also a relevant example of a strong brand's identity.

This giant's logo speaks for it self. They have build their brand's name all over the world with a taste of quality and being one of a kind household name when it comes to supplying soda to their market segment. Coca-Cola market share is quarter of the American market. Their bottles are containers that is well known for their unique shape and their color red is memorable. Just seeing the colour red will make some people think of Coca-Cola. They have about 500 other drinks on their companies name. In Holland and Suriname for example Coca-Cola sells Fernandes Greenpunch for example. 

Why is an unique brand important?.

It should embrace an overall market that brings a loyal customer base that is fund of a brand and continues to buy from you instead of buying from the competition. Build a reputation through a brand that means a quality amount of targeted customer base that is a reliable asset. You can establish a business that brings in long-term profits. The brand should speak all the elements of your business' language.

Your business' brand's identity should be the face of your business.

The logo should be the face of your business and it should give your customers an idea what they are in store for. The brand's logo should be easy to remember and be catchy. It should be short and should represent your products. It is not easy to create a catchy brand's logo but there are professionals that can help you with this. For example Nike's logo is a good example of a brand name and logo that is easy to read and catchy. 

What are the advantages of taking a franchise?.

When you start a business as a supermarket or a fastfood restaurant then you can consider if you are going to start an independent business or going to take a franchise. There are advantages and disadvantages of taking a franchise and also as the franchise giver. Some of the advantages are that you do not have to take care of every aspect involved running a business when you take a franchise. You will get lots of assistance when running a buisness. For example business assistance.

You will get business assistance as the franchise taker.

It takes years to have running an established business. This means time and effort to maintain a brand. Also you need to have an experienced team of dedicated employees to serve the need of your customers. If you take a franchise there will be recruiting, payroll, equipment and training given to establish a profitable business much sooner than an independent business. Most of the franchise givers offer the knowldge base to have a reliable team of workers running your business. There will be data offered to build a customer base. 

The franchise taker do not have to build their own brand.

When establishing a brand you need to spend lots of money on advertising and your need to look for the right source to reach the targeted market. To become a household name you need to win the customers trust. You need to let the prospects know that you have the right product for the right price they need. When you take a franchise you will be given the brand name and also the equipment to maintain a profitable buisness. The franchise giver has buildt their reputation as an expert in the business to make money for you as the franchise taker. 

Less chance to fail as a franchise taker.

There are lots of aspects such as training of the employees and payroll of the employees taken care of by the franchise giver. This means you do not need to train the employees self. Because you are not the only franchise taker. There will a collective benefits for you as the franchise taker. The costs will be reduced for example because the overall costs will be shared by the franchise takers. Because the franchise formula is a proven concept there will be a lots of customers attracted by the formula and the overall advertising costs also will be less. If you start an independent business and depending on what your products you sell are what your market is there will be advertising costs. 

The franchise formula buys in bulk.

The overall buying power is a great advantage to the franchise taker because when you buy your goods as an independent business at a supplier there will be relative larger amount of costs. And if you are going to produce your product as a relative small factory then you will not able to produce massive amounts. There is the possibility to order at the franchise formula to stock your business to share the production costs with the other franchise takers. This will be less effort for you as the franchise taker to order and maintain relationships with the suppliers. 

Relative higher profits than an independent business.

The profits are higher because the brand is established by the franchise formula. The clientele base will be larger because there is a targeted advertising to a massive market depending on the which franchise formula it is. If you start a business of your own you need also business loan in most cases. Then there will be interest costs to add to your products you sell to cover the costs of your business loan. In case of taking a franchise you can make more profits because you have the advantage paying an initial costs of the franchise fee. Because you have a brand then you can be sure the other franchise takers  before you have build a reputation which is established. The profits will be higher only because of the brand's reputation.

How to create a positive effect on your sales pipeline?.

Setting up a proper sales pipeline is significant for the team leader of your sales department. Getting your sales people involved in the touch points of the sales pipeline will decrease the risks of generating less profits and not getting new customers involved in your company's brand. There are set strategies to create customer statisfaction and engagement in the products you sell. Here beneath I will give you some effective ways to keep your sales pipeline intact.

The sales pipeline can be seen as the supply chain.

If you see this metaphore it is clear to understand that you need to see this whole concept of generating sales is like the supply chain. You need to see the demand and supply and to sell the right product to the right market segment for the right price. You might get through your head what the pitfalls are and see the obstackles as a challenge and work your way through this. You sales department need to be up-to-date with latest sales software and time saving tools to be more effective. 

Focus on promising customers.

Your exsisting clients are the most profitable asset you have. Depending on the buying habit of the customers which is a part of your local customer base. You can offer tailor-made offers to add value to your products and convert more loyal customers to upsell. The loyal customer base is the best market segment to promote your new and more improved products to get them invloved in your brand. In case if there are vulnerble products are in overstock then promote these products to the existing loyal customer base to let them know that you have best intensions.

Set realistic goals for your sales pipeline.

Once you have a dedicated sales team that close a certain amounts of deals mean that you need to be careful that you treat your sales team well. The sales team need to set realistic sales goals to prevent overworked sales people. If your company is selling stocks through the phone. Then let the sales person who have reached the target go home and do fun things in their spare-time. Not setting realistic goals will damage your company's profits in the longrun. This might be a major dissapointment for you as the team leader or the sales person can be overworked and not reaching the goals.

Keep a sales record to track customer statisfaction.

Through the sales records you can track the customers jouney. The way they have engaged with your brand. How they came in touch with your company. For example what their first purchase was. You can get a future vision through the ordering habit of the clients. You can find out how statisfied the customers are with your products. They might spread the word about your business word-of-mouth or sharing your business website on social media. These sales records will give you more insights to convert impulse customers into your loyal customer base. The demand might change through the time once your ideal customers gets older or get a job.

Set exact goals you want to reach.

If your business have generated 100.000 usd last year. The next year might be more fruitful because of the economical climate and foreign investments in your country where your business is situated. Also the customers might make more money and because of the inflation is down. The next year you can write the sales plan to generate 125.000 usd. Being consistent and not having pipe dreams about how to are going to push your sales team to work harder to generate that extra 25.000 usd the next year. Write down in your sales plan how you are going to generate that extra 25.000 usd. This might be through investing in new data to get more prospects.

What types of consumers are there on the market?.

If you start a business then you need to know what types of consumers you are going to sell to. There are different types of customers and it is a well known fact that you need to approach then in a way that is appealing to them. There is the possibility to approach them in a massive way. But it the best to approach the right type of customers at the right time. There are five types of consumers on the market. Loyal customers, impulse shoppers, bargain hunters, wandering consumers and need-based consumers. It is a fact that you need to approach all these types of customers in a tailor-made way to generate the most profit without risking loss on your marketing budget.

Loyal customer base.

As the term speaks for self. These types of consumers are the most profitable for your business. They generate the biggest part of your business' income. They might not be the largest slice of your market. But it is quite important to cherish them. Keep them involved and informed about the new products based on their past shopping habits. On social media you can offer information about new advanced products and offer discounts to customers who bought your products recently. It is not like you are the only elephant in the jungle. If they find a better deal they will move on, but to keep them engaged you can offer incentives. 

Impulse shoppers.

These types of customers are most likely to become part of the loyal customer base. These type of consumers have no ideal product in their mind. These type of consumers have a budget and because of their sub-conscience. They are in need of something they do not know what. They mostly go shopping because they have spare-time and money in their pocket. You know about love-sick people eat lots Ben and Jerry's, Hagen Daas and Magnums right?. Impulse shoppers are easy to convert because they think buying something quick and fast will satisfy their need. 

Bargain hunters.

These are savvy type of customers. The best way to approach them is to advertise in the local newspapers, tv or radio about the discounts you have to offer. It is the best to offer discounts when you have vulnerble products in overstock. You do not want to risk the loss of your profits that will bring when giving discounts. This type of customers are not part of the loyal customer base and they are the toughest to convert because they always seems to get a better deal else where. To appeal to this type of customers advertising is the best way. They are dedicated to the lowest prices and mostly these types of customers are focused on the quantity before quality. 

Wandering customers.

This types customers dwell through the shopping locations and they are attracted to the social interaction of shopping. They are somehow related to the impulse shoppers. They are most likely to spend a day in a big city and they will have a bite. Buy sneakers or buy clothing in an occassion. The big cities like Paris, New York or Amsterdam attract them. They might be called out by those cities because they might live in a small town. These types of customers feel like Alice in Wonderland when they see the big shopping malls in a city like Paris, New York or Amsterdam. 

Need-based customers.

This above mentioned term is self-explainatory. These people are not easy to deceive. They have a demand and want that product because they have the need for it. This might be because of the status symbol or they are just getting in touch with such and such culture. It is pre-meditated that this type of customers walk into your store for a product they want now. If you do not sell it they will walk into the competitors store to buy it. They are not like bargain hunters who wants quantity before quality. They have decided at their homes what they want. Some have a fetish for such and such product. The prices is not the issue for them.